MYOB for Manufacturing Companies
What Is MYOB for Manufacturing Companies Accounting?
MYOB for manufacturing companies accounting means running your factory books in MYOB Business, AccountRight or MYOB Advanced, with jobs, sub jobs and cost centres for materials, labour, overheads and finished goods. Cred Books sets it up and manages it, so each production line gets its own monthly margin report.
Since 2011, Cred Books has paired small to mid size factories, batch producers, assembly plants, custom fabricators and industrial manufacturers across Australia and New Zealand with an MYOB Certified Partner and a dedicated MYOB certified accountant. Need another sector? We can also outsource MYOB accounting services.
Material costs posted in bulk, WIP guessed at month end, scrap that never reaches the ledger: that's how factory books break. When you outsourced accounting for manufacturing companies to Cred Books, we fix it at the source.
How MYOB Handles Bills of Materials, WIP and Overheads
MYOB records raw materials, direct labour, overheads and finished goods in separate ledger accounts and tags each cost to a job or cost centre. Bill of Materials costing and Work in Progress values reflect what the shop floor really spent, and every product shows its margin.
For manufacturing accounting and inventory valuation, we configure jobs, sub jobs, cost centres, tracking tags and general ledger rules. It's the shop floor costing that planning software alone doesn't cover.
What our MYOB setup includes:
- Jobs, sub jobs and cost centres for production line reporting
- Bill of Materials and Work in Progress (WIP) costing each month
- Landed cost, scrap and variance adjustments in the ledger
- BAS lodgement and GST reconciled across each plant entity
- Finished goods and raw material inventory valuation
We connect MYOB with Katana, MRPeasy, Fishbowl, Cin7 and Unleashed, so production job postings, invoice approvals, factory expenses, payroll and supplier payables run through one workflow.
Our MYOB Services for Manufacturing Companies and Plants
Every service below is handled inside your own MYOB file. A dedicated MYOB certified accountant does the daily work and your MYOB Certified Partner reviews the setup, so production costing, supplier workflows and monthly plant packets stay accurate.
Production Line Profit and Loss
Jobs, sub jobs and ledger rules tag materials, direct labour and overheads to a product or production line. You get a margin report per line and a consolidated plant view.
Bank and Supplier Reconciliation
Supplier payments, customer receipts and bank feeds are matched to purchase orders and invoices. This work sits within our Outsource Account Reconciliation Services for Manufacturing Businesses.
Bill of Materials and WIP Costing
Bill of Materials costs, Work in Progress capitalisation and direct labour overhead allocations are posted each month, so stock and margins reflect true shop floor cost.
Landed Cost and Inventory Valuation
Freight, duties and handling are added to raw material prices, with raw material, sub assembly and finished goods stock reconciled to the ledger every month.
BAS, GST and Tax Workpapers
We prepare BAS lodgement and GST reconciliations, plus audit proof workpapers your tax agent can use straight away. Need a full return? We offer Manufacturing Tax Return Filing Services too.
Scrap, Variance and Tooling Costs
Monthly scrap, yield and labour variance checks, tooling wear amortisation and packaging costs are recorded, so cost absorption matches the shop floor.
Production Software Integration
We link MYOB with Katana, MRPeasy, Fishbowl, Cin7 and Unleashed, so production jobs, stock movements and supplier bills reach the ledger without double entry.
Reporting, Forecasts and Audit Support
Monthly reporting packets, cash flow projections and year end audit files. We also prepare management packs through our Manufacturing Financial Reporting Services.
Payroll for Factory Staff
Machine operators, supervisors and office staff are paid on time, with labour allocated to jobs. Our Manufacturing Payroll Processing Services cover pay runs, filings and cost allocation.
Software Expertise
Cred Books vs In House MYOB Accounting: Which Suits Your Plant?
Outsourcing suits plant owners who want dependable numbers without hiring and training a finance team. Many manufacturers with overseas support needs also use our Offshore Manufacturing Accounting Services to keep books moving across time zones.
| Factor | In house team | Cred Books (MYOB for Manufacturing Companies) |
|---|---|---|
| Cost | Salary, benefits, software and training | Accounting costs reduced by 40% to 60% |
| MYOB expertise | Depends on one or two staff members | MYOB Certified Partner and MYOB certified accountant on every account |
| Manufacturing knowledge | Staff often learn WIP and overhead absorption on the job | Bill of Materials, WIP and variance entries handled as routine work |
| Reporting delivery | Often late because reports are built by hand in spreadsheets | Plant level reports delivered on an agreed monthly schedule |
| Plant scaling | Each new line or entity can mean another hire | Add production lines and legal entities without adding payroll |
| Coverage | Business hours, with gaps during leave | Dedicated team with trained backup |
| Audit readiness | Depends on the individual | Audit ready books with documented workpapers |
Why Manufacturing Companies Choose Cred Books for MYOB
Cred Books has served more than 1,000 clients worldwide since 2011. These are the reasons manufacturing companies stay with us.
MYOB Certified Partner
Every client is paired with an experienced MYOB Certified Partner and a dedicated MYOB certified accountant who set up, review and run the MYOB file.
Manufacturing Accounting Specialists
Our accountants already know how bills of materials, WIP and overhead absorption behave, so you skip the training curve on live factory books.
Over 15 Years of Experience
Cred Books has been operating since 2011 and has refined its manufacturing company accounting checklists on real files across several countries.
In House Team of 100+
More than 100 in house certified accounting professionals means cover for leave, peak periods and growth. No freelancers and no handoffs to strangers.
