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Standard Cost

 

Fast & Accurate Standard Costing

Know Your Costs

As you face pricing and productivity decisions, knowing your costs is essential. Standard Costing facilitates the timely and accurate support of standard cost accounting procedures. Standard Cost keeps up-to-date projected costs for all products and parts provided by a company.

The Standard Cost function takes the wealth of information contained within the other Product Data Management functions, and calculates current and standard costs by item number.

Standard Cost Functions

Standard Cost requires WorkWise ERP Bill of Material and Inventory Management applications. The Standard Routing and Accounts Payable applications, while not required, are recommended. Standard Cost functions include:

  • Maintaining two sets of standard costs
    • Beginning-of-the-year cost projections (standard)
    • Up-to-date cost projections (current)
  • Maintaining each set of standard costs in two layers:
    • Value-added costs at this level of the bill of material
    • Accumulated costs including lower levels of the bill of material
  • Segmenting and maintaining each layer of standard costs by material, labor, fixed burden and variable burden
    • Provides a Purchase Price Variance report when interfaced to AP
    • Provides critical ratios such as Variance-to-Standard or Variance-to- Current for purchased parts when interfaced to AP
  • Providing costed bill of material reports in single level, indented, and sum­marized formats.
  • Allowing labor calculations by item from the operation level via routings.
  • Current to Standard rollover.
  • Facilitating “what if” cost analysis.
  • Interface to other WorkWise ERP applications.

Standard Costing Features

  • Costed Routings
  • Current and Standard (Frozen) Costs
  • Labor, Material, Outside Processing, Fixed and Variable Burden calculations
  • Bill of Material Cost Roll-up
  • Costing Change Audit Database
  • Indented Cost Explosions

Standard Costing Benefits

  • Provides a different financial view of company by enabling isolation of variance by source
  • Provides sales margin at standard for consistent benchmark and margin analysis
  • Eliminates timing issues associated with average/actual cost and inventory valuation
  • Quickly identify areas that deviate from the plan

Access Your ERP Data from Anywhere

With the WorkWise ERP Mobile Metrics app, your data is always accessible. Mobile Metrics gives you access to your ERP data from your smartphone or tablet, anytime, anywhere.

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