Factory accounting software is an essential element of any business. Big companies have been using factory accounting software for years and now it’s becoming more affordable for smaller businesses. Factory accounting software enables you to control the flow of products into and out of the manufacturing process. It also helps you keep track of all types of costs throughout production so that you can make informed decisions about how to improve your processes in future.
In this guide, we review the aspects of Factory Accounting Software, best accounting software for distribution business, free accounting software for manufacturing small business, and cost accounting software.
Factory Accounting Software
Do you want to know what factory accounting software can do for your business?
Do you want to know what factory accounting software can do for your business?
You should consider Tally.ERP9, which is the best factory accounting software in the market today. Tally.ERP9 offers many benefits and capabilities that will help your business grow and thrive, including:
- It’s easy to use
- It’s affordable
- It offers secure access
With Tally.ERP9, you get advanced factory accounting software that is built to make your life easier.
With Tally.ERP9, you get advanced factory accounting software that is built to make your life easier. Our products are available in a wide range of versions and price points for any size of business, so you can choose the solution that works best for your company’s needs.
We have designed our products to be user-friendly: all modules run on a single platform, so there is no need for installing multiple systems or paying extra licensing fees. This means less time spent training staff on how to use the system as well as easier implementation in new branches or locations. There is also no limit on growth; if your business expands into new territories or markets, our global integration feature will allow you to seamlessly connect those operations into one unified network without additional cost or effort!
Our support team is always ready to help with any technical problems you may encounter when using our factory accounting software solutions—no matter where they come from (including third parties). We even offer remote assistance via phone call or video link during off-hours if necessary—that way we can resolve issues quickly while still allowing employees some flexibility regarding their schedules
Factory accounting software enables you to control the flow of products into and out of the manufacturing process.
Factory accounting software enables you to control the flow of products into and out of the manufacturing process. It’s important to have this kind of control because it helps you understand how much time it takes for each product to move through the manufacturing process, as well as how much time it takes for each product to move through the sales process.
You can keep track of all types of costs with our factory accounting software.
You can keep track of all kinds of costs with our factory accounting software. Some common categories include:
- Cost of raw materials
- Cost of labor
- Cost of utilities
- Transport costs (if you ship your products)
- Packaging costs (if you give your product its own packaging)
- Marketing costs (such as advertising and hiring a marketing team)
Tally.ERP9 is a product that you can use straight away because we have designed to be user-friendly.
Tally.ERP9 is a product that you can use straight away because we have designed to be user-friendly. The Tally interface is simple, intuitive and easy to use. You won’t need to spend too much time learning the software before you start using it for your everyday business needs.
Here are some of the main reasons why Tally is so user friendly:
- Simple, intuitive interfaces
- Easy navigation through menus and screens
- Easy customization through add-ons and extensions
Our support team is always ready to help with any technical problems you may encounter when using our factory accounting software.
Our support team is always ready to help with any technical problems you may encounter when using our factory accounting software. Our support team is available 24/7 and they are ready to assist in multiple languages. We offer a free 14-day trial of our factory accounting software so that you can try it out before purchasing it.
Get started today with our simple and efficient factory accounting software for your business.
Our factory accounting software is designed to keep your business running smoothly by helping you track the flow of raw materials, manufactured products, and finished goods. Tally.ERP9 is a product that you can use straight away because we have designed to be user-friendly. Our support team is always ready to help with any technical problems you may encounter when using our factory accounting software.
Factory Accounting Software is the solution for your business needs
Tally.ERP9 is an enterprise resource planning software that can be used to manage multiple facets of your business. We’ve designed it to be user-friendly so you can get started right away, but if you have any questions about our factory accounting software for your industry, feel free to contact us at any time. Our support team is always ready to help with any technical problems you may encounter when using our factory accounting software.
best accounting software for distribution business
FreshBooks offers simple cloud-based accounting software to help wholesale businesses grow smarter and faster. FreshBooks takes care of the financial health of your small business so you can focus on getting the best price for your wholesale goods. Get started today to send custom invoices, track your business expenses and accept online payments. With award-winning customer service, help is always just a quick email or phone call away. FreshBooks offers seamless integrations to track inventory, oversee your ecommerce store and manage payroll directly from your account. Time is valuable when you run a busy wholesale business. Sign up with FreshBooks accounting software to save an average of 16 hours each month.
