Actual Costing
Key Benefits of Actual Costing
- Accurate cost reporting due to actual cost consideration.
- Track costs in real-time across all manufacturing stages.
- Preferred method for frequently changing costs & material pricing.
- Improved forecasts based on accurate costing data.
Key Features of Actual Costing
- Use actual costing method to accurately arrive at manufacturing costs.
- Track actual costs as material is procured.
- Utilize actual cost in posting to work in progress.
- Use actual cost for finished goods.
- Use Standard costing if desired.
- Analyze purchase price variance and manufacturing variance.
- Track detailed breakdown for material, overhead, labor, outside process costs.
- Factor in rent cost, utilities cost, employee and contract wages.
Our Customers are Our Purpose and Our Strength
With OmegaCube ERP, we were able to decentralize the Accounts Payable process, eliminate siloed operating methods and easily delegate various parts of the AP process to relevant stakeholders. There was a lot of double data entry that we were able to reduce, thanks to the process decentralization.
When we spoke to our accounting department, they indicated that there has been almost 100% improvement in daily operations because everything is real-time and instantaneous. We are basically light years ahead of what we used to do manually. With OmegaCube ERP, we actually get accurate data of estimated vs. actual costs after a project is complete right at our fingertips.
I sit down every morning and look at a report which tells me how much I owe, how much I have coming in and helps me plan for incoming orders. It’s become an integral part of running my business effectively, efficiently and profitably, and we could add six more businesses without having to change our software.”
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FAQ
Suppliers and Purchasing Management in OmegaCube ERP streamlines material procurement process from suppliers, improves supplier collaboration, reduces procurement cost, improves cash flow and inventory management.
Project Accounting in OmegaCube ERP helps manufacturers to comprehensively manage project budgets, inventory procurement, account for overhead costs, production costs, labor costs etc. With its integration with Inventory, order, purchasing and production management, manufacturers can accurately arrive at expenses and project profitability.
