20 Best Accounting Software for Manufacturing & Wholesale Business in 2024

A note from the author, Daniel Epstein, SaaS software expert:

In my 10 years of experience as a SaaS software expert and financial analyst, I have come to understand that manufacturing and distributing businesses have unique accounting needs. They often experience a significant inflow and outflow of assets due to the nature of the industry, making it critical for them to use accounting software solutions to enhance accuracy and efficiency. However, choosing the best accounting tools is no easy feat, so I have researched a wide range of industry reports, academic sources, and recent market statistics to compile a list of the 20 best accounting software for manufacturing and wholesale. Hopefully, by the end of this guide, you will be able to easily pick a first-rate solution that streamlines your accounting processes.

It wasn’t an easy task for manufacturers to buck the headwinds of COVID-19. The statistics state that 89% of manufacturers experienced a drop in sales, material price increases, and other problems. If companies are to survive this disruption, they have to adapt to the new pandemic-driven norms. And this paved the way for digital opportunities.

With accelerated digital initiatives, a lot of companies incorporated technology into their workflows. This allowed the parts of the manufacturing workforce to perform their duties remotely. Seeing the benefits that such a setup presents, 61% of manufacturing executives plan to build a hybrid production model. This will lead to the industry gaining resiliency and flexibility to outlast the ongoing pandemic.

Part of this digital movement is accounting. The accounting industry itself has been making strides toward digitalization to curb COVID-19. According to recent accounting statistics, 60% of large firms are planning to invest in technology. Meanwhile, 49% of small firms already have a purely remote workforce. At the heart of this digital movement is accounting software, which manufacturers have begun to utilize.

With the adoption of accounting software comes the need for manufacturers to identify which platforms afford the most advantages. After all, using the best accounting tool can help streamline and optimize their finances better.

So with these in mind, we’ll explore the 20 best accounting software for manufacturing and wholesale business. These products are not created equal, and there’s no one-size-fits-all solution, hence, expanding your choices will help you narrow down which one matches your needs best.

20 Best Accounting Software for Manufacturing & Wholesale

1. Netsuite ERP

At its core, NetSuite ERP is a robust accounting solution for manufacturers and wholesalers. It’s a comprehensive platform with features for supply chain management, shop floor control, procurement, production control, order management, etc. In addition, it is built to help manufacturers eliminate the use of error-prone and time-consuming spreadsheets. Further, it helps accelerate financial close processes and lower resource, and IT costs.

Moreover, this solution closely integrates accounting with compliance management to efficiently improve your financials. Also, with an efficient ERP software, you get real-time access to your live financial data so you can monitor and make timely decisions. In addition, it supports accounts receivables, accounts payables, tax management, and cash management, among others.

NetSuite ERP

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Why choose NetSuite ERP?

• Global ERP. You can operate your supply chain and manufacturing processes from anywhere in the world.
• Supply chain. It has tools for you to monitor your outsourced manufacturing processes.
• Financial management. It’s a complete tool, with general ledger, accounts receivable and payable, payment management, tax management, and fixed asset management tools, among others.

2. Paychex

Paychex is a comprehensive online payroll and tax filing solution for businesses looking to automate their payroll or switch their current payroll service provider. The cloud-based platform offers payroll bundles that you can tailor to the specific needs of your business. Some of the robust tools offered include online payroll processing, automated payroll tax administration, fully integrated time tracking, as well as multiple options to pay workers assigned in different locations.

Paychex has a free mobile application for employers and employees equipped with self-service tools, letting them utilize both payroll and HR tools on the go. Aside from payroll automation, Paychex provides businesses with advanced reporting features. These include access to more than 160 customizable reports and analytics that includes compensation summary, pay to benchmark, and general ledger, among others.

In terms of integration capabilities, Paychex API allows you to connect the platform with your existing HR, finance, productivity, and other software systems without any trouble.

Paychex

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Why choose Paychex?

• Payroll technology and payroll expert services. Paychex goes beyond providing businesses with robust tools. This software solution also offers partnerships with accounting, banking, and financial experts.
• Built-in time tracking. Paychex has its own time tracking tool that automates attendance and employee productivity monitoring via the web or mobile app. It is also integrated with Paychex payroll.
• Fully integrated HR and benefits management. Beyond payroll and accounting tools, Paychex offers an all-in-one HR platform to simplify employee management, as well as compliance with employee benefits mandated by federal, local, and state laws.

