Manufacturing Accounting

The manufacturing industry is undergoing challenging economic conditions. The onslaught of global competition, coupled with cost pressures, has made it very difficult for businesses to balance their profitability and competitiveness in this new 24/7 marketplace.

Astute manufacturing and distribution accounting can help companies with product costing and profitability analysis and help identify the non-value added activities in the manufacturing process that result in unnecessary costs which ultimately lead to the erosion of profitability.    

Some of the common business areas where manufacturing and distribution accounting can assist business are:

• Strategic planning and investment decisions
• Financial projections and operating budgets
• Compliance with federal, state, and local laws
• Budgets and variance analysis
• Profit contribution analysis
• Cost reduction
• Cash flow management
• Inventory capitalization 
• Financing analysis
• Multi-state tax filings
• Compilations and reviews
• Cost accounting

Industry-specific accounting services not only help address manufacturing industry standard practices and compliance needs, but are also necessary for meeting the needs of specific businesses in a customized way. As financial and tax consultants, CPAs work with and provided tailor-made services and solutions to numerous organizations in the manufacturing and distribution sector, a few of which are as follows:

• Furniture and apparel manufacturing
• Industrial and commercial manufacturing
• Electronic equipment and components manufacturing
• Paper, printing, and chemicals
• Consumer products
• Import and export manufacturing
• Transportation and communication parts manufacturing