Accounting for Manufacturing
The Australian manufacturing sector is an integral part of our economy, contributing around 6% of the country’s GDP and employing hundreds of thousands of people.
We know how hard manufacturers work and we also know how complex their accounting requirements are.
So we provide tailored accounting for business owners in manufacturing to help save them time and give them the confidence that their business is meeting its financial goals.
North Advisory helps you maintain compliance
The manufacturing industry is governed by many different regulatory bodies as it covers such a broad range of activities.
And there are several standards that oversee the products, services and systems in place.
But when it comes to tax compliance, it doesn’t matter whether you are manufacturing aerospace components or household goods… we know how to support you and make sure you meet all your ATO requirements through our tailored business accounting services.
Streamlining the accounts process
Thousands of businesses have embraced lean manufacturing practices, as they help to minimise waste and improve profitability.
But you shouldn’t only seek to improve your processes on the factory floor… you should also look at streamlining your accounting.
Modern accounting processes provide you with invaluable operational information. We can help you implement a tailored selection of accounting processes to suit your needs.
It’s critical that you have structures in place that can support growth and give you vital insight into your production’s bottom line.
Insights into production and inventory costs
Understanding inventory and production costing is central to your manufacturing business success. We’ll help you identify the best methods to analyse revenue, profit and expenses, whether it’s standard costing, job costing or activity-based costing.
Our team has vast experience in determining the most suitable method for you to support business profitability and efficiency.
Supported by intelligently integrated tech, we’ll provide a detailed analysis of your financial data considering the complexity of your product mix, the costs of materials and labour and the best methods of improving revenue.
Access North Advisory experts
As our client, you’ll work directly with Marius Fourie, Director and Business Advisor, who ensures your finances align with your goals and unique requirements to optimise your health and wellness company and achieve business success.
Existing clients can also opt to access our wealth management services, working alongside Director and Wealth Advisory, Cayle Petritsch. Cayle supports our clients in growing and stabilising their personal finances through SMSF/superannuation management, asset protection services and other ideal options.
If you’re looking to save time with business accounting services that suit the needs of the manufacturing industry, contact us today.
Our Services
Business Accounting
Exceptional business accounting services and taxation planning customised for start-ups and established businesses. Grow your business with our expertise.
SMSF Management
Optimise your retirement savings with our expert SMSF management. We offer specialist advice, compliance support, and tailored investment strategies for new and existing SMSFs.
Wealth Management
Professional, qualified wealth management advice for individuals seeking proven and tailored financial strategies that build and protect their wealth.
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Frequently Asked Questions
What accounting services does North Advisory provide for manufacturing businesses?
North Advisory offers specialised accounting services tailored to manufacturers, including cost tracking, financial reporting, tax planning, inventory and supply chain accounting, and strategic advisory support to improve profitability and business performance.
How can North Advisory help manage manufacturing costs and profitability?
North Advisory assists manufacturers in analysing production costs, tracking labour and materials accurately, and modelling profitability at the product line and business levels. This helps identify where margins are thin and where pricing or processes can be optimised.
Can North Advisory assist with inventory accounting and stock valuation?
Yes. North Advisory helps manufacturing businesses implement the right inventory accounting methods, such as FIFO or weighted average cost, and ensures stock valuation, reporting and reconciliation practices support accurate financial statements and tax compliance.
How does North Advisory support cash flow management for manufacturers?
North Advisory provides cash flow forecasting, working capital analysis, and strategies to align production cycles with payment terms. This helps manufacturers better manage seasonal demand, supplier costs, and receivables, thereby maintaining stable cash flow.
Does North Advisory help manufacturers with tax planning and compliance?
Yes. North Advisory offers tax planning and compliance services specifically tailored for the manufacturing industry, including identifying deductible expenses, managing GST reporting, and ensuring manufacturers take advantage of relevant incentives while meeting regulatory requirements.
What financial reports should manufacturing businesses review regularly?
Manufacturers should regularly review cost of goods sold (COGS) reports, inventory turnover, production variance analysis, cash flow reports and profit & loss statements. North Advisory helps produce and interpret these reports to support decision-making and operational efficiency.
Reach out we are here to help
Recognising the uniqueness of each business, we specialise in customised accounting services crafted to meet your specific needs and drive business growth.
Don’t hesitate to contact us if you’re ready to streamline your financial management with tailored solutions. Your business’s success is our primary focus. Fill in the contact form or call us to book an initial 30-minute chat.
Suite 6, 11 Oaks Avenue
Dee Why, Northern Beaches
NSW 2099
Australia