Manufacturing business has its unique challenges due to its nature. At Your Local Accountant, we understand the manufacturing process and costing well and can help you to stay in control of your business operations and profitability.
To run a manufacturing business profitably, inventory control and costing are some of the things we help you to review first. You may have hundreds of raw materials codes, ordered from local or overseas, covering everything such as internal /external packings, containers, ingredients, materials and consumables. You will be constantly dealing with fix costs and variable costs, the breakeven point and economic of scales. We help review and refines your costing system. We ensure your depreciation, overhead costs and finance costs are captured. We compare and suggest the most suitable inventory costing system (perpetual or periodic) based on your business size and requirements, and delivery you the ‘true cost’ of your products to help you in making the pricing strategy and control the overall profitability.
From the operational level, we can assist you to improve the efficiency of different business units. We have proven systems to streamline purchase ordering and control process, debtor management process, and staff timesheets reportings. We look after all the statutory compliance like IAS, BAS, Tax Returns, Staff entitlements with EBA or Awards, Payroll and STP, Payroll tax, Superannuation, and WorkCover.
From the Strategy level, we review the structures of the business, we identify the risk and help you to restructure to achieve better asset protection and/or tax optimisations as needed. We also help with business or equipment finances, planning for any expansion or exit strategies and successional plan.
If you are looking for the accountants understand your business and can help to grow your business to the next level, please feel free to contact us now.