How manufacturers can benefit from a chartered accountant

When it comes to running a business, choosing an accountant is crucial no matter what industry it operates in; however, due to its unique nature, the manufacturing industry in particular can benefit hugely from the support and guidance of a chartered accountant.

Having supported countless businesses within the manufacturing industry throughout our time, Ellis & Co is well versed in the intricacies of running and growing a business of this nature. We have put together some of the key benefits that our manufacturing clients experience when working with a top chartered accountant, take a look below…

Guidance on the appropriate software

With so many reputable accountancy software companies out there, it can be daunting for a business owner to know which option is the most appropriate. Your chosen chartered accountant will be on hand to help you analyse your specific requirements, make recommendations on the best option and, importantly, support you in implementing the software into your business processes.

Business data tracking

Your accountant isn’t just on hand to provide details of your profit, loss and turnover, they are key to gaining extensive and detailed insights into your overall business so that you can make any necessary improvements to aid in growth. Not only will this include a clear view of your business’ cash flow in real time, but for manufacturing businesses in particular, they can support in implementing processes for inventory tracking, obviously crucial figures for any manufacturer.

Improve your process

With the appropriate data reporting in place your business, alongside your accountant, can analyse your business processes together as a whole. Whether that be where bottlenecks are occurring, any variance in budgets, analysis of your profitability for each product manufactured and so on. With this analysis you can identify areas for improvement, ultimately increasing productivity and profitability, not to mention providing the ideal platform for growth.

John Farrell, Director here at Ellis & Co has said:

“Accounting for the manufacturing industry is a unique field, and we are lucky here at Ellis & Co to have a team with significant experience in this area. With the right processes in place, manufacturers can see huge benefits therefore we would always recommend seeking the support of a specialist chartered accountant, leaving business owners free to focus on running and growing their business.”

Are you a manufacturing business seeking the support of an experienced chartered accountant? Speak to the Ellis & Co team today to find out more about how we have supported manufacturers just like you and our recommendations for your accountancy requirements. Contact us here today.