Factory accounting software is a Financial Management Solution that helps manufacturing industry to facilitate the financial transactions and ensure smooth operation of the factory, thereby improving the productivity and business growth.
An on-premise manufacturing ERP solution, the Factory Accounting software from the Manufacturing Division of Sage Software provides an end-to-end solution for manufacturers of all sizes.
Factory accounting software is a must for all factories looking to improve their capacity and ability to provide data to internal stakeholders. Factory accounting software helps manufacturers track everything from raw materials inventory to finished goods inventory so that everything runs smoothly in your business.
factory accounting software
COVID-19 initially affected manufacturing and distributing businesses’ ability to deliver products and services to customers everywhere. But when a lot of companies shifted their operations to the internet, many industries experienced a resurgence. The foremost of which is ecommerce as shoppers have been trooping to online retailers for goods.
Having sales means documenting the inflows and outflows of assets, and with recording assets comes accounting. Like most industries, accounting has been modernized to increase the efficiency of traditional workflows. It is also mainly performed in the digital sphere with improved speed, reach, and access. Accounting software is the primary tool modern accountants use.
In this article, we compiled the 20 best accounting software for manufacturing and wholesale to help you pick a first-rate solution that streamlines your operations.
What is the best accounting software for manufacturing & wholesale?
It wasn’t an easy task for manufacturers to buck the headwinds of COVID-19. The statistics state that 89% of manufacturers experienced a drop in sales, material price increases, and other problems. If companies are to survive this disruption, they have to adapt to the new pandemic-driven norms. And this paved the way for digital opportunities.
With accelerated digital initiatives, a lot of companies incorporated technology into their workflows. This allowed the parts of the manufacturing workforce to perform their duties remotely. Seeing the benefits that such a setup presents, 61% of manufacturing executives plan to build a hybrid production model. This will lead to the industry gaining resiliency and flexibility to outlast the ongoing pandemic.
Part of this digital movement is accounting. The accounting industry itself has been making strides toward digitalization to curb COVID-19. According to recent accounting statistics, 60% of large firms are planning to invest in technology. Meanwhile, 49% of small firms already have a purely remote workforce. At the heart of this digital movement is accounting software, which manufacturers have begun to utilize.36%36%28%28%28%28%25%25%20%20%20%20%Keeping up withregulatory changePandemic-relatedconcernsEconomic healthof clientsAcquiring andretaining clientsKeeping up withtechnologyRecruiting/retainingemployees010203040
The Biggest Issues of Small Accounting Firms Amid COVID-19
Source: AccountingToday 2020
With the adoption of accounting software comes the need for manufacturers to identify which platforms afford the most advantages. After all, using the best accounting tool can help streamline and optimize their finances better.
So with these in mind, we’ll explore the 20 best accounting software for manufacturing and wholesale business. These products are not created equal, and there’s no one-size-fits-all solution, hence, expanding your choices will help you narrow down which one matches your needs best.
Best Accounting Software for Manufacturing & Wholesale
FreshBooks is a robust accounting software that empowers manufacturers like you to spend less time on bookkeeping and more time doing what matters most in your business. It is designed to help you keep your books in check and watch your profits grow.
With FreshBooks accounting software for manufacturing companies, accounting becomes quicker and easier than ever. Because with a few simple inputs, this powerful accounting software can send invoices, track your expenses automatically, and help you stay up-to-date with your customers. Likewise, you can secure your data in the FreshBooks Cloud and access your account from any device you choose. So whether you’re on the go or working remotely, your business’s information is just a few clicks away.
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What’s more, FreshBooks integrations help you to easily extend its functionalities with third-party systems. And this suits manufacturers and wholesalers that need a tool with automated recurring invoices and payment reminders, streamlined hours billing, etc.
Detailed FreshBooks Review
Why choose FreshBooks?
- Professional client interactions. You can create an invoice template that is sent automatically or at the click of a button. Likewise, you can even brand your invoices with your company’s brand, color, and logo.
- Collect payments quickly and easily. Make payment easier for your clients, and you’ll have money hitting your account in no time. With the accounting software from FreshBooks, your clients can make secure online payments through the app or website.
- Robust double-entry accounting. As a manufacturer, your accounts and inventory are a bit more complex. While some simpler businesses can get away with single-entry, cash-based accounting, you can’t. On the other hand, double-entry accounting is a better, more complete approach. In fact, it may even be a legal requirement for your company.
- Built for tax management. It prepares your business for the tax season to organize your expenses, review income and expenses, and utilize the balance sheet.
- Project management. Monitor your production operations in collaborating with business partners, employees, and contractors.
2. Netsuite ERP
At its core, NetSuite ERP is a robust accounting solution for manufacturers and wholesalers. It’s a comprehensive platform with features for supply chain management, shop floor control, procurement, production control, order management, etc. In addition, it is built to help manufacturers eliminate the use of error-prone and time-consuming spreadsheets. Further, it helps accelerate financial close processes and lower resource, and IT costs.
Moreover, this solution closely integrates accounting with compliance management to efficiently improve your financials. Also, with an efficient ERP software, you get real-time access to your live financial data so you can monitor and make timely decisions. In addition, it supports accounts receivables, accounts payables, tax management, and cash management, among others.
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Why choose NetSuite ERP?
- Global ERP. You can operate your supply chain and manufacturing processes from anywhere in the world.
- Supply chain. It has tools for you to monitor your outsourced manufacturing processes.
