Streamline Your Ecommerce Finances with Professional Bookkeeping Services
Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Manufacturing and Production Companies
Quality Driven Approach
QuickBooks And Xero Certified Experts
50% Reduction In Costs
Part Time / Full Time Resources For
- CPA Firms
- Bookkeeping Firms
- Business Owners & Startup Companies
Hire Remote Team
Bookkeeping software expertise
Our Services
Setting Up Xero/Quickbooks
Fill out our checklist to complete the Setup of your Cloud Software in a day. We provide step by step guidance.
Day To Day Bookkeeping
We will ensure that your books are upto date on the daily/weekly basis so you can stay on top of the Financial position.
Monthly Management Reports
We provide customized reports based upon client requirement. (Sales Perfomance, KPI’s, Overheads reporting, etc)
VAT Returns
We deal with VAT very closely for our clients to ensure that VAT claim is correctly calculated and Submitted Timely.
CIS Returns
Construction Companies enjoy error free and timely submission of CIS returns to HMRC through our services.
Payable Accounting
We track your accounts on a very regular note and also help your business run smoother.
Payroll Setup And Processing
Our procedure will take complete care of your Employee Setup, RTI Filings, Pensions , PAYG Liabilities, P45, P60.
Year End Finalization
We shall provide you complete Financials which can easily be used in preparation and completing Corporate Tax Return.
Why Are We The 1st Choice Of U.K. Businesses Accounting &
Tax Return Preparation
Reduce 50% in Current Costs
You will see a Cost reduction of at least 40-50% as compared to local Bookkeeper or Accountant.
Self Hosted PMS
Our standardized processes and decent Project Management system helps to communicate with you clearly and efficiently.
Faster Turnaround
We generally reply to every emails same day or within maximum 24 hours.
Starting from
£8
Per Hour Bookkeeping service
Detailed & Regular Work Updates
We send emails that carry all the necessary information you need to carry out business operations.
Monthly Meetings with CPA
We conduct monthly meetings with CPA’s for effective communication and understanding client needs.
Meeting Deadlines
We finish all our work prior to deadlines to prevent any kind of chaos during finalization. .
Detailed Checklists
We prepare a well-defined checklist of all the requirements for you so that you don’t have any confusion.
High Quality of Work
Our Standardized Procedures and Checklists will ensure error free work. .
Why Are We The 1st Choice Of U.K. Businesses Accounting &
Tax Return Preparation
Reduce 50% in Current Costs
You will see a Cost reduction of at least 40-50% as compared to local Bookkeeper or Accountant
Self Hosted PMS
Our standardized processes and decent Project Management system helps to communicate with you clearly and efficiently.
Faster Turnaround
We generally reply to every emails same day or within maximum 24 hours.
Starting from
£8
Per Hour Bookkeeping service
Detailed Emails
We send emails that carry all the necessary information you need to carry out business operations.
Monthly Meetings with CPA
We conduct monthly meetings with CPA’s for effective communication and understanding client needs.
Meeting Deadlines
We finish all our work prior to deadlines to prevent any kind of chaos during finalization.
Detailed Checklists
We prepare a well-defined checklist of all the requirements for you so that you don’t have any confusion.
High Quality of Work
Our Standardized Procedures and Checklists will ensure error free work.
.
Cloud AddOns Expertise
Focus on growing your business with our cloud-based accounting and bookkeeping solutions. Our cloud-based accounting services eliminate the need for time-consuming paperwork and data entry, allowing you to streamline your business. With cloud accounting, you get to access your financial data anytime and anywhere.
Receipt Bank
Receipt Bank converts those annoying bits of paper – receipts and invoices – into Xero data!
Hubdoc
With Hubdoc, you can automatically import all your financial documents & export them into data you can use.
Spotlight Reporting
Attractive performance reports quickly and efficiently. Ideal for organizations that need deeper insight and analysis.
Gusto
Gusto offers fully integrated online payroll services that includes HR, benefits, and everything else you need for your business.
AutoEntry
AutoEntry captures, analyses and posts invoices, receipts and statements into your accounting solution.
Shopify
Connect Shopify and Xero to effectively manage your online sales, inventory and accounting requirements.