3. Gusto

Gusto is an accounting platform built to help professional accountants and accounting firms streamline their day-to-day operations. Designed to accommodate clients with complex financial requirements, Gusto provides a unique accountant dashboard that allows you to track and manage all of your clients from a single location. This software is equipped with end-to-end tools that facilitate seamless accounting processes.

The platform also offers a robust infrastructure that provides quick access to your company’s payroll, financial data, People Analytics, and more. With Gusto’s accounting features, you can easily help your clients when it comes to regulatory changes on statutory compliance, maintaining revenue, and more.

Why choose Gusto?

• Unique accounting dashboard. This feature helps you streamline your accounting tasks, enabling you to monitor and advise your clients on their team’s growth, payroll costs, retention, and more,/
• Various integrations. The solution supports a wide range of integrations with third-party accounting systems, including, Xero, QuickBooks, FreshBooks, and more.
• Accurate data. Gusto provides accurate financial data at all times, allowing you to identify issues quickly and help improve your clients’ cash flow.

4. QuickBooks Online

QuickBooks Online is the accounting software tool of Intuit for small businesses, freelance professionals, startups, bookkeepers, and independent accounting firms. While this software is designed for small teams, QuickBooks Online comes with powerful features that automate accounting, including expense tracking, invoice management, tax calculation, and sales monitoring.

Quickbooks Online simplifies accounting for your business, as well as financial management. All the essential accounting tools are in a single platform—promoting efficient operations and giving you more time to focus on tasks that will grow your business.

From profit and loss reporting, and invoice customization, to automating payments, QuickBooks Online provides complete end-to-end support for all your accounting needs. At the same time, this software provides real-time monitoring of your company’s financial performance. You can generate customized reports anytime, complete with data visualizations. You can also use your mobile devices to access the platform, enabling you to manage your finances even while you are on the fly.

Why choose QuickBooks Online?

• Automates data collection. QuickBooks Online easily collates and consolidates financial data, ensuring that your financial information is updated all the time, thus providing your team with real-time insights.
• Accessible accounting system. Since QuickBooks Online is web-based so you can view the information you need from any device, even from your smartphone. When you can access your account anytime, you can easily monitor and check transactions.
• Enhanced data protection. QuickBooks Online offers enhanced data protection through its intuitive security options that keep confidential data secure. Cloud storage is also an option for storing backup data, which you can export to spreadsheets as needed.

5. Airbase

The Airbase spend management platform combines a variety of technical solutions to expedite and optimize procurement procedures, manage business cards, make bill payments easier, and control staff spending. This unified system is intended to automate these procedures and is easily adaptable to accommodate future development and demand.

The Airbase procure-to-pay modules can be used in their entirety or in part, depending on the individual needs of the companies. Individuals can use virtual corporate cards to make one-time or recurring transactions, whereas actual cards can be used for in-person transactions. They will also build approval workflows, enforce expenditure limits, and give security, fraud, and compliance notifications.

Why choose Airbase?

• Three-way invoice match. Only until you have completed a 3-way match between the purchase order and receipts synced from NetSuite and the invoice you received in Airbase should you create a bill. This will ensure that you do not overpay for the products.
• HRIS integration. Integrating your human resource information system (HRIS) with Airbase allows you to maintain an up-to-date user database while also keeping your transactions safe. Choose a service that offers single sign-on access for your teams so that they can more easily use the system.
• Centralized documentation. When approvals, payments, and expense reporting are all contained in the same system, you will never have to search through email chains, Slack channels, Google forms, or expense reports to find the documentation you need again.

6. Approve.com

Approve.com transforms the complexities of financial management into a simple process. It also prioritizes financial and compliance management for mitigating potential fraud and risks. Also, its supplier management tool gives suppliers a white-labeled, self-service portal to give them a variety of payment options. It likewise offers tools for payment reconciliation and reporting.

Moreover, this platform integrates with numerous apps, including NetSuite, QuickBooks, and HasOffers. Manufacturers and wholesalers can use the software to improve their processes. To do so, it’s loaded with features like global payments, invoice processing, and instant payment reconciliation.

Why choose Approve.com?

• Tax compliance. It’s equipped with governance capabilities like audit trails, OFAC screening, and FATCA, and W-9/W-8 tax compliance.
• Automation. It takes care of cash flow management, accounts payables, and resource alignment, among others.
• Global supplier payments. Suppliers, regardless of their location, can collaborate with your business with ease.

