The manufacturing feature keeps track of producing finished products, including raw materials, manufacturing orders, and automates and tracks the assembly of your complete production line. The management of your fundamental business processes is at the very heart of enterprise resource planning. It’s possible that you already have distinct systems for manufacturing and accounting software that are both running independently to give you real-time analysis and data insights.
It starts processing with raw materials and sends them to the factory. Factory features will be available only for manufacturing-type businesses. In manufacturing type business, you need to buy some raw materials from your suppliers and then, make finished products by using those raw materials. You need to enter raw materials in the “factory in” feature to create finished products. Can create “Factory Out” to manufacture a finished product and earn a huge revenue Can also create a sales order and link it with your “factory out”. That’s how you can manage customers’ booked items at the same time.
Factory Stock Balance feature knows how much production is possible through the factory stock balance. You can find the remaining stock quantity and it could be returned from the factory stock balance to inventory. After production of the finished product, inventory will be increased automatically and then customers can order from them. If a finished product is not available in inventory and customer orders it, then that product should be manufactured by creating a link from that sales order and after producing it can be sold easily to the customer. Labor cost and manufacturing cost will be also added with the production of the finished product. Iquidi will keep track of all these accounts without even using any papers and hassles. Manufacturing industries can use this feature in their business and will get huge benefits.
Accounting software’s manufacturing function provides real-time changes and offers various users access to client and financial data. It automates reordering and simplifies procedures.
Benefits of manufacturing system
A more organized approach:
It will result in a more organized approach to managing your organization on a day-to-day basis, and selecting the proper system may assist manufacturing businesses boost automation.The increased visibility you get by streamlining your process in this way spans a variety of different roles, from design and development to finance, sales, and delivery.
More precise cost estimates:
You’ll be able to create more thorough and accurate costings if you have access to all the information you want from a single accounting and manufacturing software program.
One of its main advantages is the automation it offers, such as the capability to generate bills instantly once things are delivered. You’ll be able to spot possible problems with ease and be more cost-effective thanks to these in-depth insights, which also enhance the reporting and analysis process.
Customer loyalty:
Any business’s main objective is always to satisfy its customers. You can be more proactive and effective when you have more control over your inventory, production procedures, and accounting operations. Your sales and aftercare teams will also have access to all communication activity in one location, making it easier for them to respond to inquiries swiftly. This boosts productivity, and communication is beneficial for keeping customers.
Enhance your capacity for strategic decision-making:
It makes sense that you should be able to take advantage of having a complete ERP solution that offers better insight across processes by making more informed decisions. The capacity to make precise and timely decisions that advance the business in many ways might change when you have such high levels of insight into your internal operations. The manufacturing process may be improved, and profitability may even increase as a result of this strategy, when manual or solitary data dependency is reduced.
Lowered overhead and operating expenses:
By being able to develop a more precise understanding of your production workflow, using the capabilities of a combined ERP system may help you cut operational and administrative expenses. Additionally, you should be able to have better inventory control and practically end job duplication. Software that combines manufacturing and accounting can provide you with the ideal perspective of your company.