The accounting department of a manufacturing company is an example of what not to do is one of the most common questions I get from new homeowners.
I have a couple of friends who’ve been working with manufacturing companies for over 20 years. The first thing they tell me is that they have a lot of systems for keeping track of different things. They have a master log and a daily log, which both track what’s in inventory and what’s not. They have a system for keeping track of production. They have a system for tracking inventory. They have a system for keeping track of cash.
Of course, that doesn’t mean they don’t have a system for keeping track of anything else. I’d venture to say that all manufacturers have systems. The question is, how they work, and what they do to make them work.
At a manufacturing company, each team has a part of the company that owns an inventory log. This inventory log keeps track of what is in inventory, what is not, who took stuff to the factory, and how much cash is in the bank. That part of the company also has a daily log, which tracks the total amount of cash in the bank.
When the accounting department of a manufacturing company is not in use, it sits idle. When this happens, they have a “no-show” (or the equivalent) day. This is when a key member of the team is absent from work, and is not on the clock. This is the day that they are not making payroll, have not filed income tax returns, or are not paying their bills.
This is when the accounting department of a manufacturing company is not in use. As we all know, this department has a cash register that counts the money in the bank. If the cash register is not in use, it will only be counting the money in the bank. This is when the accounting department is not in use. That is when they have a no-show or the equivalent day. This is when a key member of the team is absent from work, and is not on the clock.
The first time we read about this company was back in the 1980s, and their accounting department was in the midst of a nasty recession. The accounting department was having difficulties generating enough money to pay its bills, and the company’s accountant was in denial about the problem.
The accountant was doing this by writing checks for himself. After the company went bankrupt, the accountant tried to get the company to pay his salary, but it seemed to be too much trouble for him. The accountant then asked for a loan to cover the bills, but was turned down. At the time, the company had no money to pay for the loan, so the accountant simply wrote the checks himself.