Manufacturing Champions: Transitioning to the World of Digital Accounting

Industry 4.0 is transforming the way we do business, with a large number of companies across different sectors already digitalising their operations. Amongst the industries impacted is the accounting and finance sector.

Earlier in 2019, the government introduced the Making Tax Digital (MTD) initiative opting to streamline and digitise the accounting process, requiring businesses to maintain digital records and use compatible MTD software which allows them to submit VAT returns.

In addition to the regulation, manufacturing businesses who have already embraced or are looking into introducing digital technologies, will also want to further digitalise their accounting to have their financial records reflect and respond to the almost real time data being produced on the shop floor. This will enhance manufacturers’ strategic decision making by providing increased speed and accuracy of information.

For manufacturing leaders to fully take advantage of the benefits of digital accounting and align their financial data with their operational data, it will be imperative to be able to understand the figures and translate what they mean for their business at any given time.

This session will provide manufacturers with an understanding of:
•Digital accounting and its tools – How can you benefit?
•The importance of accounts
•The main Key Performance Indicators (KPIs), what they mean for your business and how they relate to your accounts
•The types of insight that external bodies such as Banks look for in accounts and how they would interpret the information
•Working Capital Management practices among UK manufacturing companies and industry best practice