Magandang araw, Business People! Did you know that 96% of accountants across different industries agree that manufacturing accounting software boosts efficiency and minimizes errors? As part of the financial system, accounting system plays an important role in the Philippine factory sector.
Isipin ito: Your company is experiencing financial difficulties because you cannot accurately predict cash flow. Delayed invoicing leads to late supplier payments and strained business relationships. With this condition, it is not big news that manufacturing accounting software is trending among Filipino businesses.
If you’re here and thinking that it might be too late, wag kang mag alala! You’re one step ahead by reading this article to the end. Discover the best manufacturing accounting software below and boost your factory in no time!
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What is Manufacturing Accounting Software?
Manufacturing accounting software is a specialized tool designed to help the manufacturing industry manage financial processes, including cost tracking, budgeting, and reporting. The software works by automating data entry, providing real-time insights, and ensuring accurate controls.
This accounting module inside the best manufacturing software improves financial accuracy and helps prevent fraud by keeping transparent records. It also lets you monitor your business’s finances from anywhere and reduce expenses resulting from inefficient resource cost management.
What Type of Accounting is Used in Manufacturing
Manufacturing accounting is a specialized form of accounting designed to meet the unique needs of production processes. It uses a double-entry system to accurately track and allocate costs, such as labor and overhead.
This approach, supported by specific software, helps monitor production expenses and ensures precision in financial reporting. By gaining a clear understanding of costs, businesses can make informed decisions, optimize processes, and improve financial performance.
Ultimately, this tailored accounting method allows manufacturers to manage costs effectively and boost overall efficiency.
Key Factors that Cost Accounting Software for Manufacturing Should Have
Business people, before you know the best manufacturing accounting software in the Philippines, understanding the key factors or key features of the ideal accounting software is a smart move. These features are:
- Cost tracking: Accurately tracks production costs, including materials, labor, and overhead, helping businesses in the Philippines control expenses and optimize profitability.
- Budgeting and forecasting: This feature enabling better financial planning and resource allocation. Nakakatulong ito sa mas epektibong pagpaplano para sa mga gastos sa hinaharap.
- Compliance and audit trails: Ensures that all financial transactions comply with local regulations and provides an audit trail to detect and prevent fraud.
- Integration with other modules: Integration with other modules: Seamlessly integrates with business budgeting software and other business systems like manufacturing ERP, CRM, inventory, and supply chain management, providing a unified view of the business.
Ingat! These features should be part of your top choice. But with the key factors mentioned above, is the software necessarily expensive? The answer is no. If you’re curious, you can explore the pricing of manufacturing accounting software in the Philippines by checking the banner below.
Top 12 Manufacturing Accounting Software Philippines You Should Consider
Business People, binabati kita sa pag-abot sa core ng artikulong ito! We understand that you need a lot of references to know better about which vendors offer the best accounting solutions in the Philippines. Therefore, let’s dive into the list below!
1. HashMicro Manufacturing Accounting Software
Why we choose: This vendor provides features that are specifically designed to meet the needs of the manufacturing industry in the Philippines.
HashMicro is the best manufacturing accounting software for Filipino businesses looking to simplify financial management and improve accuracy. This vendor offers comprehensive features with ease of use, making it a popular choice among manufacturers to streamline their cash flow processes.
In addition, with an impressive milestone, HashMicro has served more than 1750 businesses with various needs. Through the free demo offered, businesses are free to know the performance of the software without having to invest.
Key features:
- Forecast budget: Predict future budgets based on historical data to help plan finances, allocate resources efficiently, and make better strategic decisions.
- Multi-level analytical: Get to know the trend or insight of all financial transactions in real-time and can be filtered based on various categories (project, branch, etc.).
- Budget S-curve: A feature to visualize project or budget spending progress in the form of an S-curve.
- Cash flow reports: Monitor the company’s cash inflows and outflows to ensure sufficient liquidity, make proper financial plans, and identify and address potential financial issues.
- Integration with dozens of modules: HashMicro manufacturing accounting software integrates CRM, inventory, supply chain, ERP, and purchasing, giving you a clear view of your business’s overall progress.
| Pros | Cons |
| Easy to use even if you’re not a tech-savvy | More suitable for medium to large manufacturing companies |
| Strong local support in the Philippines | Implementation takes varying amounts of time depending on your request. |
| Highly customizable | |
| Free to add users with no additional cost |
2. Paychex
Why we choose: It is ideal for businesses that prioritize strong payroll integration with their accounting.