7. FreshBooks

The time and expense tracking tools, built-in among FreshBooks features, let you create accurate invoices, billing and collect payments via multiple channels conveniently. FreshBooks accounting and tax handling ensure compliance with state requirements. It automates many processes, including expense organization, time tracking, and customer follow-ups, so that you will have more productive time on your hands.

Additionally, FreshBooks lets you create professional-looking estimates and invoices showcasing your brand. Collection and online payment can be made through methods preferred by your clients, eliminating the chance of you chasing that elusive check from your clients. It provides a robust mobile implementation so you can communicate with clients even when you are out somewhere on current project sites.

Why choose FreshBooks for your construction business?

1. Receive payments on time. You will not have to worry again about how your clients will be able to pay you with FreshBooks’ multiple online payment options.
2. Match expectations with accurate estimates. Minimize project proposal rejection with realistic estimates that easily resonate with the expectations of your customers, especially long-time clients.
3. Stay on the same page with clients anytime, anywhere. FreshBooks relies on its strong mobile implementation to give you confidence in communicating with your clients from just about anywhere you are at any moment.
4. Collaborate with contractors, clients, and on-field teams. Never miss costly details by sharing key information online and having all the people involved stay on the same page throughout the life of projects.
5. Never lose on any billable time. Every minute of work is precisely tracked and reflected on your records, so you won’t wonder where all those work hours of your personnel have gone.

8. AvidXchange

AvidXchange is a complete bill payment and accounts payable platform. It is designed to cut processing costs, automate cumbersome payment cycles, and remove paper invoices. Designed with a customizable UI, this solution is packed with a comprehensive suite of tools and features.

To date, more than 5,000 US-based B2B companies use AvidXchange. It is composed of three strategic accounting modules for managing the various key processes in accounts payable and bill payment. These are payment applications, invoice applications, and purchase order applications.

Why choose AvidXchange?

• Paperless invoicing. This solution can help businesses completely remove the need for paper-based invoices and checks. Going paperless also results in the elimination of many cumbersome tasks.
• Productivity and scalability. With its robust automation capabilities, AvidXchange can streamline AP and payment processes. This does not only remove time-consuming, repetitive tasks but also help simplify other key accounting processes like interoffice mail approvals and invoice management.
• Cost-saving benefits. When a business is 100% paperless, processing costs can be reduced by as much as 50%, including a considerable reduction in needed manhours.

9. Rossum

Rossum is an all-in-one gateway for managing documents but due to the flexible nature of its interface, it can easily be used for accounts payable processes and the like. With this, you can collect all your pertinent documents in one feed and filter them quickly. It also leverages a self-learning AI technology that will allow automatic data capture. This way, you eliminate the risk of human error during data entry for accounting processes.

Aside from the abovementioned, the platform also comes with analytics and reporting tools that allow you to keep a close eye on any transactions. For instance, it comes with audit trails and instant status updates. This way you can accelerate workflows seamlessly and ensure no transaction is overlooked.

Why choose Rossum?

• Highly flexible functionalities. Rossum is a document management system with a flexible interface. It is developed to be configured so that it can be used for accounts payable processes, customs workflows, as well as logistics workflows.
• Compliant with data security standards. The platform is compliant with HIPAA and other data security standards. This way, you can ensure that any document you store within the platform is safe and sound at all times.
• Out-of-the-box integrations. Rossum is built to play well with your existing software ecosystems. It can connect with ERP solutions, RPA software, as well as other document management applications

10. A2X

A2X is an ecommerce software that automatically records transactions from sales channels such as Amazon and Shopify to your accounting platform. This cloud-based software provides accurate bookkeeping and eliminates manual accounting activities. Aside from simplifying accounting for Marketplace and eBay, A2X also integrates with other widely-used accounting platforms like QuickBooks and Xero. You can easily migrate your financial data to your books by using this software.

A2X classifies each transaction, makes a summary of sales and expenses, and provides a quick view of your cash flow. Designed in partnership with the leading ecommerce platforms in Europe, North America, and Asia, A2X categorizes fees, refunds, and other expenses that are typically incorporated with payouts. In addition, A2X helps you monitor your stock room by tracking the cost of goods sold as well as the gross margins of moving products. Inventory management is a breeze with A2X as it automatically updates goods in stock after placing a series of orders.

Why choose A2X?