Bookkeeping Software Built for Your Wholesale Business
FreshBooks is the perfect fit for a fast-paced wholesale company. It’s an all-in-one accounting software that manages all your bookkeeping needs, from creating professional invoices to managing cash flow and tracking time for you and your employees. FreshBooks offers seamless integration options so you can manage your inventory and payroll directly through your accounting software to save time. It does everything but move goods for you.
The all-new FreshBooks now supports double-entry bookkeeping, to give you even more data about your business’s performance and insights about your growth potential. It can help you plan for your business’s future and save you time and money during tax season. You can even invite your accountant to collaborate on your FreshBooks account at no extra cost so they can access reports and analyze your business data. Watch your wholesale business grow faster than ever with advanced bookkeeping tools from FreshBooks.
Save Time for Your Wholesale Business
You spend long days and evenings selling products to customers and ensuring your retail inventory is fully stocked. The last thing you want to do is balance the books at the end of the day. FreshBooks accounting software can help you achieve a better work-life balance by automating tasks that slow you down like organizing expenses and running financial reports.
Make Your Wholesale Business Look Professional
Impress your customers and suppliers with customized invoices that are as professional as you are. FreshBooks accounting software helps you create invoices and estimates that reflect your wholesale business’s unique branding and personality. Create sleek documents and reports to ensure you always stand out from the crowd.
Invoicing Software and Time and Expense Tracking for Wholesale Businesses
FreshBooks ensures you get paid faster for your sales and spend less time on your small business accounting. Create a customized invoice that reflects your branding in minutes. Add a personalized thank-you note and send your invoice directly from your account. FreshBooks offers all the accounting tools you need to easily manage your business finances, from automatic expense tracking that ties to your business bank account and credit card, to simplified time tracking tools for you and your team.
Recurring Invoices
Invoicing isn’t your most important job task, but it’s crucial for keeping your wholesale business’s finances in order. Luckily, FreshBooks accounting management software makes the process quicker and easier with recurring invoicing. Send recurring bills to the customers you sell to regularly. You can create a recurring profile in a few clicks and FreshBooks will automatically send the invoices for you, freeing up time for more pressing tasks.
Late Payment Reminders
Never let a missed payment slip away. With FreshBooks, you can automatically send late payment reminders to customers for overdue bills. Create custom messaging, set a schedule and forget about it. Your clients receive polite late payment reminders and you don’t have to lift a finger. FreshBooks makes it easier to collect every dollar owed to your business.
Auto-Billing
Make the billing process as simple as possible for your business and its customers. FreshBooks accounting software allows you to set up billing schedules so your clients can pay automatically and securely by credit card for your services, without having to think about it. Clients save time and your business gets the financial security of knowing exactly when payments come in. It’s a win-win.
Inventory Tracking
Your company relies on a steady stock of products to keep customers happy and sales skyhigh. FreshBooks integrates seamlessly with the BarCloud app for a sophisticated wholesale inventory management system. With an automated record keeping program, you can say goodbye to time-consuming manual data entry systems and always know exactly what product is in stock and what’s needed to fill your orders.
FreshBooks Accounting Software Testimonial Videos
Accounting App for Wholesale that Offers Secure Online Payments
FreshBooks accounting software makes it easier than ever for you to get paid with simple, secure online payments for your ecommerce sales. Customers can pay you by credit card directly from an invoice with just a couple of quick clicks. With high-level encryption and first-class security, your clients never have to worry about payment protection. FreshBooks offers a transparent, affordable fee structure to remove the guesswork from online payments for your business. Billing isn’t the best part of running a busy wholesale business. Let FreshBooks online payments look after it for you.
Choosing an Accounting Software for Your Wholesale Business
You need cloud accounting software for your wholesale business that simplifies the bookkeeping process. That way, you can spend more time making sales and growing your business and less time tied down to a desk. FreshBooks offers best-in-class accounting tools designed with your small business in mind, so you can ditch the complicated calculations and time-consuming spreadsheets. Its suite of products works together to offer a streamlined accounting software that keeps your finances in order, even when you’re busy closing another sale.
