Manufacturing Accounting

Manufacturing Accounting From Purchasing Through Production

Manufacturing financials depend on understanding what happens before a sale ever reaches the income statement. Purchasing, inventory, production, work in process, vendor payments and cost of goods sold all have to flow correctly through the accounting system.

Stonehill Accounting helps manufacturers build accounting processes that reflect how their businesses actually operate and provide management with financial reporting they can trust.

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Understand where your money is tied up.

When purchasing, inventory and accounting aren't aligned, management can lose visibility into margins, cash requirements and the true cost of production.

We help connect operational activity with the general ledger so management can better understand what products and processes are actually costing the business.

How we help

Core areas of support

Inventory & WIP

Accounting for raw materials, work in process and finished goods that reconciles.

Product & Job Costin

Cost build-ups that reflect materials, labor and landed costs.

Cost of Goods Sold

COGS that flows correctly from production activity to the income statement.

Purchasing & AP

Vendor accounting, purchase activity and payables aligned with receipts.

Month-End Close

Reconciliations, financial statement preparation and review.

Operational Reporting

Reporting that connects the production floor to the general ledger.

Areas of expertise

What this engagement can include

  • Inventory accounting
  • Cost of goods sold
  • Purchasing and accounts payable
  • Accounts receivable
  • Month-end close
  • Reconciliations
  • Accounting workflow development
  • Management reporting
  • Work-in-process accounting
  • Job and product costing
  • Vendor accounting
  • Cash-flow reporting
  • Financial statement preparation and review
  • QuickBooks cleanup
  • Internal controls and documentation
  • Coordination between accounting and operations

Who this is for

Small and midsize manufacturers, product-based businesses, and companies with inventory, purchasing, production, or work-in-process accounting needs.

Bring purchasing, production and the ledger into alignment.

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FAQ

Common questions

  • Usually. We work backward through purchasing, production and COGS activity to identify where the accounting and the operations diverge.