• Multichannel support. A2X eliminates the need to use different accounts across individual merchant websites for retailers who carry a variety of product lines. Up to five Shopify accounts or up to five Amazon channels can be supported by A2X, and this software can even manage your financial information from two different platforms.
• Real-time inventory and sales monitoring. A2X allows you to determine the value of your inventory and update the entry on your balance sheet. You can also customize A2X to automatically debit the total cost of goods sold from your inventory and adjust all related entries.
• Simplifies reconciliation. A2X makes it easy to reconcile and consolidate transactions, especially for wholesale manufacturers that process high volumes of orders. The software consolidates transaction history and automates the posting of transactions. A2x ensures the accuracy of data by providing a breakdown of listed payouts.

11. Zoho Books

Zoho Books is an online accounting software for small businesses and growing companies. It lets you track inventory in real time, which is crucial to manufacturers and wholesalers. You can also organize your inventory with product details like vendor details, SKU, product image, and on-hand stock. It likewise has automated banking, expense tracking, and a Client Portal.

Also, an inventory management tool, Zoho Books’ features help can you better manage your supply chain. Purchase and sales orders enable you to communicate requirements with vendors and confirm sales before shipping, respectively. It also helps you prepare for the tax season by accurately keeping track of your tax liabilities.

Zoho Books

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Why choose Zoho Books?

• On-the-go support. It has apps available on mobile devices–iOS and Android — to access your financial data on the go.
• Inventory management. Essential for monitoring your inventory levels, ensuring well-stocked items, and identifying fast-moving goods.
• Automated banking. You get a real-time update of your cash flow by connecting the software to your bank account.

12. Zoho Expense

Zoho Expense is an accounting tool and manufacturing expense reporting solution that specializes in automating expense reports, speeding up reimbursement processes, and simplifying approvals. Manufacturers and wholesalers can use this software to stay on top of their expenditures with detailed spending limits. It also streamlines how you record expenses as it automatically turns receipts into expense entries.

This is one of the best accounting software for manufacturers and wholesalers who are looking to keep track of their expenses and generate reports with ease. Zoho Expense is equipped with features specifically for the manufacturing industry. For instance, if your employee incurs separate expenses in the various stages of your manufacturing process, you can set up policy management for limits and reimbursement claims.

Zoho Expense

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Why choose Zoho Expense?

• Receipt auto-scanning. Employee receipts are automatically scanned and converted into expenses using any device.
• Streamlined approval flow. Customize your approval flow to speed up the process between the submitter and approver.
• Custom policy management. You can set the expenditure limits for each employee throughout the manufacturing process and streamline reimbursement claims.

13. Bill.com

Bill.com is an account payable system that automates the AR process and moves everything to the cloud to assist company owners in saving time on bill payments. 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.

14. 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.

15. 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

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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.

16. SignRequest

SignRequest is an electronic signature platform that allows businesses to easily sign and manage electronic documents. By using your legally binding digital signature, this solution helps business users and their clients to save time and resources. Also, processes are hastened, approvals are made quicker, and sales are boosted.

This solution provides a user-friendly, flexible, and professional e-signature software. As an accounting tool, SignRequest works as a secure storage hub for you electronically signed digital contracts and documents. In this way, document management is streamlined and supports increased productivity since all documents are easily accessible.

Why choose SignRequest?

• Streamlined business processes. This solution speeds up numerous business workflows that need digital signatures from internal and external stakeholders.
• Robust document protection. SignRequest uses Secure Sockets Layer (SSL) 256-bit encryption to protect all electronic signatures and digital documents. A GlobalSign digital certificate can also be used for signing documents.
• Highly scalable. This accounting tool is easily scalable to address the ever-changing requirements of any business.

17. Sage 50

Sage 50 is one of the best accounting software for manufacturing and wholesale businesses. It is a cloud-based desktop software, giving you the ease of using it on your computer while enjoying the convenience of cloud accessibility. You can use it to manage cash flow, budget costs for every project, and track inventory.

Other notable features of Sage 50 include automated bank reconciliation, custom reporting, and invoicing and billing. Because it is accessible via the cloud, you can collaborate with your accountant and share data securely.

Why Choose Sage 50?

• Leading name in accounting: Sage 50 is used by more than two million businesses worldwide and is backed by 40 years of expertise.
• Simplified processes: The platform has all the capabilities that business owners need to do accounting such as invoicing and financial management.
• Third-party integrations: Sage 50 can be integrated with various programs such as Microsoft 365, Sage AP Automation, Avalara, and more.

