What is your background and education?
Throughout Erika’s career, she has always worked in an office environment, mostly in clerical and administrative roles. (Europe – Budapest)
Three years ago, Erika decided to specialize in accounting and pursue this career path she is currently on. To fulfill her ambition, she completed a professional study program at Pacific Career Academy in Los Angeles. She earned a certificate in computerized accounting while working full-time as a bookkeeper. In addition, she also obtained an accounting clerk certificate from the West Valley Occupational Center.
What are your areas of expertise in the accounting/bookkeeping field?
In the bookkeeping field, Erika’s area of expertise lies in financial data entry, expense tracking, account reconciliations, and assisting with monthly close processes.
Any certifications or awards?
- 2018-2020, Los Angeles, California, Pacific Career Academy, Certificate in Computerized Accounting
- 2019-2020, Los Angeles California, West Valley WVOC, Accounting Clerk Certificate (QuickBooks /Accounting I-II)
What service are you passionate about in the accounting field?
In the accounting field, Erika is passionate about bookkeeping for manufacturing, and invoice matching.
What is a quote you like to live by?
“Life is like accounting; everything must be balanced.”
Why is bookkeeping crucial for manufacturing businesses?
Bookkeeping is essential for manufacturing businesses because it helps them maintain accurate financial records, track expenses, monitor inventory, calculate costs, and ensure compliance with tax regulations. It provides crucial insights into the financial health of manufacturing operations, enabling effective decision-making and strategic planning.
How does bookkeeping help manufacturers manage costs?
Bookkeeping allows manufacturers to track all expenses, including raw materials, labor, utilities, equipment, and overhead costs. By maintaining detailed records, manufacturers can analyze their costs, identify areas of inefficiency, and implement cost-saving measures. Bookkeeping also enables accurate calculation of product costs, aiding in pricing decisions and maintaining profitability.
How does bookkeeping assist manufacturers in inventory management?
Accurate bookkeeping plays a vital role in inventory management for manufacturers. It helps track the flow of raw materials, work-in-progress, and finished goods. With proper bookkeeping, manufacturers can monitor inventory levels, identify slow-moving or obsolete items, and optimize production and purchasing activities. This ensures efficient inventory turnover, minimizes storage costs, and prevents stockouts or excess inventory.
How does bookkeeping help manufacturers comply with tax regulations?
Manufacturing businesses are subject to various tax obligations, including income tax, sales tax, payroll tax, and more. Bookkeeping ensures that all financial transactions are properly recorded, allowing manufacturers to prepare accurate tax returns and meet their tax obligations. It helps track deductible expenses, maintain necessary documentation, and minimize the risk of errors or audits from tax authorities.
How does bookkeeping aid in financial analysis for manufacturing businesses?
Bookkeeping provides a wealth of financial data that can be used for in-depth analysis of manufacturing operations. By reviewing financial statements, such as income statements, balance sheets, and cash flow statements, manufacturers can assess their profitability, liquidity, and overall financial performance. This analysis helps identify trends, evaluate the effectiveness of strategies, and make informed decisions to improve operational efficiency.
How does bookkeeping contribute to long-term success and growth in manufacturing?
Accurate and up-to-date bookkeeping is crucial for the long-term success and growth of manufacturing businesses. It provides a clear picture of the company’s financial position, allowing management to make informed decisions and develop effective strategies. Bookkeeping helps identify areas of improvement, control costs, manage cash flow, secure financing, and demonstrate financial stability to stakeholders, including investors, lenders, and potential business partners.