If you are thinking about starting a manufacturing company, small business manufacturing accounting software is the last thing you have on your wishlist. You are most likely concerned about your employees, vendors, customers, and the all-encompassing expansion into profit that will come with it.
Have you asked yourself how to select a good manufacturing accounting software for my company? Or, how to select a free manufacturing software for my company? If the answer is YES, then you’re in the right place. Here you will find helpful insights into manufacturing accounting software and best free manufacturing accounting software for your company.
Bill.com
Bill.com is an accounts payable system that automates the AR process and moves everything to the cloud to assist company owners in saving time on bill payment. It also comes with an accounts receivable feature set with basic invoicing capabilities in addition to accounts payable.
However, it is vital to understand that the platform’s accounting capabilities are limited to invoicing. It is intended to augment, not replace, accounting software. Fortunately, Bill.com interacts seamlessly with most accounting software, synchronizing all data between the two systems.
With an automated accounts receivable system, you can get paid up to three times faster. Send customers scheduled electronic invoices, Accept flat-rate ACH payments, and manage invoice payment status. To keep clients on track, send automatic payment reminders and late notices. Bill.com syncs with QuickBooks, Xero, Sage Intacct, and NetSuite for easier data entry, higher accuracy, and faster account reconciliation.
Why choose Bill.com?
- Automated AP processing. Bill.com simplifies AP in four easy steps: import your invoices, create approval workflows, choose your desired payment options, and sync with your accounting software.
- Get paid faster. The platform includes professional templates to get you started on creating and sending invoices. Once sent, you can track and follow up on your AR transactions all in one place.
- Fully integrated system. Bill.com works with most business and accounting software that creates seamless workflows across all of your departments. It keeps information updated in real-time, so everyone is on the same page.
Tradogram
Tradogram is an online e-procurement platform that automates and simplifies using a set of robust, user-friendly features. This cloud-hosted solution enables businesses to gain enhanced control of their procurement tasks. It offers tools to easily manage suppliers, control costs, and optimize expenses.
Actually, the vendor has designed this platform to transform the spend management cycle. To do so, Tradogram offers strategic solutions and efficient systems to improve purchasing by providing better ways of gaining the best value at the lowest possible price.
Why choose Tradogram?
- Streamlined procurement. This software can help simplify an entire procurement operation using tools for key procurements tasks like budgeting, inventory management, and approvals.
- Multiple spend management tools. In a single platform, you’ll gain access to six spend management tools that include purchase-to-pay, strategic sourcing, and supplier management.
- Better TCO control. Tradogram provides business users with enhanced control over the total cost of ownership.
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.
Yooz
If manual processes in your accounts payable are negatively affecting your manufacturing business, then it’s time to give Yooz a try. It’s a cloud-based invoicing and bill payment software packed with advanced automation features such as AI-based smart data extract, automated GL coding and PO matching, and customizable automated workflows. It’s also one of the most secure accounts payable solutions available that can fit the needs of small and mid-sized businesses as well as large manufacturing companies.
Since Yooz is cloud-based, you can immediately use it for your invoice management needs. If you have accounting staff who work from home or sometimes work remotely, they can still access important invoice details and accounting records without their office computer on site. With just a laptop or mobile device, they can log in to their Yooz account and complete their tasks.
Yooz becomes your digital filing cabinet as it’s able to link all documents and messages for each transaction in one place. This can significantly speed up your invoice and payment processing since you no longer need to dig through piles of paperwork. You can automate invoice capture so your AP team can do away with repetitive, manual data entry and focus on more high-value tasks.
Yooz integrates with more than 250 ERPs and accounting software, so you can be confident that you’ll be able to continue using your current accounting and manufacturing business apps. It also has a knowledge base where users can quickly do self-serve inquiries if they ever get stuck on a task.
Why choose Yooz?
- AP automation. Yooz leverages AI and big data to help manufacturing companies reduce manual steps in their AP processes.
- Secure payments. Yooz implements features such as the YoozFakeDetection to help detect forged documents and duplicate data. You can protect your business against unauthorized transactions and fraud.
- Reporting and analytics. You can easily search for invoices, track their status, and create ad hoc reports using the reporting features of Yooz. You can, for instance, search based on the invoice date, status, or order/purchase number and use these details to complete your report.
DocuPhase
DocuPhase is a robust automation solution that is well suited for use in manufacturing and wholesale businesses. Most beneficial is its AP automation capability. With this feature, businesses do not have to worry about missing payment deadlines with their vendors. Thus, they can continue having good relationships with suppliers.
Another feature of DocuPhase that is most helpful to manufacturing and wholesale enterprises is the purchase order workflow. This process is automated as well, facilitating the faster acquisition of materials needed in manufacturing. As a result, there would be little to no delays in the creation of products.
This software has several features related to vendors as well. One is the vendor portal, which enables suppliers to check on the status of their invoices. The other is the new vendor processing workflow, which automatically checks and approves businesses that want to become vendors. Since the process is systematized and requires little interference, staff can focus more on tasks that require more attention.
Why choose DocuPhase?
- Robust automation. The workflows that DocuPhase automates are highly beneficial in this kind of business because they can allow other processes to proceed smoothly.
- Stronger vendor relationship. Since invoice management and payment are automated, businesses can maintain good relationships with vendors because of on-time payments.
- Little human interference. The automated workflows may require tweaks if there are any changes in the processes. Otherwise, it does not need interference, allowing workers to focus more on other tasks.
Conclusion:
If you are a manufacturer and looking for the right software program for your business, there is a lot to consider. You need a product that will make running your business easier, while still providing the necessary functionality you need to run your business. Manufacturing is a very special industry in many aspects. It also has its specifics when it comes to small business accounting and manufacturing accounting software.