7 Practical Methods to Reduce Accounting Costs
The only way you can succeed in reducing accounting costs in business
One-stop solution to control all financial variables in manufacturing sector
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No more. Accounting and bookkeeping can seem cumbersome if you have a manufacturing business to manage. If you seem to encounter some or all of the problems given alongside, you need to hear us out.
In our journey of over 12 years of helping manufacturing businesses flourish, we’ve realized that most of them face similar problems. They just manifest differently. So we thought, why not create processes and procedures using manufacturing accounting software and simplify your accounting and bookkeeping.
With over 12 years of experience, we've crafted thousands of processes and procedures to simplify mundane accounting tasks for you.
We control every cent going in and out of your business along with timely reportings.
We do inventory forecasting and help you manage optimal levels at all times.
We help you learn what drives your cashflow fluctuations, how you can control and what the future looks like with that cashflow.
Controlling costs is not as simple as reducing purchases or purchase prices. It needs logical assumptions and calculations, that’s where we come in.
Don’t dilute your hard-earned equity unnecessarily. Take decisions which get you the right type of money (equity or debt) at right time.
Make business decisions which do not put your business in danger. Overstocking at possible slow season or taking too much debt at incorrect time can drain your resources.
Sales is not the only performance indicator. We can help you identify more than 50 performance indicators and suggest how to keep optimal numbers.
Never make decisions into thin air. Our expert accountants use data-backed approach to identify problems and find practical solutions using their experience with similar businesses.
Schedule a free consultation now with Gary Jain, Co-founder at Ledger Labs. He’s a certified accountant with 12+ years of multidimensional experience in helping small to midsized businesses grow and manage their revenues.
Get hands-on knowledge and astute advice on your financials in an engaging power-packed 30 minutes session.
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Just fill out the form and get an email to schedule a meeting.
Our financial planning and modelling services are exceptional and guaranteed to help your business thrive. You can trust our expertise and experience to provide insightful and strategic solutions that will elevate your business to the next level.
Get real insights into how much units and value is tied up in manufacturing process.
Get several hidden direct and indirect costs associated with manufacturing to derive correct product costing.
Track movement of each unit to derive correct stock in hand for wiser purchase decisions.
Use historical and forecasting models to ensure that you have correct stock in hand, neither more, nor less.
Never miss tax deadlines again. Get all the legit tax deductions and stay up to date on tax compliances by connecting with our expert tax consultants.
We apply valuation methodologies and assumptions that are specifically tailored to your unique situation within usage guidelines.
Get your taxes filed within deadlines without leaving minutest of the details.
Don’t leave money on the table. We’ll get you the maximum tax credits possible for both fed and state.
Get the correct structure setup and don’t wait for months to get your licenses and registrations.
We’ll manage all your quarterly and annual compliances ourselves for you without you having to worry about them.
Having trouble figuring out the sales tax conundrum? We’ll review your business nexus and take appropriate action.
My main problem always has been to know my accurate profits & this is precisely what ledger labs helped me with. They went through my entire supply chain costs, my monthly operational expenses, and COGS and got me the correct costing of my goods and the cost of running the business. Now I know how much I need to sell & at what price I should sell it to be profitable.
Since working with Ledger labs, our bookkeeping and Controller processes have been streamlined. The routine accounting tasks are managed on a predictable schedule, and checklists are used to ensure that all required documents are processed within the proper deadlines. We have improved the accuracy and timeliness of our financial statements and other crucial accounting functions at a lower cost than what was being paid to employees.
We have a unique business, and almost all the accounting firms we have engaged so far have been unable to get a hold of our business. But Ledger Labs really took the bull by its horn. They understood our business better than us & created a very customized process & systems to streamline our accounting department. We now have detailed step-by-step process documentation, checklists & schedule of reports.
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After our first discovery call and your go-ahead, we will review and do a thorough research of your business and its environment. So it will take us 30 to 60 days before the final onboarding. To provide you with the best manufacturing accounting services, we choose our clients selectively. This keeps things smooth for both, you and us.
Your concern is valid. We assure you our processes are failproof. You will be assigned an exclusive 3-member team of experts comprising of a bookkeeper, reviewer and manager. Hence, there are no chances of change in the personnel handling your operations. Additionally, as these experts will working together as a team, there will be no disruption in the daily tasks even if one or more members are unavailable.
Yes. We do everything legally and officially. Hence, we promote our potential clients to sign a contract with us for security and ease of operations. This allows us to maintain and retain ease of working smoothly at all times.
1. With the recording and management of daily transactions and operations.
2. Reconcile the credit cards, bank accounts, and other financial accounts with different corporations.
3. Follow and develop statements and books of accounts according to the US GAAP compliances.
4. Taking care of everything required at the end of a financial year like tax calculations, filings, and other requirements.
5. Management of the vendors as well as the accounts payable.
6. Collect payments from the customers along with sending the required invoices.
7. Development of books of accounts and other statements that are extensively ready for action whenever a board member or investor seeks them.
We take time to ascertain the KPIs, procedures, and overall performance and working of your business and its operations. This time depends on the complexity and size of your business. However, generally speaking, the onboarding process starts somewhere between 1 month and 3 months from the date of your consent to work with us.
Your data security is our top priority. We take utmost care while handling your business data at all times. We upload the data directly to the client’s servers. Then, we use a two-factor authentication process for anyone to access it. That way there’s no data breach or unauthorized use.
Our service charges are not entirely fixed and depend upon the size and complexity of the business. Additionally, as the goals and challenges of our clients are unique, they can also affect the charges. Having said that we can assure you that we will deliver the best services at affordable costs.
Accounting and bookkeeping are delicate matters. One can't rush into the results as it may have negative repercussions. Having said that, after the first ninety days your business will definitely start noticing the ease of accounting and bookkeeping. This duration can also be reduced if the process runs smoothly and we get all the statements and invoices timely from you.
We understand. If you think your books of accounts are messy and inconclusive, we will clean them up. We will use accurate cloud accounting techniques and platforms to synchronize the data.
Our team will communicate with you over calls, texts, emails, conferences, messages, and any other modes that you prefer. Additionally, we will also use a lot of professional platforms like Google Meet and Zoom to stay in touch with you.
We don't discriminate on the basis of our clients’ scale of operations or revenue. We welcome with open arms all clients looking for accounting for manufacturing businesses. However, in general, our clients have an annual revenue of around 1-50 million USD.
Our Virtual CFO will help you with budget planning and forecasting, cashflow improvement, key metric benchmarking and trend analysis, product or service costing and profitability analysis. Not just that they will suggest how to reduce debt and save dollars. As a result, you will see a definite growth in your business.
Our years of experience & exposure to various businesses is the essence of these articles
The only way you can succeed in reducing accounting costs in business
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