Due to the continuous expansion of production scale, enterprises are facing more and more challenges in the production process, especially in real-time data collection and accounting. In order to improve production efficiency and reduce cost waste, this paper proposes a real-time data collection and accounting algorithm based on Internet of Things (IoT) technology. Based on the introduction of Internet of Things technology, real-time monitoring and data analysis of the production line can be carried out, and then the speed and accuracy of data collection can be improved. Experimental data shows that after the introduction of the IoT acquisition system, the data collection time is shortened from hours to minutes in the traditional way, and the data accuracy is increased by 95%. In terms of cost accounting, the IoT accounting system has shortened the accounting cycle from 7 days to 1 day, and the error rate has been reduced to 0.1%. It can be seen that real-time data collection and accounting algorithms based on Internet of Things (IoT) technology can help companies improve production efficiency, reduce costs, optimize production quality, and improve all aspects. It can be seen that the application of real-time data collection and accounting algorithms based on Internet of Things (IoT) technology can provide more support for data accounting in the manufacturing industry.