Advance Your Wholesale Business with Double-Entry Accounting on FreshBooks
You sell goods in bulk, so you have to process quite a few large orders. That can often make staying on top of your business accounting difficult.
That’s why our accounting software now includes double-entry accounting – an industry standard feature that helps you keep all of your debits and credits in check with ease.
free accounting software for manufacturing small business
Accounting for manufacturing businesses is a little different than accounting for other industries — and small manufacturers need to make sure that their accounting software can accommodate these differences. Here’s what makes manufacturing accounting unique, along with some of our top software recommendations, so you can choose the best software platform for your business.
All of our picks for the best accounting software for small manufacturers are either cloud-based accounting solutions or are easily hosted in the cloud. These software companies are also all well-known, which means they are well-supported by accountants and bookkeepers.
Our top pick: QuickBooks Online
You might have been told QuickBooks Online is not a good fit for inventory-based businesses like your small-manufacturing company.
On its own, this is true. QuickBooks Online has a very limited inventory feature, though Intuit is continuously updating and upgrading it.
However, there are a number of very powerful third-party integrations specifically designed for small-manufacturing businesses that integrate beautifully with QuickBooks Online. Fishbowl Manufacturing provides a full ERP system for your manufacturing business that integrates with QuickBooks Online using a plugin built right into the software. Fishbowl integrates with a number of other accounting platforms, as well, so if you switch accountants you will also be able to switch accounting platforms with ease (if necessary). Although it is server-based, there is a hosting option you can use to access Fishbowl via a URL.
MISys Manufacturing is another great option for your “back-of-house” manufacturing accounting needs. MISys is modular, meaning you can start small and build as your business grows and you need more functionality. This will help you keep your costs down while you are building your business. Unlike Fishbowl, MISys integrates only with QuickBooks and Sage products, so keep this in mind if you plan to work closely with an accountant or bookkeeper.
QuickBooks Online is supported by thousands of accountants and bookkeepers around the world, making it easy to find a provider who specializes in accounting for small manufacturers. This, combined with the ease of integration with software specifically designed for manufacturing businesses, makes it our top pick.
Runner-up: QuickBooks Enterprise for Manufacturing & Wholesale
Although this is a desktop-based solution, QuickBooks Enterprise for Manufacturing & Wholesale can easily be hosted in the cloud. We recommend hosting this software with a reputable company like RightNetworks to provide you with access from anywhere, routine backups and regular updates.
This version of QuickBooks has many of the features manufacturers need right inside the software, like assemblies management and available-to-promise functionality to help manage demand. Like with QuickBooks Online, finding support is easy, but you’ll want to choose an accountant or bookkeeper who has experience using the manufacturing and inventory features.
Even though QuickBooks Enterprise for Manufacturing & Wholesale is sold as an all-in-one solution, the manufacturing features aren’t as advanced as those you will find in Fishbowl or MISys. Take some time to consider not only your current needs but also what features you might need for your business in the future. If you will ever need advanced manufacturing features, your better bet will be to go with QuickBooks Online and a third-party application from the start.
Honorable mention: NetSuite Manufacturing
NetSuite Manufacturing is a completely cloud-based, all-in-one solution built specifically for manufacturers. Used by large, global manufacturing companies, NetSuite has everything any manufacturing business of any size needs to run operate effectively and profitably.
With this level of robustness comes some challenges, though. NetSuite could be a little too robust for small and emerging manufacturing businesses, creating complexities where simplicity would benefit the business owner more. NetSuite is also not as widely supported as QuickBooks products, meaning you could have difficulty finding an accountant or bookkeeper to support it.
Still, if you are planning to grow your manufacturing business into a large enterprise, NetSuite is worth considering. Even if you choose to use different accounting software for your small-manufacturing business now, keep NetSuite in the back of your mind as a solution to consider as your business grows.
