Category: Accounting, Job Costing Accounting, ERP Software
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Taking the Mystery Out of Finished Goods Costing with FLOOOM
For most manufacturers, determining how much individual inventory cost components contribute to the total cost of finished goods can be a difficult and uncertain process. Global Shop Solutions takes the mystery out of this process with the introduction of FLOOOM – a software that takes a giant step forward in ERP job costing capabilities.
“Too often, individual costing components such as labor and materials get lumped together when determining finished goods costs,” says Dusty Alexander, CEO of Global Shop Solutions. “When cost of goods sold starts to creep up for a product line, it can be very difficult to pinpoint which cost components are causing the increase. FLOOOM measures Freight, Labor, Overhead, Outside, Other and Material so our customers can determine their individual costing components with remarkable precision.”
With FLOOOM, manufacturers can get reliable answers to critical job costing questions such as:
- How much labor and material went into this part?
- How does the cost breakdown compare with past production?
- Which process needs to be improved to lower costs?
- How will a change in production costs (such as material) affect the financial statement?
In addition to identifying the percentage of each cost component for work in progress, FLOOOM also provides powerful historical tracking capabilities, offering an instant time-lapse view from past to present of every part that has passed through the shop floor. Manufacturers can simultaneously view old quantities and cost, current transaction and cost, and new quantity and cost, as well as a complete history of finished goods costs, allowing them to make better management decisions.
“FLOOOM is all about empowering our customers by providing greater visibility of their cost factors,” adds Nick Knight, Director of Consulting & Implementation at Global Shop Solutions. “The more ways they can look at the data, the greater their ability to fine-tune their production processes to improve the bottom line.”
Schedule your demo today to find out how FLOOOM can help your company take the mystery out of inventory costs.