The manufacturing industry, as the name suggests, is where a diverse range of products are produced. It can be related to a wide variety of verticals, be it apparels, automotive spare parts, footwear, hardware accessories, etc. Effective utilization of time in the entire product manufacturing process means higher profits for the manufacturer.
Although, at times, the responsibilities of the manufacturer can be a bit overwhelming. He/she needs to run the business like a highly efficient machine, and the work is not just limited to making products of some kind. Product designing, assembling, packaging, labeling, logistics, etc., there is so much to work upon.
If you also run a manufacturing business, you can easily understand the importance of following an organized process for cost-effective outcomes. With the help of an advanced accounting software, managing finances and streamlining operations of a manufacturing unit becomes much easier.
QuickBooks Premier is one such renowned software trusted by millions of business owners around the world. Even though this software is available in its desktop version as well, you can get additional benefits by hosting it on the cloud.
Here are five benefits of using QuickBooks Premier hosting to run your manufacturing firm smoothly and profitably –
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1. Ease of Tracking Product Inventory
For a manufacturer who handles operations in one or multiple units, keeping track of product inventory is a complex task. The complications grow even more if a wide variety of products are getting manufactured in different units.
With the help of QuickBooks Premier software, it becomes easier for you to track several products or parts. You can track inventory and set inventory levels very easily using this software. Furthermore, you can even run a report to get to know about products that need reordering. If you have hired multiple vendors to work for you, you can easily keep track of what you owe to different vendors.
QuickBooks Premier hosted on the cloud comes with an added advantage of easy remote accessibility. This means that you can easily access the software and track inventories of multiple locations anywhere, anytime, without feeling restricted to work only in the operational hours of your company.
2. No Trouble in Creating Bill of Materials (BOM) and Work Orders
The literal meaning of the term ‘bill of materials (BOM)’ is not the same as what it actually refers to. Rather, it is the list of raw materials, assemblies, components, parts, along with their quantity, required to manufacture a specific product.
Creating BOMs is not generally easy for a manufacturer or his team. However, you will find it easier to do the same using QuickBooks Premier. Not just that, it will be easier for you to access all your inventory items in one place.
Alongside, hosting QuickBooks Premier on the cloud will give you the benefit of allowing multiple authorized users to work on this software at the same time and create BOMs. As a result, this will improve the overall productivity of your manufacturing firm.
3. Effortless Tracking of Product-wise Profitability
As a manufacturer, you need to know which of your products are high in demand in the market and are making the most money for your business. Similarly, it is important to know when to stop manufacturing products or parts that are not in demand. If hundreds or more products are getting produced in your manufacturing units, failing to track profitability per product may seem like a difficult task.
But you can do this effortlessly by using QuickBooks Premier hosting for your manufacturing business. No matter where you are, you can better decide which products should be kept in stock and which one should be dropped from the product list owing to their sales graph. Even customized sales and profitability reports can be easily obtained and updated in real-time.
4. No Worries About Loss of Business-related Data
A lot of manufacturing and wholesale businesses are still saving their business-related data on physical documents. Products manufactured, products delivered, products under production, cash flow, etc., doing it all on papers creates a lot of paperwork which is hard to handle. Using the desktop version of some accounting software may seem like a good idea. But the loss of data can happen even in the local computer systems in which the software is installed.
As an advanced solution to prevent data loss, there is QuickBooks Premier hosted on the cloud. The impressive features of this renowned accounting software grow even more when it is backed by cloud computing.
All your data gets saved on the cloud and is replicated automatically on servers located in multiple locations. This prevents you from worrying about the risk of data loss, which may otherwise result in loss of profits for your manufacturing & wholesale company.
5. Money Savings
For a product manufacturer, it is crucial to realize that all the operational expenses involved in manufacturing a product add up to its final cost. Investing in on-premise infrastructure, local computer system, desktop software, etc. ultimately makes the products costlier for the end consumers. To beat the competition in terms of product pricing, operational expenses need to be controlled. This is where cloud-hosted QuickBooks Premier software can help your manufacturing business greatly.
With your hi-tech QuickBooks Premier hosted on the cloud, you need not worry about all the IT-related hassles. The hired cloud service providers will take care of it all. Also, you don’t need to hire in-house IT professionals as you will get round-the-clock support from the QuickBooks Premier hosting provider for all your worries. This means savings of money, which in turn can help you keep your products’ prices low to stay ahead of the competition.
Whether you run a small or a big manufacturing & wholesale company, you do want to keep the finances under control while also streamlining the business operations. By investing in QuickBooks Premier hosting, you will find it easier to run your business on the line of next level growth in the form of benefits detailed above. The more efficient your manufacturing unit will become, the higher is your profitability.
To know more about the prime features of QuickBooks Premier Hosting with us, connect with our Solutions Consultant.