Paychex is a well-known provider of payroll and HR solutions, but it also delivers strong accounting features that are beneficial for manufacturing companies. Simplifying payroll management makes this software useful for businesses that require efficient payroll integration with their accounting systems.
Key features:
- Payroll integration
- Tax compliance tools
- Employee management features
| Pros | Cons |
| Easy-to-use interface | Limited manufacturing-specific features |
| Strong payroll integration | May lack advanced reporting capabilities |
| Excellent customer service | Customization options are limited |
| Reliable tax compliance tools | Not as robust for large-scale operations |
3. NetSuite Manufacturing Accounting
Why we choose: It has scalability and robust analytics, making it an excellent choice for large manufacturing.
NetSuite manufacturing ERP offers a cloud-based accounting solution that is particularly strong in handling complex manufacturing processes. It provides a range of tools that are crucial for financial management and operational control.
Key features:
- Comprehensive financial management
- Supply chain integration
- Advanced analytics and reporting
| Pros | Cons |
| Scalable and flexible | High learning curve |
| Strong analytics capabilities | Can be expensive to implement |
| Comprehensive reporting tools | Requires significant customization |
| Excellent global support | May be overkill for smaller operations |
4. QuickBooks Online
Why we choose: It is user-friendly and accessible, making it perfect for small to medium-sized manufacturers.
QuickBooks Online is a popular choice for small to medium-sized businesses, offering a user-friendly interface and essential accounting features. It’s particularly effective for manufacturers who need straightforward financial management.
Key features:
- Invoicing and billing
- Expense tracking
- Basic inventory management
| Pros | Cons |
| Easy to use | Limited scalability for larger operations |
| Affordable pricing | Lacks advanced manufacturing features |
| Strong support community | May require third-party integrations |
| Cloud-based accessibility | Reporting features are basic |
5. Gusto Manufacturing Business Accounting
Why we choose: It’s beneficial for manufacturers and integrates with other modules.
Gusto is primarily known for its payroll and HR capabilities but also offers bookkeeping for manufacturing features that can be beneficial for manufacturing companies. Sa pamamagitan ng mga automated process nito, mababawasan ang manual work, ensuring efficiency in managing finance.
Key features:
- Payroll management
- Employee benefits administration
- Tax filing assistance
| Pros | Cons |
| User-friendly platform | Limited to small to medium-sized businesses |
| Strong payroll and HR integration | Not focused on manufacturing-specific needs |
| Excellent customer support | Basic accounting features |
| Automated tax filings | Lacks advanced financial reporting |
6. Xero Manufacturing Accounting Software
Why we choose: Because Xero offers real-time collaboration and strong third-party integrations.
Xero is a cloud-based accounting software that provides a wide range of features for managing business finances in real time. This vendor has intuitive interfaces, making it a versatile tool for you to manage your manufacturing accounting software.
Key features:
- Real-time financial tracking
- Invoice and billing management
- Bank reconciliation
| Pros | Cons |
| Intuitive user interface | Limited inventory management features |
| Strong third-party app integrations | Can be expensive as more features are added |
| Real-time collaboration | Customer support can be slow |
| Cloud-based accessibility | Not tailored for large-scale manufacturers |
7. Zoho Books
Why we choose: It integrates with the Zoho ecosystem, making it a good choice for users who already implement software from this vendor.
Zoho Books is part of the Zoho ecosystem, offering a range of accounting features that are well-suited for small to medium-sized manufacturing companies. It integrates smoothly with other Zoho products, providing a cohesive workflow.
Key features:
- Invoicing and expense tracking
- Project accounting
- Financial reporting
| Pros | Cons |
| Affordable and scalable | Inventory management is a basic |
| Strong integration with Zoho ecosystem like Zoho accounting software | Lacks advanced manufacturing-specific features |
| Customizable reports | Can be challenging to navigate for beginners |
| Easy to use | Limited customer support |
8. FreshBooks Manufacturing Business Accounting
Why we choose: FreshBooks is user-friendly and excels in invoicing.
FreshBooks is designed for businesses to manage their manufacturing accounting software. Its user-friendly interface and cloud-based accessibility make FreshBooks a good choice for businesses prioritizing ease of use without the complexity of larger systems.
Key features:
- Invoicing and billing
- Expense tracking
- Time tracking
| Pros | Cons |
| User-friendly interface | Limited scalability for larger businesses |
| Strong customer support | Lacks advanced features for manufacturing |
| Cloud-based accessibility | Reporting features are basic |
| Integrates with multiple payment gateways | Inventory management is limited |
9. Sage Business
Why we choose: It provides detailed financial management and strong reporting.
