Job Order Costing
Through strong product integration offered by HoneycombERP® FAMS, enterprises can see a very precise picture of their business including cost forecast, accounting, control, analysis, and assessment in production, storage and purchase. Thus, on one hand, the system can facilitate operation control and performance evaluation by the management based on accurate statistical analysis and disclosed cost information. On the other hand, the system contributes to planning, process control and result analysis in cost management. This enables the management to take accurate and timely decisions, thus ensuring swift and sure growth.
The analytical resources made available by such detailed information by HoneycombERP® FAMS; this Product costing data act as feedback to designers, are used in manufacturing management to identify ideal workflow, influence the purchase of tooling, and are used in precise pricing of goods. With HoneycombERP® FAMS; you are never lost and always have a clear picture of the business. Even in quite small businesses, some level of product costing is practiced in that managements usually know the costs associated with important functions identified with different products.
Cost Center Accounting
With HoneycombERP® FAMS; cost center based accounting is really easy to implement and manage. The solution offers a standardized mechanism to associate cost centers like projects, locations, departments both at macro and micro (voucher) levels. Thus enabling the managers to have an accurate picture of any specific cost center. The system also enables the managers to see details pertinent to a cost center based on different criteria.
Location Based Accounting
Using HoneycombERP® FAMS; multi-entity / multi-location capabilities enable you to automate inter-entity transactions across multiple business entities, geographies, currencies, business lines, and ownership models; with ease and superior control. Businesses can count on HoneycombERP® FAMS to ensure consistency in workflow, accounting practices, and chart of accounts or accommodate differing charts of accounts, calendars, accounting treatments, and ownership structures to best fit your business needs. Using the system you can improve compliance across your entire company—all in real time.
Department Based Costing
Now managing department or even sub department level costing is easily manageable with HoneycombERP® FAMS. A department with one or more operational objectives is associated with cost center in a way that workers under the department are automatically tagged to the cost center. This gives superior control and extreme flexibility to mangers and financial experts.
Project Based Accounting with Timelines
HoneycombERP® FAMS Project Costing provides a completely integrated cost management solution for all projects and activities across your enterprise. Using the system the managers are empowered with timely, detailed cost information to monitor project performance in a format that optimizes their productivity alongside tracking the total cost of running the business. HoneycombERP® FAMS Project Costing provides real-time, in-depth visibility to all project costs and billing with a tailored view of original budget amounts, current costs, open commitments, final cost projections, and percent complete information for each project.
Batch/Lot Based Product Costing
Lot Costing is a perpetual form of costing that is periodic in nature and is handled thoroughly by HoneycombERP® FAMS. The lot costs do not have cost calendar and period. Using the system; once the cost of a lot is identified, it remains the cost of the lot until the entire lot is consumed or another receipt or batch yield is created for the same lot. When a lot is received or yielded from a batch again, the previous cost of the lot and the current on hand quantity of the lot is averaged with the new receipt or batch yield quantity and cost to arrive at the new cost of the lot. The system provides sleek interfaces to manage this complex setup and managers have control and visibility of all the movements in costs; all the time.
Cost of Goods Sold (CoGS)
The direct costs attributable to the production of the goods sold by a company; CoGS are an important aspect of business that is effectively managed by HoneycombERP® FAMS. This amount includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. Using HoneycombERP® indirect expenses such as distribution costs and sales force costs are excluded for accurate calculations. Being an integrated solution; COGS appears on the income statement and can be deducted from revenue to calculate a company’s gross margin.
Post Cost Allocation to GL Management
HoneycombERP® FAMS has an secure and highly efficient mechanism to post all cost related entries to GL. No entry has its effect unless it is posted in GL. Once posted in GL all the subsidiary accounts are adjusted as well. Posting is the process of copying either summary-level or detailed entries in an accounting journal into the general ledger. In HoneycombERP® FAMS, Posting is needed in order to have a complete record of all accounting transactions in the general ledger, which is the source document used to create financial statements. The system supports posting at any time, in batches, or at the end of an accounting period. The solution offers roll back facility to the authorized user; in case of wrong posting. This provides superior control and flexibility.