Cost Accounting

NGRERP software provides strong cost accounting and financial management by tightly monitoring and tracking all cost elements of a given product whether manufactured or purchased. NGRERP's cost accounting generates accurate costing and performance information, providing improved visibility to the organization’s financial opportunities to reduce excessive cost elements and increase profitability.

Cost Accounting Highlights

• Supports multiple costing methods including standard, FIFO, LIFO, and average costing
• Costing method may be specified by individual product or SKU
• Cost components include material, labor, and burden or overhead
• Costs can be rolled up from lower levels of the bill of material or formulation to higher levels
• Tracks multiple costs per item
• Supports multiple methodologies for the allocation of overhead
• Supports standard versus actual comparison within associated posting to the general ledger
• Maintains multiple costing layers for WIP and finished goods
• Supports methods for revaluing or recosting inventory
• Can perform what-if analysis and roll costing simulations in as updated product costs
• Tracks cost of inventory transferred between company and divisions
• Supports complete audit trail for transaction records