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StreetSmarts Modules
Product Cost
With the Product Cost module, material producers can improve control of manufacturing costs.
The process of manufacturing construction materials incurs both direct and indirect costs. These costs and their associated variables must be monitored closely to maintain profitability. The Product Cost module is designed to treat a production facility as a profit center, as well as allows plant managers to analyze their profitability and accurately determine cost of goods sold.
Using Product Cost, you’ll appreciate these benefits:
- Drill-down window begins with summarized plant information, allowing inquiry by location, product, product line, project or customer. Drill down to view specific tickets or specific mix designs and associated material cost.
- Each product code can include shrinkage factors for storage and production losses to ensure accuracy of physical inventory.
- Hybrid inventory valuation method, “Modified Actual,” allows actual costing of materials with an applied standard overhead amount. This allows more accuracy in tracking inventory costs.
- Inventory is perpetually maintained in the Product Cost module. Users can select FIFO, LIFO, or Average Cost inventory valuation methods, using Standard or Actual cost.
- Product mix designs can be defined in quantities or percentages.
- Production quantities automatically relieve raw materials inventories based on user-defined mix designs. These mix designs can be modified “on the fly” for instances of material substitutions.
- Standard cost can be associated with each product for reporting comparison of Actual Costs versus Standard Costs.
- Ability to import material receipts from scale systems.
- Automatically generate plant production for sales tickets.
- Built-in security features allow plant managers to view information belonging to their operations.
- Enter budget information for Costs, Production, and Revenue for comparison against actual information.
- Fully integrated with all modules for immediate information update without duplicate entry.
- Inventory can be transferred from one plant to another with a simple entry, and transportation costs can be added to transferred inventory value.
- Location profitability reporting can be run on a monthly or year-to-date basis.
- Materials received can be booked into inventory on the date received for up to-the-minute inventory balances.
- Plant location codes allow users to track all material-producing sites separately.
- Pounds-to-Tons conversion can automatically convert tickets from plants that print gross, tare, and net information in pounds rather than tons. This conversion is plant-specific, allowing a combination of both types of ticket entry.
- Production tasks accumulate indirect costs that can be allocated to products in a variety of ways for complete analysis of direct/indirect costs by product. Overhead may be calculated on these accumulated costs of production.
- Revenue generated in the Material Billing module is reported to the plant location in Product Cost for complete Profit and Loss reporting.
- Unlimited number of cost types can be defined for detailed cost analysis.
- Unlimited number of product codes can be defined for all raw materials and finished products.
- Unlimited product class and type codes allow specialized grouping of information for reports and inquiries.
- Vendor information, including lead time, can be attached to products purchased outside the company. Multiple vendors’ information can be stored in each product.
Reports include:
- Cost Analysis by Product
- Current Inventory Listing
- Inventory Report (Summary or Detail)
- Plant Summary Report (Profit and Loss)
- Sales Analysis Reports by Product Line, Customer, or Project
An Accounting Solution You Can Count On Learn the 6 Reasons why a better fit with job cost accounting software can boost your profitability. |
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