Introduction
Meru Accounting, a leading CPA firm offers comprehensive outsourced bookkeeping and accounting solutions to CPAs and small to medium-sized businesses. Discover how Meru Accounting’s expertise can assist IT industries in efficiently managing their bookkeeping and accounting needs. Meru Accounting serves as a trusted partner in ensuring financial success. Whether you’re a seasoned industry veteran seeking insights or a curious reader eager to learn more, this article will provide valuable information on how bookkeeping and accounting can shape the financial landscape of the IT industry. Let’s unravel this finance secret and unlock the potential for seamless financial management within the dynamic world of IT manufacturing.
Accounting For Manufacturing Company – The Manufacturing Industry Isn’t Like Any Different Business
Retailers offer stock and administration organizations offer their opportunity, yet just these manufacturing industries make new items from scratch. This is one of the principal reasons bookkeeping or in easy words accounting is critical in manufacturing industries. Manufacturing organizations need to represent their crude materials and preparing costs. Yet, they additionally need to work out the estimation of the completed things they make.
Accounting for Manufacturing Businesses deals with inventory valuation and the cost of goods sold. In summary, accounting for manufacturing businesses is much more detailed for a business that maintains no inventory.
Accounting for Patterns–A company can record this workload by accounting the amount of inventory on hand, encouraging suppliers to own some on-site inventory, employing supplier drop shipping, and on the other hand, accounting does also reduce the overall level of investment in manufacturing industries.
The Accounting Required In The Manufacturing Industry Are As Follows:
- Direct cost accounting: In this, we assign accounting for costs to inventory using either a standard costing, weighted-average cost, or cost layering method.
- Overhead cost accounting: We must aggregate the Factory Overhead costs into cost pools. Then, allocate it to the number of units produced during a reporting period, which increases the recorded cost of inventory. We should minimize the number of cost pools to reduce the amount of allocation work by the accountant.
- Cost of goods sold recognition: At its most basic level, the cost of goods sold is merely beginning inventory, plus purchases, minus ending inventory. Thus, accounting for the cost of goods sold is driven by the accuracy of the inventory valuation procedures.
- Other costs accounting: Also, we do not record any abnormal expenses incurred, such as an excessive scrap, in the inventory.
The Challenges Faced By The Manufacturing Industry In Bookkeeping In the UK
- Complex Cost Allocation: The manufacturing industry often deals with multiple cost centers, including raw materials, labor, overhead, and production processes. Accurately allocating these costs to specific products or projects can be challenging and requires meticulous bookkeeping.
- Inventory Management: Maintaining accurate records of inventory levels, raw materials, work-in-progress, and finished goods can be complex due to the constantly changing nature of production processes. Effective bookkeeping is crucial to avoid overstocking or stockouts, which can impact profitability.
- Depreciation of Assets: Manufacturing companies heavily rely on machinery and equipment, which depreciate over time. Properly calculating and recording depreciation expenses is essential for financial reporting and tax purposes.
- Compliance with Tax Regulations: The manufacturing sector faces various tax challenges, such as dealing with VAT (Value Added Tax) for both inputs and outputs, managing capital allowances, and complying with industry-specific tax regulations.
- Foreign Trade and Currency Exchange: For manufacturing companies engaged in international trade, handling transactions in different currencies can create complexities in bookkeeping and may expose them to currency exchange rate risks.
- Accrual Accounting for Long Production Cycles: Some manufacturing processes can have extended production cycles, making it challenging to match expenses and revenues accurately in a given accounting period under the accrual accounting method.
- Quality Control and Rework Costs: Bookkeeping must account for the costs associated with quality control measures and any rework required to meet quality standards, which can affect product costs and overall financial performance.
- Environmental Compliance Costs: With increasing environmental regulations, manufacturing companies must factor in compliance costs related to waste management, emissions, and sustainable practices in their bookkeeping.
- Cost Fluctuations: Fluctuating costs of raw materials, energy, and transportation can impact profitability. Proper bookkeeping helps identify cost trends and enables informed decision-making to mitigate such challenges.