18. Xero

Xero is a simple accounting software that offers a robust solution to manufacturing businesses. It helps you stay on top of your stock quantity and value, build and distribute online quotes using any device, and access smart financial reports. What’s more, its intuitive dashboard shows you the latest charts so you can stay up-to-date with changes in your production.

As an integrated solution, you can use versatile Xero accounting tools to connect and sync your data with third-party manufacturing apps like TradeGecko and Dear Inventory. You also get your hands on easy-to-use features such as invoicing, bank connections, bank reconciliation, billings, and project management. Moreover, it’s also an affordable manufacturing accounting solution that even small businesses can use.

Why choose Xero?

• Inventory management. It helps you manage your stock quantity and value accurately.
• Up-to-date charts. The Xero dashboard is highly intuitive, so you get complete visibility into your latest charts in real-time.
• Intuitive mobile app. The tool can be accessed from your staff’s mobile device so they can stay connected even when on the go.

19. Sage Business Cloud Accounting

Sage Business Cloud Accounting is a popular manufacturing accounting software created to help businesses to stay on top of their manufacturing operations. It gives users a complete view right from procurement and scheduling to financials, inventory, and sales. This tool also is ideal for mid-sized businesses and enterprises, particularly multi-site and multi-company firms. Its built-in industry-specific solution streamlines manufacturing and distribution processes for better operations.

Meanwhile, this tool comes in various pricing methods and flexible pricing. Sage Business Cloud features include work order release management, automated capacity planning, and production management according to inventory, job, or order.

Why choose Sage Business Cloud?

• Cash flow data. You get a better understanding of your cash flow with information on income, expenses, and invoices.
• Finance management. It has a reliable solution for budgets, reporting, accounting, and cash management.
• Robust manufacturing support. Get access to routing, bills of materials, quality control, work and cost management, and project management, among others.

20. FreeAgent

FreeAgent is an accounting solution that is designed for freelancers, SMBs, and even large enterprises. For small businesses, this platform is feature-rich, offering small companies all that they need to keep their finances on track. It hosts a suite of tools that are meant to help users manage all aspects of their financial operations–from running payrolls to managing expenses.

With this online accounting software, you can both send and track invoices that are created by the system itself. Expenses can likewise be easily monitored using the tool; all you have to do is take a photo of your receipt using your phone and upload it to the system. And because it can be linked with your bank accounts, you easily determine all bank transactions and your financial standing.

Why choose FreeAgent?

• User-friendly solution. This intuitive solution is easy to use that even novice users can quickly get used to using its tools and features.
• Invoicing/contact management. FreeAgent can create and send invoices with ease, with invoice conversion taking around a few seconds to complete. It also offers several invoice templates that can be easily customized for branding purposes.
• Expense tracking functionality. It can monitor business expenses via bank statements and feeds. The system can also attach expenses to individual projects so that you easily bill clients; thus, the faster payments will come.

What Are the Key Benefits of Accounting Software for Manufacturing and Wholesale?

Accounting software offers several benefits that can streamline operations for manufacturing and wholesale businesses. Here are some key advantages:

• Efficient Inventory Management: Manufacturing and wholesale businesses often have complex inventories. Accounting software helps by tracking stock levels in real-time, reducing overstocking or understocking issues, and providing alerts for reordering critical items.
• Cost Control: Managing costs accurately is crucial in manufacturing. Accounting software provides tools to track raw materials, labor, and overhead costs, making monitoring and reducing expenses easier. This precision helps businesses set competitive prices without sacrificing profitability.
• Improved Financial Visibility: Accounting software delivers insights into revenue, expenses, and profit margins with built-in reporting tools. These insights allow managers to identify trends and make informed financial decisions quickly.
• Enhanced Compliance: Accounting tools help maintain compliance with financial and industry regulations. Features such as audit trails, secure data storage, and tax compliance modules ensure businesses are always up-to-date with standards and prepared for audits.
• Streamlined Supplier Management: Wholesale operations benefit from tools that manage vendor relationships, track purchase orders, and manage payments. This organization leads to better supplier communication and ensures timely stock replenishment.

How to Choose the Right Accounting Software for Your Business

Whichever business accounting software you choose, remember that you aren’t committed to it for life since most platforms allow for some form of conversion. You also have to factor in your company’s system, particularly its compatibility with the software’s features. At the end of the day, you can overcome the effects of COVID-19 with a tool that fosters seamless remote work.

