Financial management for manufacturing companies

General information:

The most important issues for manufacturing companies are control and detailed analysis of prime cost of the manufactured products, including control over the product yield,  control of the prices of raw materials utilized in the manufacturing process, determination of the overhead cost norms, including with due account for the seasonal factors, as well as optimization of the manufacturing costs and detailed analysis of such important items as: raw materials and materials used, labor resources, auxiliary materials and other overhead expenses.

Development of the proper control mechanisms, availability of a well-functioning reporting system and appropriate planning and management of financial resources are also important for the manufacturing companies;

We offer:

• • development and tuning up of the manufacturing processes and procedures
  • introduction of the system for detailed analysis of the manufacturing process, including by conversion points, production stages and categories of the produce
  • detailed analysis of the produce prime cost by means of control over the product yield, control of the prices of raw materials, as well as through the labor resource control and overhead cost detailed analysis
  • development of a system for detailed analysis of losses, determination of the loss norm, elaboration of the permissible deviation norms
  • formation of the indirect inventory write-off and prime cost inclusion system
  • elaboration of the procedures related to the basic means of production, which implies development of the fixed assets write-off, repair and capital expenditure accounting system, as well as creation of the key asset depreciation testing system
  • elaboration and introduction of the budgeting and analysis system both, in relation to the company, as well as according to the spending points and important structural units
  • development of the reporting system, both, as part of the company’s general-purpose financial statements, as well as with respect to the detailed analysis of production and analysis of each category and nomenclature of the finished products
  • transformation of the accounting system in accordance with the IFRS standards
  • formation of the financial department’s structure and personnel retraining
  • e-accounting system analysis and recommendations

As a result, you will get:

a detailed analysis of production, allowing to control the prime cost of the finished products, the loss norms, product yield, the labor resources used in production and all the major expenditures. And also, a well-organized budgeting system will allow you to pre-determine all of the company’s significant expenses and duly respond to each deviation. An effective reporting system will allow you to make proper financial decisions, including with regard to such important issues, as capital investments – procurement of a new production line or replacement of the outdated fixed assets. You will also be able to evaluate the efficiency of each product manufactured by you and make the right decision with regard to each product (to increase production, to reduce or completely halt its production).