The Importance Of Accuracy In Bookkeeping And Accounting In the Manufacturing Industry In the UK
One major reason why accuracy is paramount in manufacturing industries accounts is inventory management. Manufacturers deal with large quantities of raw materials, work-in-progress, and finished goods. Accurate tracking of these items ensures that costs are properly allocated and helps prevent overstocking or shortages. Furthermore, precise financial records enable manufacturers to analyze their costs effectively. By accurately recording expenses such as labor, overheads, and material usage, businesses can identify areas where they may be overspending or opportunities for cost-saving measures.
In addition to managing finances efficiently, accurate bookkeeping also plays a significant role in complying with legal obligations. Manufacturers must adhere to various regulations related to taxation, reporting standards, and environmental compliance. Failing to maintain accurate records may lead to penalties or legal issues. Moreover, correct bookkeeping is necessary for managing business relationships. Manufacturing companies often rely on suppliers and customers for materials and sales, respectively. Accurate financial records help them build trust with stakeholders and maintain long-term relationships.
Finally, accurate financial statements are essential for obtaining loans or investments from banks or other financial institutions. Accurate bookkeeping allows the lender to view a company’s financial position to make informed decisions about granting funds. All in all, accurate bookkeeping is essential for the successful running of any manufacturing business. By implementing robust systems and leveraging professional expertise, you can ensure accurate record-keeping while driving profitability in your business.
How Relevant Is Outsourcing Accounting In Manufacturing Industry In The UK?
Advantages of outsourcing accounting services for the manufacturing industry in the UK:
- Cost savings: Outsourcing eliminates the need to hire additional staff or invest in expensive software and systems.
- Access to expertise: Accounting firms specializing in manufacturing have extensive knowledge of industry-specific regulations, tax incentives, and reporting requirements.
- Valuable insights and recommendations: Outsourced professionals can provide guidance to optimize financial processes and make informed business decisions.
- Focus on core competencies: Manufacturers can concentrate on their core operations and strategic goals while delegating non-core accounting tasks to experts.
- Improved efficiency and resource allocation: Outsourcing streamlines operations, improves efficiency, and allows for effective resource allocation.
How Meru Accounting Helps The Manufacturing Industry In The UK?
- Cost Accounting: Meru Accounting helps manufacturing businesses implement effective cost accounting systems to track and allocate costs accurately. This enables cost analysis, optimization, and improved financial performance.
- Inventory Management: Meru Accounting optimizes inventory for manufacturing businesses, implementing control systems, accurate valuation, and insights to improve efficiency, reduce stockouts, and manage working capital effectively.
- Job Costing and Project Accounting: Meru Accounting sets up job costing systems for manufacturing companies, tracking project costs, and monitoring profitability on a project-by-project basis. This enables efficient resource allocation and informed decision-making for improved project profitability and pricing strategies.
- Financial Reporting and Analysis: Meru Accounting assists manufacturing businesses in generating accurate financial reports (income statements, balance sheets, cash flow statements) for performance assessment and strategic decision-making. We also provide financial analysis with KPIs, profitability insights, and manufacturing-specific financial ratios.
- Tax Planning and Compliance: Meru Accounting integrates accounting software with manufacturing systems, automating processes, enhancing efficiency, and improving data visibility. Our expertise covers cost accounting, inventory management, financial reporting, tax planning, and systems integration, providing tailored solutions for manufacturing businesses in the UK to improve financial performance and achieve sustainable growth.
Conclusion
CONTACT US FOR ANY QUESTIONS
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, CIS, CT 600 Tax return, Companies house Tax return, Confirmation Statement, Payroll RTI return submissions which gives your onstop solution for all.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
Our Office Address
UK Office
3rd Floor 207 Regent Street, London, W1B 3HH.
Global Production Team (India)
2nd, 3rd ,4th and 5th floor, Shanti Annexe, above Morima, opp. B.d.patel House, Sardar Patel Colony, Sundar Nagar, Naranpura, Ahmedabad, Gujarat 380006
Our Office Address
UK Office
3rd Floor 207 Regent Street, London, W1B 3HH.
Global Production Team (India)
902, Shivalik Tower, Nr. Panchvati Cross Roads, Ahmedabad, Gujarat 380009, India
