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Canix for Finance Teams: A Practical Guide for Accountants

Stacey H.
  • Updated

 

Canix isn’t just a seed-to-sale platform—it’s a comprehensive cost-accounting solution that helps accountants record sales, manage purchases, capture costs accurately, and execute end-of-month inventory closes. With robust reporting tools and seamless integrations with leading accounting systems, Canix streamlines your financial operations so you can focus on strategic analysis and compliance.

Below, we outline how Canix supports each key accounting task, along with additional capabilities that empower your finance team.

 

1. Recording Sales

Sales Invoicing & Order Management:

  • Automated Data Capture: When a sale is recorded in Canix, the platform automatically generates detailed sales orders and invoices. This data includes product costs, margins, and customer information, ensuring that every transaction is documented and ready for your accounting software.
  • Integrated Reporting: The Margins Overview report provides a snapshot of your profitability on a per-product basis. By linking sales data directly to cost tracking, Canix helps you quickly identify which products or batches drive your margins.

  • Accounting System Integration: Canix’s integrations with QuickBooks Online (QBO), QuickBooks Enterprise (QBE), and Sage Intacct allow your sales data to flow seamlessly into your general ledger—eliminating double entry and reducing errors.
  • Accounts Receivable and Payments: Canix offers the ability to track Accounts Receivable and payments through several different reports, helping you follow up on overdue invoices and manage cash flow effectively. 
    • Collections Overview - Allows you to see payments over time, and AR Aging by Customer
    • Accounts Receivable by Order Number - Allows you to view the AR by each order  
    • Payment Details - Shows all of the payments per sales order, over time, for detailed tracking

 

 

2. Recording Purchases

Purchases & Vendor Management:

  • Automated Purchase Orders: Canix facilitates the recording of purchases by automatically creating purchase orders (POs) when new inventory is acquired. Whether it’s raw materials or packaging supplies, every purchase is tracked.
  • Integration with Accounting Systems: Purchase records automatically sync with your accounting platforms (such as QBO, QBE, and Sage Intacct), so vendor bills, credits, and payments are recorded accurately without the need for manual entry.
  • Reporting for Cash Flow: Detailed purchase reports give you insight into what’s been ordered, received, and what’s pending—ensuring you manage your working capital effectively.

Additional Tip: Check out the Vendor Management article for more on reconciling purchase data against inventory receipts.

 

3. Recording Costs

Capturing and Managing Costs:

  • Bill of Materials (BOM) Management:
    • Canix allows you to define BOMs for each product, detailing all ingredients and raw materials used in production. Every cost is automatically captured once a product is manufactured, ensuring consistency in product costing.
    • Learn more: Visit our BOM Management guide.

  • Cost by Lot & Ad-hoc Cost Adjustments:
    • Lot-Level Costing: Costs are tracked at the lot or package level, so you can see exactly what each batch of inventory costs—even as it moves through various production stages.
    • Ad-hoc Cost Additions: If a cost is missed or needs adjusting, Canix provides the flexibility to add or remove costs manually across multiple inventory packages
    • Standard Costing & Variance Analysis: Set standard (expected) costs for materials and labor. Canix then captures the actual cost incurred, enabling you to run variance reports that compare expected versus actual expenses.
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Additional Tip: Regular variance analysis helps you pinpoint inefficiencies, negotiate better supplier rates, and update your standard costs as needed.

 

4. End-of-Month Inventory Close

Streamlining the Month-End Process:

  • Inventory Valuation Reports:
    • Canix’s real-time inventory valuation reports offer a snapshot of current inventory levels and their financial worth—vital for balance sheet reporting.

 

  • Inventory Rollforward:
    • Now Live: It allows you to reconcile beginning inventory, additions (purchases/production), subtractions (sales/usage), and ending inventory with ease.
    • This automated control report confirms that all inventory movements are accounted for, significantly reducing manual reconciliation efforts.
    • Learn more: Read about the Inventory Rollforward in our Inventory Rollforward Release Notes

 

  • Reconciliation & Reporting:
    • Additional tools—like our AR/AP and variance reports—help ensure that all sales, purchase, and cost data align perfectly with your inventory movements.
      • Outstanding AR - schedule for End of Month
      • Outstanding AP - schedule for End of Month
      • Total Month Sales - To find this, go to the Sales Order Over Time report, and change the Delivery Date, or the Created At date, to your desired date range.
      • Total Month Purchase Orders - Go to the Purchase Orders Over Time report to view total purchase order values for the filtered month. Select the Requested Delivery Date filter to update the date range in the report

Additional Tip: With scheduled reporting and real-time data updates, your team can close the month faster, more accurately, and with less manual intervention.

 

 

5. Master Data (Raw Materials / WIP / Finished Goods) 

  • Inventory Segmentation into Raw Materials, WIP, and Finished Goods.
    • Allows for reporting by Inventory type
  • Package Statuses Allow for Greater Inventory Controls 
    • Segment packages as available to sell, able to be modified, or unable to sell 
    • Custom package statuses allow inventory to be segmented across any distinction 

 

 

6. Integrations and Open API 

  • Native integrations with major accounting softwares
    • Sage Intaact, Quickbooks Enterprise, and Quickbooks Online 
  • Open API 
    • Highly robust, comprehensive API allows all information to be pulled from the system, and select information to be pushed to the system 
  • Learn more: See our API docs to learn more 

 

Additional Accounting Responsibilities

Beyond the primary tasks, manufacturing accountants also need to:

  • Manage Cash Flow & AR/AP:
    • Monitor aging reports for receivables and payables to ensure a healthy cash flow.
  • Conduct Variance Analysis:
    • Compare standard costs to actual costs, identifying areas for improvement.
  • Perform Financial Audits & Compliance:
    • With integrated data and automated reporting, Canix supports compliance with financial regulations by ensuring all transactions are recorded and verifiable.
  • Facilitate Interdepartmental Collaboration:
    • By tying together production, sales, and inventory data, Canix creates a single source of truth—enhancing transparency across departments.

 

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