Standard Accounting
Accurate inventory accounting, work in progress accounting and product costing are all time-consuming and complex tasks. In MRPeasy software, they are fully automated. As the accountant, with MRPeasy software, there is no need to manually describe the financial transactions related to the normal day-to-day tasks that various roles in your company have performed. This frees considerable time, and even more importantly, allows to gather even more reliable reports with less effort.
Transcript:
MRPeasy is a manufacturing system, where otherwise difficult and time-consuming financial accounting tasks regarding manufacturing are automated to a great extent.
When you open the accounting section, you will get an instant overview of your company’s current financial position.
The financial dashboard and all reports – the balance sheet, profit and loss, and cash flow statements, and others – are updated in real-time as the company performs its daily operations.
For example, when we look at the journal report for today, we get an instant overview, what has been going on: purchases have been received, invoices have been entered, materials have been consumed in production, direct labor has been recorded, products have been shipped to customers, and more.
These entries have been made automatically by the system when other people like the purchaser, stock manager, shop floor worker just do their own tasks.
Accurate inventory accounting, work in progress accounting and product costing are all time-consuming and complex tasks. In MRPeasy they are fully automated:
- When receiving a purchase, items are automatically counted to materials on hand.
- When items are consumed in production, they are automatically moved from materials on hand to work in progress account.
- When labor is performed, then manufacturing overhead costs are allocated to work in progress.
- When manufacturing is finished, then MRPeasy already knows the exact cost of the product based on the cost of materials, performed labor, and allocated manufacturing overheads, which is then transferred from work in progress to finished goods
- And once the customer is invoiced and items are shipped, the cost of the products is moved from finished goods to cost of goods sold.
- Therefore, accounts are automatically kept in order, and you have a clear overview of the current financial position, and the profit the company has made.
As you can see, as the accountant, with MRPeasy, there is no need to manually describe the financial transactions related to the normal day-to-day tasks that various roles in your company have performed.
This frees considerable time, and even more importantly, allows to gather even more reliable reports with less effort.