Manufacturing Businesses Are Unique
Firstly, keeping track of inventory and raw materials can be extremely complicated. Secondly, costing and valuing the products your company produces can seem impossible if you’re not tracking raw materials and time correctly. Consequently, an accountant with experience dealing with manufacturing businesses is worth their weight in gold.
Here at Accurox, we have experience of preparing accounts and tax returns for manufacturing businesses. Therefore, you simply don’t have to worry about it anymore
Unpicking the Manufacturing Process
What Happens Next
The first consideration is to ensure that you are tracking everything properly. We will get you started on accounting software that will make this easier than it seems.
These are the areas of focus:
- All transactions, including sales, purchases and loans should be recorded and categorized into the correct ledgers.
- Establish a clear picture of assets and liabilities and any given point in time.
- Clarify the cashflow fluidity
- Inventory tracking
Inventory Tracking & Costing
As you will know inventory tracking is unique to the manufacturing business and extremely complex. You are required to account for every stage of the process, from raw materials and supplies, to partially-manufactured items and finished products in your inventory. However, without stringent tracking on these resources and labour, your costing of the final product could be wildly off the mark. All of which could be stacking up bigger problems to face down the line, particularly if you are underselling.
What makes us different?
When your business grows, we develop around you with a range of services you might need.
Changing suppliers is not something you want to be doing too often. We worked hard to be a single point of contact for everything you might need, and by sharing our resources across multiple companies, we make it cost-effective for you to get some more business and finance skills around you.
There is a big difference between people who do the work for you and those who mainly count things afterwards.
This value is what makes us different.
Recharge Your Business
Benefits of an innovative accountant for your electricians business
We care about your financial success, it’s enlightened self-interest
Interested in learning more about Accurox?
“Accurox have been great in helping Kent Site Consultants get to grips with CIS. We’d never felt confident that we were doing the right thing as it’s an extremely complicated system and it always felt like a huge responsibility. Naveed was able to explain the whole thing to us and get us sorted out for once and for all. We feel confident now that we are doing it the right way and doing the right thing by our subbies. It’s a huge relief and we can’t thank Naveed and the team at Accurox enough. If you’re looking for an accountant that understands CIS and construction businesses, Accurox is the best one out there!”
Kent Fire Consultants
Meet the Team
Naveed has a passion for helping small business owners. He has worked with them all his life and has a unique insight into their challenges. He thrives on helping businesses overcome mental barriers to achieve high levels of success. Using the following 5 values:
Naveed has applied these values to his own business. He always says he talked himself out of his last job! When he realised that if wanted to achieve his true earning potential then he would have to set up his own business. However, he is the first to admit that the reality came as a shock. To summarise, he learnt that as well as being an excellent accountant, running his own business meant he had to learn to sell, collect a payment and pay the suppliers. Furthermore, he also had to deliver a first-class service to his clients! Consequently, Naveed knows the challenges any business owner faces.
Founder of Accurox
Qualified Accountant and holds a Master’s degree from Cardiff University.
Established his own accounting practice in 2018 and has an office in the UK, Dubai and Pakistan. Enjoys travelling, football and cricket in his spare time. Volunteers for an International Disaster Relief Charity.
Listed as one of the “top 10 UK Digital Accountants” in 2020.
A lawyer specialising in corporate finance and major commercial projects for clients who are mainly owner managed. He is a trouble-shooter, identifying and solving legal and business. challenges. He has been legal counsel on buyer- and seller-side accountancy practice deals and has worked on buyer- and seller-side deals for an aggregator in a related professional services sector.
Kevin is an experienced executive and entrepreneur with a track record of building significant value from new and current businesses. He established Intrinsic Financial Services and Bell Penny, pursuing a similar strategy to Accurox but in the IFA sector, he raised over £25m and grew the businesses to over 300 employees over a three-year period with an annual turnover of over £100m and funds under management of over £3bn.
Get in Touch – We’d Love to Help
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