Costing and Inventory Control
Posted Wednesday, August 10, 2011 by Don Kapuscinski
Spring is here. For most, it’s time to start evaluating your processes to ensure you are confident and in control of your costing and inventory. Are you confident your inventory is accurate? What about costing methods; are they set according to your business requirements? You might think because you have complex ways of doing things that there isn’t a software package good enough that can meet your requirements.
Did you know Microsoft Dynamics GP allows you greater control of your inventory both from a costing and a quantity control perspective?
With Microsoft Dynamics GP, you have the ability to designate your inventory items as Actual Cost (perpetual), Standard Cost (periodic) or Average Cost. Each with Last In First Out (LIFO) or First In First Out (FIFO) options. Individual items, whether purchased or produced, can be set to be either Lot Tracked, Serial Number Tracked, or not tracked at all. Each item can be designated as a made item, a bought item or an item that you can either buy or make, depending your manufacturing constraints at a given point in time. If the item is a made item, you can further designate whether that particular item is to be made-to-stock, made-to-order – manual (which requires intervention at the time the sales order is taken) or made-to-order – silent (which requires no intervention at the time the sales order is taken but system level defaults are used).
These options give you timely, detailed and accurate tracking of production costs and inventory. The Manufacturing series of modules in Microsoft Dynamics GP can help you improve efficiency, cut costs and improved profitability. If you want further insight into your current Manufacturing Resource Planning (MRP), MRP Consulting is available for a Business System Review onsite visit in which we will map out your current processes and measure them again your current systems. Sometimes a “tune-up” is all that is needed to keep your business running as it should. We can all agree that having the right software will not only improve internal processes and productivity, but will also improve customer relationships. It’s just that simple.
Give us a call today.