Inventory Cost Planning
Posted on December 8, 2016 by Lev
Your inventory is the lifeblood of your business, and managing it well can be the difference between success and failure.
Why It Matters
One of the key parts of managing inventory is planning costs. Of course you need to know how much stock you have on hand (raw materials, finished goods). But you also need to know how much it's worth so you can control associated costs, manage your cash flow, plan your production accordingly, and even do your taxes. So we're trying to make that easier for you to track and keep an eye on.
In Action on ReciPal
You can now view the value of your inventory in a few different places: the raw materials inventory page, the finished goods page, and the production plan page. That way you don't have to dig around for the numbers. Everything updates from the ingredient and recipe costs you set up for your recipes, so it will reflect your most recently updated costs.
For those of you with multiple users on your Inventory accounts, you can control who sees the costs and value of inventory. If a user has access to viewing production runs, they'll see cost as well (since production runs show costs already).
So when you're reviewing your raw materials or finished goods you'll see the value of each item that you have inventory of. And possibly more importantly, we've added the cost when doing production planning. So, if you've planned ahead for the next month of production, you'll see what you have to purchase to be able to complete production, and how much capital is required to make those purchases.
We hope having inventory values in multiple places makes your life easier and your business more efficient from an inventory management perspective. Let us know what you think in the comments below!
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