Audit Ready Ledgers
Reconciled bank accounts, documented workpapers and supported stock values hold up under lender reviews and independent audits.
Lower Accounting Costs
Clients cut back office accounting costs by 40% to 60% without lowering quality, because they pay for expertise instead of desks and recruitment.
Which Manufacturing Companies Benefit Most from MYOB?
These manufacturing companies see the biggest gains when Cred Books runs their MYOB file.
Small to Mid Size Factories
Owners see product margin, stock values and supplier terms without spreadsheet clean ups.
Batch Producers
Producers follow batch costs, yield and scrap with BAS lodgement done on time.
Assembly Plants
Plants track sub assembly stock, component purchases and labour by job from one MYOB file.
Custom Fabricators
Fabricators get job based costing, quote versus actual comparisons and clear WIP values.
Industrial Manufacturers
Manufacturers follow machinery leases, maintenance spending and plant utility costs with clean month end reconciliation. See our Year End Accounting Services For Manufacturing Businesses for closing the books cleanly.
Growing Multi Plant Groups
Groups adding plants or legal entities get a repeatable chart of accounts and clean consolidation.
Our MYOB Setup Process for Manufacturing Companies and Plants
Five steps take your plant accounts from scattered spreadsheets to a tidy MYOB file.
Plant Discovery and Chart of Accounts Review
We look at your production lines, stock, bank feeds and software, then outline a ledger structure that fits.
MYOB Configuration and Tracking Setup
Your MYOB Certified Partner sets up the chart of accounts, inventory accounts, jobs, sub jobs and cost centres for production reporting.
Platform Integration and Bank Feed Connection
We connect Katana, MRPeasy, Fishbowl or your chosen platform to MYOB and link every bank account.
Daily Processing and Monthly Close
Material purchases, production costs, stock movements and payroll are reconciled against bank statements, then reviewed by a senior accountant.
Reporting Packs and Tax Workpapers
You receive production line margin reports, stock valuations and year end support schedules on time.
Related Services for Manufacturing Companies and Plants
Frequently Asked Questions
What is MYOB for manufacturing companies accounting?
MYOB for manufacturing companies accounting means using MYOB as the main financial ledger for a factory or workshop. Cred Books builds the chart of accounts, jobs and cost centres, then manages purchasing, production costs, stock, BAS lodgement and payroll so each product line has its own reliable monthly report.
Can MYOB handle Bill of Materials costing?
Yes, with the right setup. We record Bill of Materials accounting in jobs and cost centres, add direct labour and overhead allocations and capitalise Work in Progress each month. Finished goods are then valued at actual cost, and each product shows a true margin.
Which MYOB product suits a manufacturer?
MYOB Business works for a small workshop with simple stock. MYOB AccountRight suits producers who need jobs, stock tracking and detailed reports. MYOB Advanced fits larger groups with several entities and complex production reporting. Cred Books manages all three and can advise on the right fit during onboarding.
Does MYOB connect with manufacturing planning software?
Yes. MYOB connects with Katana, MRPeasy, Fishbowl, Cin7 and Unleashed through integrations or structured journal imports. Production postings, stock movements and supplier bills then reach the ledger without double entry, although the exact method depends on the platform and your MYOB product. We also use MYOB PayDirect and MYOB Expense tools for supplier payments and factory expense approvals.
How does BAS lodgement work for a manufacturing company?
We reconcile GST on sales, materials and overheads each period, check the figures against your ledger, prepare the Business Activity Statement and lodge it before the due date. Imported materials and export sales are treated differently, so we set up tax codes by transaction type.
How are landed costs, scrap and variances recorded?
We add freight, customs duties and handling to raw material prices, then run monthly scrap, yield, labour allocation and material variance checks. Tool wear amortisation and quality control costs are posted too, so ledgers match shop floor performance.
What reports does a manufacturer get from Cred Books?
You receive a monthly packet with production line profit statements, raw material and finished goods valuations, machinery lease schedules and cash flow projections. We also prepare equipment depreciation schedules, tax planning workpapers and year end audit files.
What is an MYOB Certified Partner?
An MYOB Certified Partner is an accounting firm or professional recognised for its training and experience with MYOB products. At Cred Books, every manufacturing company client gets an experienced MYOB Certified Partner, plus a dedicated MYOB certified accountant who handles the daily work.
How much can outsourcing MYOB accounting save a manufacturing company?
Cred Books clients typically reduce back office accounting costs by 40% to 60% compared with running the same work in house. The saving comes from skipping salaries, benefits, software training and recruitment, while still getting certified accountants and a monthly review of every file.
How long does it take to move a manufacturing company to MYOB?
Most MYOB onboarding handled by Cred Books takes between 3 and 7 business days. The timeline depends on how much history you bring across, the number of locations or entities, and how clean your existing records are.
Is MYOB or Xero better for a manufacturing company?
Both platforms handle manufacturing accounting well. MYOB is built around Australian and New Zealand compliance, including BAS, GST and Single Touch Payroll, and it offers jobs for production level tracking. Xero is popular for its bank feeds and app marketplace. Cred Books manages both, so the choice depends on your entities, advisers and reporting needs.
Why choose Cred Books for MYOB for Manufacturing Companies?
Cred Books has run outsourced accounting since 2011, with more than 100 in house certified accountants and over 1,000 clients worldwide. You get a named MYOB Certified Partner, an MYOB certified accountant, a monthly senior review and manufacturing company specific checklists rather than a generic bookkeeping service.