Balancing the books is a critical task that requires precision, efficiency, and attention to detail. The outsourced manufacturing services (OMS) industry encompasses job shop manufacturers who provide specialized services, often in high-volume orders, for original equipment manufacturers (OEMs). This industry includes services such as:
- Surface Preparation: Blasting, Baking, etc.
- Surface Coatings: Industrial Painting, Powder Coating, Sealants, etc.
- Metal Plating: Anodizing, Galvanizing, E-Coating, etc.
- Heat Treating and Thermal Spray
- Grinding and Wire EDM
Accurate bookkeeping is essential for these businesses to maintain financial health and profitability.
Accurate and timely invoicing, payments, and processing are the backbone of a successful outsourced manufacturing business. According to a study by the Small Business Administration, 82% of businesses fail due to cash flow problems, underscoring the importance of efficient financial management.
In the OMS industry where margins can be thin, the ability to manage cash flow through precise invoicing and payment processing can be the difference between success and bankruptcy. A modern system to manage the workflow from receiving parts to finishing and shipping them back to the OEM is crucial. Without job costing and margin analytics, businesses risk underpricing services or overextending resources, leading to financial distress.
Bookkeeping in the OMS industry is more complex than simply matching invoices to quotes and contracts. It often involves integrating with preferred accounting systems like Sage or QuickBooks to ensure seamless data flow and reduce manual data entry. For instance, using Steelhead Technologies’ all-in-one job shop software can significantly streamline this process.
"I like that Steelhead can take the invoicing that I do and convert it automatically into QuickBooks. I am also able to see when customers are emailed their invoices and when they open their invoices."
The Benefits of Bookkeeping with All-in-One Job Shop Software
Steelhead Technologies offers a comprehensive job shop software solution that automates data capture, eliminating redundant data entry and saving countless hours on the shop floor and in the office. With Steelhead, users can determine what is ready to invoice in seconds, generate invoices, send them to customers, and have them automatically integrated into accounting systems.
Automation with a system like Steelhead Technologies saves time and enhances accuracy and efficiency. Efficiency and accuracy are essential for maintaining financial health in the outsourced manufacturing services industry.
Steelhead's job shop software is designed to streamline various aspects of outsourced manufacturing service operations. It allows for flexible invoicing, eliminating the need for physical shippers and other forms.
The integrated system ensures that all parts, orders, vendor information, inventory, and quality data are consolidated in one place, reducing the time spent on manual data entry and improving overall workflow efficiency. Users can create and manage vendors in one central location, update past purchase orders with new line items, and integrate inventory for a seamless experience. The technology enables users to:
- finalize and sync bills with accounting systems
- review and approve purchase orders
- leverage quality data for billing
By integrating all critical functions into one platform, Steelhead Technologies eliminates the need for multiple systems and ensures that valuable data is not lost or underutilized. To improve business operations, users can
- generate reports
- monitor trends
- make data-driven decisions
- and much more.
This level of automation and integration is essential for job shop manufacturers aiming to maintain profitability and streamline their bookkeeping processes.
Balancing the books in the outsourced manufacturing service industry requires an intelligent, integrated approach to financial management. Consider Steelhead Technologies’ job shop software and access the tools and automation needed to ensure accurate invoicing, efficient payment processing, and comprehensive financial oversight.