In choosing accounting software for your manufacturing and wholesale business, it is important to consider what accountants look for in an accounting platform. If you want to try out the best possible platforms for you, pick out the most comprehensive one first. Remember that NetSuite ERP is a complete accounting solution with a version designed specifically for manufacturers. It is complete with industry-specific features that can be customized to fit the particular needs of your company. If you want to investigate the features closely, you can easily do so by availing of its free trial offer.

Key Insights

• Industry-Specific Needs: Manufacturing and wholesale businesses have unique accounting requirements due to their significant asset inflows and outflows, necessitating specialized accounting software to enhance accuracy and efficiency.
• Digital Transformation: The COVID-19 pandemic accelerated the digital transformation within the manufacturing sector, leading 61% of manufacturing executives to plan for a hybrid production model, incorporating more digital tools like accounting software.
• Automation and Efficiency: The best accounting software for manufacturing and wholesale automates various financial processes, reducing manual data entry, improving accuracy, and allowing businesses to focus on core operations.
• Compliance and Reporting: Effective accounting software ensures compliance with regulatory requirements and offers robust reporting features to provide real-time financial insights and support strategic decision-making.
• Integration Capabilities: Leading accounting software solutions offer seamless integration with other business systems such as ERP, CRM, and inventory management tools, providing a comprehensive view of the business operations and enhancing overall efficiency.

FAQ

1. Why is specialized accounting software important for manufacturing and wholesale businesses? Specialized accounting software is crucial for manufacturing and wholesale businesses because it caters to their unique needs, such as managing significant asset inflows and outflows, tracking inventory in real-time, and handling complex supply chain transactions. These features help streamline financial processes, ensure compliance, and improve overall operational efficiency.
2. How has the COVID-19 pandemic influenced the adoption of accounting software in the manufacturing sector? The COVID-19 pandemic accelerated the digital transformation in the manufacturing sector, prompting many companies to adopt digital tools like accounting software to facilitate remote work and maintain operational continuity. This shift has led to increased resilience and flexibility within the industry, allowing businesses to adapt to new norms and improve their financial management processes.
3. What are the key features to look for in accounting software for manufacturing and wholesale? Key features to look for include real-time inventory management, automated invoicing and billing, expense tracking, compliance management, robust reporting and analytics, integration capabilities with other business systems, and mobile accessibility to manage finances on the go.
4. How does accounting software enhance compliance and reporting for manufacturing businesses? Accounting software enhances compliance by automating tax calculations, generating accurate financial statements, and maintaining up-to-date records that meet regulatory requirements. It also offers robust reporting features that provide real-time insights into financial performance, helping businesses make informed decisions and maintain compliance with industry standards.
5. Can accounting software integrate with other business systems? Yes, most leading accounting software solutions offer seamless integration with other business systems such as ERP, CRM, and inventory management tools. This integration provides a comprehensive view of business operations, enhances data accuracy, and improves overall efficiency by streamlining workflows and reducing manual data entry.
6. What are the benefits of automating financial processes with accounting software? Automating financial processes with accounting software reduces manual data entry, minimizes errors, improves accuracy, saves time, and enhances productivity. It allows businesses to focus on strategic activities by automating routine tasks such as invoicing, expense tracking, and financial reporting.
7. How do I choose the right accounting software for my manufacturing business? To choose the right accounting software, consider factors such as the specific needs of your business, the software’s features and capabilities, integration options, ease of use, scalability, and cost. It’s also beneficial to take advantage of free trials to evaluate the software’s functionality and suitability for your business operations.
8. Is mobile accessibility important for accounting software? Yes, mobile accessibility is important as it allows business owners and financial managers to access financial data, manage transactions, and perform accounting tasks on the go. This flexibility is especially valuable for manufacturing and wholesale businesses with teams that operate remotely or need to manage finances while traveling.

By Daniel Epstein

Daniel Epstein is a senior financial research analyst at FinancesOnline and the architect behind our Fintech and ERP content division. His main areas of expertise are blockchain technologies, cryptocurrencies, and the use of biometrics in fintech solutions. His work has been frequently quoted by such publications as Forbes, USA Today, Entrepreneur, and LA Times. With more than 1,800 solutions scrutinized in the last 5 years spent on our team he always prioritized offering readers an unbiased perspective on modern financial technologies.