Updated costs are necessary for all products as prices of raw materials and finished products are fluctuating constantly. SOFIENT product costing module is useful for keeping updated information on current costs. Allocation of expenses is done to account heads in different cost centers. By this methodology, comparisons between budgeted, forecasted and actual costs are carried out. SOFIENT Costing helps an organization to monitor its actual costs closely. SOFIENT Costing is integrated with Finance & Accounts.
Features & Highlights:
- Definition of cost centers, Project information like start date, cost and status
- Indirect allocation of expenses to projects under a cost centre as against direct allocation in Finance
- Recording and analyzing expenses to ascertain the cost of a project associated with a cost centre
- Economizing of costs and maximizing profits
- Definition of formulae for man-hour rates
- Tracking of material overhead, management and marketing overheads, administration rates etc. and association with bill of material
- On line comparison of budgeted, forecast and actual cost for a project or product
- Cost Center /Project /Product wise analysis.
- Project and Product costing
- Analysis of cost for a project or product on periodic basis
- Tracking of project wise/cost center wise / Product wise costs
- MIS to give insight on projects and areas of inefficiency in product cost to help maximize profits.