- Financial management. It’s a complete tool, with general ledger, accounts receivable and payable, payment management, tax management, and fixed asset management tools, among others.
Detailed NetSuite ERP Review
Gusto is an accounting platform built to help professional accountants and accounting firms streamline their day-to-day operations. Designed to accommodate clients with complex financial requirements, Gusto provides a unique accountant dashboard that allows you to track and manage all of your clients from a single location. This software is equipped with end-to-end tools that facilitate seamless accounting processes.
The platform also offers a robust infrastructure that provides quick access to your company’s payroll, financial data, People Analytics, and more. With Gusto’s accounting features, you can easily help your clients when it comes to regulatory changes on statutory compliance, maintaining revenue, and more.
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Why choose Gusto?
- Unique accounting dashboard. This feature helps you streamline your accounting tasks, enabling you to monitor and advise your clients’ on their team’s growth, payroll costs, retention, and more,/
- Various integrations. The solution supports a wide range of integrations with third-party accounting systes, including, Xero, QuickBooks, FreshBooks, and more.
- Accurate data. Gusto provides accurate financial data at all times, allowing you to identify issues quickly and help improve your clients’ cash flow.
Detailed Gusto Review
4. QuickBooks Online
QuickBooks Online is the accounting software tool of Intuit for small businesses, freelance professionals, startups, bookkeepers, and independent accounting firms. While this software is designed for small teams, QuickBooks Online comes with powerful features that automate accounting, including expense tracking, invoice management, tax calculation, and sales monitoring.
Quickbooks Online simplifies accounting for your business, as well as financial management. All the essential accounting tools are in a single platform—promoting efficient operations and giving you more time to focus on tasks that will grow your business.
From profit and loss reporting, invoice customization, to automating payments, QuickBooks Online provides complete end-to-end support for all your accounting needs. At the same time, this software provides real-time monitoring of your company’s financial performance. You can generate customized reports anytime, complete with data visualizations. You can also use your mobile devices to access the platform, enabling you to manage your finances even while you are on the fly.
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Why choose QuickBooks Online?
- Automates data collection. QuickBooks Online easily collates and consolidates financial data, ensuring that your financial information is updated all the time, thus providing your team with real-time insights.
- Accessible accounting system. Since QuickBooks Online is web-based so you can view the information you need from any device, even from your smartphone. When you can access your account anytime, you can easily monitor and check transactions.
- Enhanced data protection. QuickBooks Online offers enhanced data protection through its intuitive security options that keep confidential data secure. Cloud storage is also an option for storing backup data, which you can export to spreadsheets as needed.
Detailed QuickBooks Online Review
Approve.com transforms the complexities of financial management into a simple process. It also prioritizes financial and compliance management for mitigating potential fraud and risks. Also, its supplier management tool gives suppliers a white-labeled, self-service portal to give them a variety of payment options. It likewise offers tools for payment reconciliation and reporting.
Moreover, this platform integrates with numerous apps, including NetSuite, QuickBooks, and HasOffers. Manufacturers and wholesalers can use the software to improve their processes. To do so, it’s loaded with features like global payments, invoice processing, and instant payment reconciliation.
Why choose Approve.com?
- Tax compliance. It’s equipped with governance capabilities like audit trails, OFAC screening, and FATCA, and W-9/W-8 tax compliance.
- Automation. It takes care of cash flow management, accounts payables, and resource alignment, among others.
- Global supplier payments. Suppliers, regardless of their location, can collaborate with your business with ease.
Detailed Tipalti Approve Review
AvidXchange is a complete bill payment and accounts payable platform. It is designed to cut processing costs, automate cumbersome payment cycles, and remove paper invoices. Designed with a customizable UI, this solution is packed with a comprehensive suite of tools and features.
To date, more than 5,000 US-based B2B companies use AvidXchange. It is composed of three strategic accounting modules for managing the various key processes in accounts payable and bill payment. These are payment application, invoice application, and purchase order application.
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Why choose AvidXchange?
- Paperless invoicing. This solution can help businesses completely remove the need for paper-based invoices and checks. Going paperless also results in the elimination of many cumbersome tasks.
- Productivity and scalability. With its robust automation capabilities, AvidXchange can streamline AP and payment processes. This does not only remove time-consuming, repetitive tasks but also help simplify other key accounting processes like interoffice mail approvals and invoice management.
- Cost-saving benefits. When a business is 100% paperless, processing costs can be reduced by as much as 50%, including a considerable reduction in needed manhours.
Detailed AvidXchange Review
Rossum is an all-in-one gateway for managing documents but due to the flexible nature of its interface, it can easily be used for accounts payable processes and the like. With this, you can collect all your pertinent documents in one feed and filter them quickly. It also leverages a self-learning AI technology that will allow automatic data capture. This way, you eliminate the risk of human error during data entry for accounting processes.
Aside from the abovementioned, the platform also comes with analytics and reporting tools that allow you to keep a close eye on any transactions. For instance, it comes with audit trails and instant status updates. This way you can accelerate workflows seamlessly and ensure no transaction is overlooked.
Why choose Rossum?
- Highly flexible functionalities. Rossum is a document management system with a flexible interface. It is developed to be configured so that it can be used for accounts payable processes, customs workflows, as well as logistics workflows.
- Compliant with data security standards. The platform is compliant with HIPAA and other data security standards. This way, you can ensure that any document you store within the platform is safe and sound at all times.
- Out-of-the-box integrations. Rossum is built to play well with your existing software ecosystems. It can connect with ERP solutions, RPA software, as well as other document management applications