This powerful software can be accessed from any mobile device at any time, as long as you have internet. It’s likely retailers and manufacturers will expect the same commitment to leveraging technology from their distribution partners. If you’re looking for the right accounting software solution for your distribution company, you’ve come to the right place. Withum understands your business like no one else and is eager to put you in a position of strength. The distribution company typically maintains its inventory as an asset valued at cost. That means, if the company paid $500, it will list $500 of inventory on its balance sheet.
Most businesses purchase inventory on credit and pay cash once they’ve received the goods. For example, say a distribution company issues a purchase order for $500 of product. Once the company receives the goods, the accounting department will debit inventory for $500 and credit accounts payable for wholesale accounting $500. Once the distribution company receives an invoice and decides to pay the bill, the accounting department will debit accounts payable for $500 and credit cash for $500. The accounting software for wholesale distribution companies was designed for business owners like you, not accountants.
Adding Other Center Descriptions
Get up and running with free payroll setup, and enjoy free expert support. Try our payroll software in a free, no-obligation 30-day trial. If a shareholder is treated as an employee (e.g., shareholder-employee status), withhold the proper taxes. Failure to pay and file taxes could result in penalties or jail time.
A distribution is a company’s payment of cash, stock, or physical product to its shareholders. Distributions are allocations of capital and income throughout the calendar year. Many distributors are subject to strict governmental and insurance regulations because of the materials they carry in inventory. Distribution management software can generate much of the required compliance documentation as a consequence of ordering and receiving materials and equipment. Analyzing a company’s historical financial ratios and understanding industry benchmarks are a critical resource in advising clients within the distribution industry.
Profit pressure.
FreshBooks makes it easy to keep track of your spending with the expense report tool on the accounting software for distribution companies. Keeping detailed expense reports allows you to make sure you are staying within your budget. It is also useful to have this information when tax time rolls around so you can indicate your expenses on your tax return with ease. You have a lot on your plate so creating invoices, tracking expenses, preparing information for taxes and all other tedious tasks that come with bookkeeping are simply not going to fit into your schedule. You need a powerful accounting software that is designed to cater to the needs of your distribution company. These buyers run multiple facilities and need to track and balance inventories over a geographical area.