Manufacturing Cost Accounting

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Manufacturing Cost Accounting

Manufacturing remains a cornerstone of the Canadian economy, even with the head winds that have continued to affect this essential sector. Owners of supply and manufacturing businesses have to deal with increasing regulations, global competition, evolving technology, and fluctuating demand. In the face of all these challenges, growth requires specialized knowledge regarding tax planning, cost accounting, cross-border regulations and inventory management.

The importance of finding a partner for growth

No matter if you are trying to reduce your personal or your corporate tax liability, extend your line of credit, or grow your business by other means, you need to find a professional partner for your business.

Professionals in manufacturing cost accounting specialize in tax, audits, accounting, and other consulting services for businesses that supply and manufacture products in a number of different industries, including lumber and construction, HVAC supplies, steel components, sheet metal, and oil field equipment.

Services from cost accounting professionals for your manufacturing business

When it comes to accounting services for manufacturing businesses, they are unique in relation to other industries due to the fact that they are based on the cost of the goods sold along with inventory valuation. Some of the important aspects of manufacturing cost accounting that a professional can assist you with include:

  • Maximize your return of investment and your return on assets
  • Identify any unused capacity and possible bottlenecks
  • Find where any non-value processes are minimizing your profitability
  • Optimize your customer and product mix
  • Find your core and the most profitable customers and products

When it comes to your business you cannot leave growth to chance. While you may be gaining more customers and orders, it does not mean that your profits are increasing. A number of factors go into determining your profitability, which is where a manufacturing cost accounting professional can offer invaluable services.

With these services, you can track the cost variances between your products and manufacturing locations, store and retrieve costs over various periods that you define, and maintain rolling budgets and forecasts; however, that is only a portion of what these services have to offer.

Having a partner who can take all the manufacturing cost accounting services off of your plate will ensure your manufacturing business remains profitable and you continue to grow. If you need more information, or would like to learn about the services we offer, contact Hogg, Shain & Scheck today.

 

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