Sage Business provides good manufacturing accounting software Philippines, making it a strong option for manufacturing companies with detailed financial needs. With this, businesses can maintain accurate financial records and make informed decisions based on real-time data.
Key features:
- Invoice management
- Expense tracking
- Cash flow forecasting
| Pros | Cons |
| Comprehensive financial management | The interface may not be intuitive |
| Strong reporting capabilities | Can be expensive for small businesses |
| Cloud-based accessibility | Customer support can be slow |
| Scalable and flexible | Requires customization for manufacturing needs |
10. Katana
Why we choose: Katana is designed specifically for manufacturing.
Katana is a manufacturing-specific software that integrates accounting features and software for production to provide an all-in-one solution. It’s designed to help manufacturers streamline their operations and manage finances effectively with less human error.
Key features:
- Real-time inventory management
- Production planning
- Sales order tracking
| Pros | Cons |
| Tailored for manufacturing needs | Can be complex to set up |
| Strong inventory management | May require integration with other software |
| Real-time updates | Customer support is limited |
| Excellent production planning tools | Pricing can be high for small businesses |
11. Wave Accounting for Manufacturing
Why we choose: This software is free, making it a great option for small manufacturers.
Wave Accounting is a free accounting software that provides essential financial management tools, making it a great option for small manufacturers. In addition, this vendor offers you some features that help to maintain cash flow and expenses.
Key features:
- Invoicing and billing
- Expense tracking
- Financial reporting
| Pros | Cons |
| Free to use | Limited features for growing businesses |
| User-friendly interface | Lacks advanced manufacturing-specific features |
| Cloud-based accessibility | Customer support is minimal |
| Integrates with payroll and payments | Reporting features are basic |
12. Deskera Books
Why we choose: Deskera Books offers strong multi-currency support and comprehensive reporting.
Deskera Books offers a comprehensive accounting solution with a focus on small to medium-sized manufacturing companies. It provides a range of accounting and software for production tools that help streamline financial management and reporting.
Key features:
- Inventory management
- Multi-currency support
- Real-time financial reporting
| Pros | Cons |
| Easy to use | Limited advanced features for larger companies |
| Strong multi-currency support | Can be expensive as you scale |
| Comprehensive reporting tools | Customer support can be slow |
| Integrates well with other Deskera tools | Interface can be challenging for beginners |
How to Choose the Most Suitable Manufacturing Accounting Software for Your Business
Choosing the right manufacturing accounting software is crucial for effectively managing your finances and operations. Here’s how to make the best choice:
- Understand your needs: For manufacturing businesses, identify your company needs and choose the best manufacturing software that can streamline these processes.
- Consider scalability: Select manufacturing accounting software that can grow with your business, accommodating future needs as your company expands.
- Ensure ease of use: The manufacturing accounting software Philippines should be user-friendly, especially for those without an accounting background.
- Prioritize security: Choose manufacturing accounting software with strong security features to protect your financial data, such as encryption and regular backups.
- Evaluate costs: While budget is important, focus on the value the cost accounting software for manufacturing offers. Quality software can save money by improving efficiency and reducing errors.
- Use trial periods: Take advantage of free trials to test the best manufacturing software and see if it meets your needs before committing. This hands-on experience will help you make an informed decision.
Conclusion
Business people, selecting the right manufacturing accounting software is essential for effectively managing your business’s finances and ensuring long-term growth. Hindi mo gustong malugi ang iyong manufacturing business dahil sa mga error sa pamamahala, diba?
That is why if you’re ready to take your financial management to the next level, consider HashMicro accounting software. With its robust features and seamless integration, HashMicro still offers you a complete free demo to help you discover how its software can benefit your business.
FAQ About Manufacturing Accounting Software
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What are the 5 types of software used in manufacturing?
Enterprise Resource Planning (ERP) Software, Product Lifecycle Management (PLM) Software, Supply Chain Management (SCM) Software, Human Resources Management System (HRMS) Software, and Internet of Things (IoT) for Manufacturing.
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What is manufacturing in ERP?
Manufacturing ERP offers features specifically designed to meet the unique requirements and processes of manufacturing businesses. It encompasses Bill of Materials, shop floor management, supply chain, inventory control, quality assurance, and other essential functions.
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What type of accounting is used in manufacturing?
Manufacturing accounting is a specific area of cost accounting that deals with managing and overseeing the financial aspects of manufacturing operations within a company. It plays a crucial role in tracking production costs, monitoring budgets, and ensuring effective financial control in the manufacturing process.