Manufacturing accounting needs
Accounting for manufacturing businesses deals heavily with inventory valuation and cost of goods sold. While these accounting concepts are also used in retail accounting, there are a couple of differences manufacturers need to be aware of:
Manufacturing accounting requires three inventory accounts
Typically, manufacturers have three separate inventory accounts. The balances in these accounts are constantly changing throughout the accounting period, so you must make sure you have a good tracking system in place in order to keep your accounting uncomplicated.
Raw materials are the basic components or ingredients you use to manufacture your product. If you make wooden toys, your raw materials might include wood, paint and nails or screws. If you make bath products, your raw materials might include shea butter, essential oils and beeswax. In other words, anything that goes into the production of your final product is considered a raw material.
Work-in-process (WIP) is the inventory that is no longer in its raw form, but is not yet a completed product at the end of the accounting cycle. If your product does not have a long production cycle — meaning you can easily complete a product in a day or two — you probably won’t have WIP inventory. The WIP inventory calculation includes not just the cost of the raw materials used so far in the production of the product but also labor and overhead costs.
Finished goods are the products you have completed and are ready to sell to your customers or distributors. Like WIP inventory, the finished goods inventory calculation includes raw materials, labor and overhead costs.
Manufacturing accounting requires labor and overhead costing
In retail and most service businesses, labor and overhead costs are considered operating expenses. In manufacturing, though, these costs are separated into direct costs and burden costs.
Direct costs are the costs that can be tied directly to the production of your product. Direct costs include the wages you pay the workers who are directly involved with creating your product, as well as the costs associated with running any machinery used in production.
Burden costs cannot be directly tied to the production of your product. These costs are also referred to as indirect costs. Some examples of burden or indirect costs are administrative wages and building costs (rent, utilities, etc).
If your manufacturing business is still very small and you are doing most of the production yourself, you probably don’t need to be overly concerned with these accounting differences just yet. Check with your accountant to make the final determination on how to best conduct your accounting at this point in your business.
That said, you want to make sure you choose accounting software for your small-manufacturing business that can accommodate these accounting differences as your business grows.
The importance of a cloud-based accounting software
Many small-manufacturing business owners think they can only get the functionality they need in their accounting software by using a desktop-based product.
This is no longer the case.
In fact, unless it’s absolutely impossible to get the functionality you need without using a desktop-based accounting product, you should always “shoot for the clouds,” either directly or by choosing software that can be hosted and accessed remotely. Using a cloud-based accounting solution will allow you to:
Collaborate in real time with your accountant. If you use cloud-based accounting software, you and your accountant can both access and discuss your financials at the same time, regardless of where you are each located. This will allow your accountant to provide you with the information you need to make sound business decisions much faster. It will also allow you to take a break from your business without worrying about being in the dark about what is happening with your accounting.
Update your software automatically. No small-business owner has the time to take their system offline and install an update. If you use cloud-based software, updates happen automatically, without your intervention. On the rare occasion when an update does have to take the system offline, most software companies do so during non-peak hours, so their users never experience a delay.
Your data is automatically secured. Data breaches are a growing concern for small businesses, and many avoid using cloud-based software due to security concerns. But the major cloud-based accounting software providers invest much more in systems security than even the largest manufacturing business could afford to invest on their own. Cloud-based software providers also have multiple redundancies in place to minimize the risk of data loss. While this doesn’t mean there will never be a data breach or loss of information, the risk of this is substantially reduced if you use cloud-based accounting software.
cost accounting software
Get the best accounting software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.
The right accounting software will keep track of financial transactions to record profit and loss and improve your overall financial management and overall cash flow.
There are hundreds of accounting systems on the market today–so which is right for your business? You may need to create invoices, run financial reports, or identify and follow up on past-due balances. The number of employees and your industry will also be factors considered when looking for add-ons or customization.
To help you find the best accounting solution, we’ve conducted research on a wide range of management software and put together a collection of our best accounting software.
Sage Intacct includes support for core accounting, financial reporting, billing, purchasing, sales and use tax, inventory management, and project accounting. The financial management system offers a suite of accounting features that could serve medium and large-sized businesses with consolidated ERP and e-commerce features.
