product costings
achieving visible, sustainable profits every time.
Bombyx’s product costing feature provides a streamlined process that integrates costs with financial infrastructure. By doing so, it allows for the creation, management, and margin tracking of single or range product costings.
Additionally, users can collaborate with suppliers on a single platform, track changes, and understand variable effects on prices for different quantities and terms. As a result, businesses can have a better understanding of future product developments..
faqs
what is product costing?
Product costings help businesses determine costs, set prices, and boost profits. The process involves three stages: identifying initial manufacturing cost, determining indirect costs, and calculating logistics costs. Businesses must follow these stages to accurately determine product costs and maximise profits.
what are the differences between an average and an open/detailed costing?
Various factors, such as product type, business model, and supplier relationship, can significantly impact the manufacturing costs of a product. Furthermore, there are two primary costing methods: average and open/detailed costing. If dealing with high-volume/low-cost products without a cost breakdown, the average costing method is a suitable choice.
what additional costs would i add?
Suppliers' product costs can be influenced by various factors, such as the bill of materials and indirect costs, which may vary based on the supplier and business. Indirect costs, including expenses for testing, labor, packaging components, processing, storage, and transportation (if the supplier is responsible), can also contribute to the overall cost of the product.
what is landed information?
The product's actual cost is determined by the landed information, which incorporates transportation and importation costs. These costs may consist of freight charges, customs duties, taxes, insurance for goods in transit, handling fees, and commissions from third parties and licensors.
what if my product changes but a costing is confirmed?
Once an agreement has been reached, it is crucial to keep the costing sheet up-to-date with any product changes. To achieve accurate and timely product costings, users can easily update prices by tapping the refresh button.
do i have to enter everything manually every time i need a costing?
Bombyx offers features that automate manual tasks, and users can create multiple costing templates based on their business requirements. Furthermore, these templates can incorporate additional costs that can be adjusted during negotiations and landed information calculations.
why is processing a costing through bombyx better than email?
Bombyx's costing feature allows businesses to centralize their data and obtain accurate product costings from all three stages. Additionally, this feature facilitates collaboration across departments and provides access to all stakeholders.
functions
adding
Adding a product allows users to create a product and build upon it with their team and supply chain. Once created users can add; design/details, bill of materials, specifications, testing, user instructions, samples, trade references, product costings*, and purchase orders*.
editing
As products develop and go through their lifecycle changes are going to happen. This could be to your product’s identifier, its categories, colourways, or status. Whatever to os, editing and updating your product data couldn’t be easier.
filtering
Regardless of business or team size, product types, or seasons, Bombyx’s filtering function enables teams and partners to find what they are looking for quickly and efficiently.
sorting
Like filtering, sorting allows you to view Bombyx in the way you want to view it, Whether that be by brand, season, due dates, or by when it was created or last modified.
grouping
For even further ease of use, grouping allows teams to collate products under their own area. it’s up to you and your business how the groups are formed, and your products can even be part of more than one group.
status
Status updates can be done through the edit function of product information, but when time is of the essence, and you’ve just come out of a sign-off meeting, there’s the option to bulk update the status of the products signed off.
archiving
Whether the product is complete due to the season being finished, or if it’s been dropped and won’t be going to production, Archiving holds all inactive products for when you need a reference, or products being resurged.
duplicate
If you’re adding a similar product to your line, or repeating it for a new phase, duplicating a product and editing the differences can be done in seconds.
progress
If you’d like to see a product completion level without the hassle of checking every section of data, the product completion indicator can help. By selecting this feature, you’ll be given a breakdown of how complete each section of the product’s data is.
