Although every business may have some accounting needs in common, businesses that work in manufacturing have a unique set of needs. This includes accounting for raw materials, work in progress as well as finished goods. These businesses will benefit from using specialized accounting software, such as QuickBooks Enterprise for Manufacturing and Wholesale edition. In this article, we share with you some critical QuickBooks Enterprise features manufacturing companies should use.
Chart of accounts
When creating a new company file, you can choose the industry closest to what your business works in, and you will immediately get a default chart of accounts, many of which your business needs. As each company has its own unique needs, you can also add and delete any new accounts to the default list without going through the hassle of adding accounts from scratch. Make sure to organize your chart of accounts with header and subaccounts for better reporting.
Bill of materials (BOM) – Inventory assembly items
Every business in the manufacturing and wholesale business will know how vital BOMs are for cost tracking. It’s almost like a shopping list for your finished goods. This feature in QuickBooks Enterprise allows you to track the costs of each product your business manufactures, including the stated cost of labor and overhead, amongst many others. Also, prices can be updated automatically when the cost of certain materials changes, so you don’t have to worry about doing that manually. You can do Build-To-Stock or Build-To-Order processes in your QuickBooks file.
Every business will have a few clients they have worked with for a long time or loyal customers. As such, you will want to offer them an excellent price point, which can make it hard for sales to keep track of if you are not using QuickBooks Enterprise. However, the software makes it easy for you to set different prices for different customers instead of only accommodating one price level per product. You can have a per-item price or a flat discount across the board.
Available to promise (ATP)
Manufacturing businesses with several warehouses and distribution centers may need to use ATP when inventory is low. This enables your business to maintain availability for clients despite low inventory amounts. QuickBooks Enterprise allows you to easily keep track of ATPs by showing you the total quantity of the item and how many are currently on sales orders, how many are reserved for assemblies, getting you the quantity available for sale. Reorder points both min and max help keep the inventory stocked as promised. This allows your employees to respond quickly and accurately to customer orders.
Why manufacturing companies should work with Fourlane for QuickBooks enterprise
If your manufacturing company is looking for a specialized accounting solution to suit your needs, Fourlane is here to help. You can be assured that we take the time to understand your unique needs before recommending the most suitable solution for your business. To this end, we have been named Elite QuickBooks Solution Provider by Intuit every year since 2010.
If you need further information about QuickBooks Enterprise solutions for manufacturing companies, please contact us today. Our hotline is 1 (800) 931-2120.