Most of Sage Intacct’s applications are financial-based, including accounts payable, accounts receivable, cash management, a general ledger, order management, purchasing, and reporting and dashboards. Intacct also includes support for financial reporting, billing, sales and use tax, inventory management, and project accounting.
The Intacct solution is particularly popular with professional services companies based on extensive support of time-based billing, ease of use for remote professionals, and strong project accounting features.
Utilized by over 40,000 organizations in more than 160 countries, NetSuite is a cloud ERP software solution that supports sales, finance, human resources, operations, and service needs.
NetSuite is licensed as a subscription-based software-as-a-service (SaaS). Its broad range of ERP functionality includes accounts payable and receivable, bank reconciliation, bill of materials, fixed asset tracking, inventory control, and more.
FreshBooks is a true all-in-one accounting software that improves cash flow and automates your administrative tasks such as basic invoicing, organizing expenses, and tracking your time worked on projects. It also offers a large quantity of reports that help monitor the finances and financial health of your business.
The biggest benefit of FreshBooks is what you get included for the price. Rather than offer a limited base version of their software (such as only invoicing), their “Lite” package includes a full suite of unlimited invoices, expense entries, estimating, and time tracking. It can also accept credit card payments and ACH bank transfers and has an automated bank import feature built in.
Wave is a forever-free accounting solution that offers accounting, invoicing, payments, payroll, and receipts. Wave is very transparent in their pricing structure. The accounting, invoicing, and receipt scanning is 100% free. Collecting payments via credit card or bank transfers, or running payroll for your employees, does come at a price, however.
Wave is not only one of the most popular free accounting solutions, it can also be thought of as one of the most popular accounting solutions period. Because of this, it’s a great choice for freelancers and start-ups who are strapped for cash.
Tipalti is an accounts payable automation solution that prioritizes efficiency across an end-to-end global payables workflow. Supporting AP and payment management in their cloud platform, Tipalti helps users scale and adapt to their business’ changing needs.
Invoice-based supplier payments are the heart of Tipalti, helping growing companies focus on improving their AP workflow. Larger companies can enjoy global and performance based mass payments to partners depending on their marketplaces, networks, or communities.
Tipalti lets vendors register on your Supplier Hub, helping your business reduce data entry and ensure supplier identity with tax IDs. Vendors can then upload invoices and allow you as the payer to review what has been keyed in and approve any invoices and schedule future payments.
Xero is very scalable online accounting software, meaning many small businesses continue to use Xero as they grow into larger enterprises and upgrade to more advanced versions. Because of this, over 1.3 million users have chosen Xero as their primary accounting software.
Online accounting solutions (also known as cloud accounting software) such as Xero provide a “log in from anywhere” approach, which is intended to increase usage given the ease of access. On top of being able to access your financial information from anywhere you have access to a web browser, Xero has a mobile app for iOS devices, which can provide accounting features such as receipt scanning.
Xero learns and categorizes each transaction to help save your business time. Xero also has a large customer support network and an online “checkup tool” that lets the customer support team run some system checks to identify issues and handle issues via chat support.
QuickBooks for Mac is the Mac-exclusive version of one of the most widely used accounting products ever, QuickBooks Desktop. New in 2020, the Mac version includes modernized reporting, an improved customer snapshot, a dark mode, electronic invoices with online ACH, credit card, or e-check payment options, and bounced check processing.
Due to the widespread popularity of PCs, many software developers have a “Windows-first” approach when it comes to creating their software. While it can be challenging to find an accounting software with a Mac-specific UI, QuickBooks for Mac gives all the same features provided to it’s Windows counterpart. This is a relief for Mac users who prefer a locally installed option rather than QuickBooks Online accounting software.
QuickBooks for Mac primarily serves small businesses and starts at only $299 for a one-time purchase.
What is Accounting Software?Key FeaturesPrimary BenefitsWhat Does Your Business Need?Should You Outsource Your Accounting?Is QuickBooks the Right Choice?
What is Accounting Software?
Accounting software at a minimum keeps track of financial transactions to record profit loss and better improve business finances and overall cash flow. Core functionalities include general ledger (GL), accounts payable (AP), and accounts receivable (AR). Common additional functionalities include bank transactions, purchase orders, payment reminders, and payroll service.
Many industries require customizable financial management functionalities, like fund accounting for nonprofits, job costing for construction firms, or DCAA compliance for government contractors. There are also different ways of conducting your accounting process, such as single- or double-entry accounting.
Small business owners might want only to streamline the basics. Yet in larger organizations, the terms “accounting software” and “ERP” are often used interchangeably and there are significantly more performance expectations for accounting solutions. The right software will provide the data management tools you’ll need for accurate account balances and let you be ready at tax time.
Accounting Software Functionality
Business accounting software has features and applications that can be broken down into basic categories, such as common (typically found in all accounting software), industry-specific (only found in certain types of accounting software), and advanced features (only used by mid-sized to larger businesses).
While many top accounting software features exist to benefit your business, let’s focus on some of the essentials:
Our recent accounting software buyer trends report found that payroll, inventory control, and invoicing were the most requested additional accounting features that buyers search for more on top of the “core accounting” of accounts payable, accounts payable, and a general ledger.
Best Accounting Software Benefits
From a small-business that may require an off-the-shelf option to a larger enterprise that desires a vast amount of financial management customization, this buyer’s guide will cover everything you should care about during your search when reviewing accounting software.
Undoubtedly in using any business software solution, you’ll find things you like as well as dislike. The best accounting systems will help alleviate pain points from manual methods, but they may also bring about some technological pain points that you’ll want to be prepared for.
Numerous Integrations Available with Other Business Software
Companies that do not have a complete (all-in-one) software will look to combine more than one software to meet all of their applications needs. A common example is having a bookkeeping software and an inventory tracking option that do not integrate.
An off-the-shelf software that handles core accounting may lack additional applications such as payroll, advanced reporting, or more involved inventory tracking. Once the need for these accounting features arrives, many buyers may lack the means necessary to integrate the programs together.
Integrations, or APIs, allow distinct products to talk with one another. For example, your payroll system could update your HR team with a chat program (such as Slack) of any processing errors. Your payment processor might automatically push new receivable entries to your accounting system. Your accounting software could share available funds with BI systems.
Expect inter-software communication abilities to increase in most products. While some accounting products may try to provide an “all-in-one” tool, others will focus on being the best at a few main areas, and offer integrations to tools that they feel help complete their program.
Many Industry-Specific Tools and Vendors Available
As consumers demand functionality more in-tune with their industry needs, software developers are doing everything they can to make those dreams a reality.
While a super-niche industry may not have a software option exclusively developed for them, be on the lookout for specialized vendors. These are companies that pride themselves in implementing specific software solutions into certain environments, and will offer customizations or add-ons for a generic-product that will make it more in line with what the business expects on a day to day basis.
High Level of Customizations
Many companies will try to make due with a lower-cost solution at the expense of functionality. Options such as Sage 50c, Zoho Books, and Quickbooks Online are great low priced options for new businesses, but they’ll lack ways to customize the software towards your business.
Popular accounting software customizations include:
Bottom line, don’t sacrifice functionality for cost if it’s something you may look to add within a year down the road.
Access Your Data From Anywhere with Cloud Accounting Software
Also known as software-as-a-service (SaaS), cloud-based software adoption rates have picked up over the past decade. In 2015, 76% of the buyers indicated a receptiveness to have their software hosted externally, off-premise. In 2017, this percentage rose to 84% and has continued to rise.
With cloud-based software, products are essentially leased, rather than licensed, which becomes more attractive for smaller businesses with limited funds or short-term needs. The software industry has responded by making software more available on a cloud basis.
Record Information On the Go with Mobile Apps
In 2016, mobile web browsing surpassed desktop browsing in user counts. Naturally, usage has translated into business demands for accounting solutions compatible with iOS and Android apps.
Accounting software developers have responded in kind, especially within fields that require on the site analysis such as construction and field service. This also makes accepting credit card payments in the field easier than ever.
Get In-Depth Financial Performance Statistics Via Business Intelligence Features
Over the past five years (2012-2017), we’ve seen a whopping 42% increase in end users looking to evaluate Business intelligence software. Business intelligence software is used in virtually every industry.