product costing
tutorial and demo

To navigate to the product costing area within a product, tap Product Information on the top menu bar, and then locate the product by scrolling, or by searching for a product by using the search bar function.

If it’s a new product and is yet to be created, tap the plus icon, and enter the product information. Once the information you want to add is complete, tap the ‘Add’ button.

Once in the product, tap the ‘product costing’ button in the product menu bar to enter this page.

Product costs and price per unit can help set a calculation by adding together the total data costs, this can give you an approximate sales price for a finished product.

To reduce the cost, you incur as part of conducting a business you must understand where costs are generated. The Bombyx platform calculates the cost based on the current information assigned to a product.

To add a new product costing, tap on the plus icon.

This will bring you to the product costing page, where you will select the following from the dropdowns:

• Supplier
• Currency
• Incoterms
• Shipment method

Once you have entered that information, you can now select your costing template from the dropdown that is located in the top grey header bar.  

By using the Bombyx platform you have the correct set of tools to be able to estimate the value of your product costs.

Product costing is the definition of the costs to create a product that is to be sold in the market, understanding the costs related to manufacturing your products gives you the chance to determine selling prices and take steps towards cost reduction.

To select the average costing type, switch the toggle to green by tapping on it, if you know the breakdown of quantities for your product, tap yes.

A table will become visible with the colourways and sizes you added to your product information card.

All you have to do is enter the quantity and price per unit, for each of your sizes, or if you do not know the breakdown of the quantity, you can add the amount and price per unit, for all of the sizes you have assigned to your product instead.

Bombyx will then automate your total price, based on the information you enter. 

Some suppliers can suggest detailed costing on complex products, in which this feature can be utilized.

If you want to switch your costing type, you do this by tapping on the detailed toggle...

A popup will appear asking you if you are sure you want to switch the cost types, once you are sure tap the checkbox and the yes button.

This will switch the toggle from grey to green, indicating which cost type you have selected.

Once you have selected your cost type, just like average cost, you will enter the quantity and price per unit, in the qualities section.

The bill of materials section, gives you the ability to produce the cost estimation,  this considers the list of raw materials and components defined in the BOM of your finished product.

If you produce a product that has multiple colourways, such as Navy and Black, you can define multiple BOMs for a single product, by adding the consumption, UoM, and price per unit, to each of the bill of materials that have been flushed through the system through your products info card. 

Product testing costs allow you to assess the viability of a product and make a change to enhance or improve the product before mass production. 

BOM and testing are automatically brought into the product's cost.

If you wish to enter additional cost, you can do so by dragging and dropping an additional section into your costing template.

Select a colourway from the dropdown and enter the item and quantity followed by the UoM and price per unit. If you want to add more rows tap the plus icon at the end of the row.

To remove a row tap the bin icon this will remove an additional row.

A standard cost can be a very beneficial tool, accurate budgets could lead to more profit in your business, this is because a standard costing system provides you with data on your spending costs. You will be able to compare the standard costs to actual costs and you will be able to determine if your business needs to be utilizing its practices.

The grand total is the cost of the product calculated by Bombyx from the data you have entered.

Standard costs can increase or decrease as production volume changes.

Analyzing your landed costs can give you the information you need to negotiate better rates.

Without an accurate idea of how much your expenses are related to shipping products, this may reveal opportunities for reducing your costs.

Landed costs represent the total cost of production to travel from the factory to its buyer. These are:

• colourway
• size
• price per unit (incoterms)
• total (incoterms)
• brand fee
• supplier fee
• selling price (gross)
• VAT
• gross profit per unit
• markup per unit

This allows you to know exactly what you are paying for your inventory, and where possible you could cut costs, it can be difficult if you do not know your full expenses.

Tapping the eye icon on the grey bar of the landed cost will make this section visible to your supplier.

Calculating the landed cost on Bombyx gives you a complete picture of the costs, it helps you to avoid unexpected expenses. Making your reports and budgeting more accurate.

If you want to enter the exchange rate manually, you can do this by tapping the toggle, this will switch it from grey to green, and a visible box will appear for you to enter the exchange rate.

Once the toggle is switched to green, you will see the box become visible white, for you to manually enter the exchange rate, once done tap update to save.

To edit information on your product's cost, tap the edit icon located in the action panel.

To copy the data of your product cost, tap the copy icon.

To delete, a single product costing, tap the bin icon at the end of the row in the action panel.

A popup will appear asking if you are sure you want to delete the selected product costing, once sure tap yes or no to cancel this action.

To see who created/modified this product costing, and at what time and date, hover over the information icon...

A popup will appear with the information of who last created/modified with the date and time.

Setting your product cost template to default means that the layout attributes are used in every new product cost, based on that template.

To set your product cost as default tap on the circle.

Communication is not only valuable it is essential, here are just some of the benefits of having an integrated supply chain, this also allows for an easier communication process, rather than relying on emails, but you can also share important information more easily and quickly, you have access to the most up to date information without having to request it and waiting for a response.

To invite a supplier, tap on the invite button in the top right-hand corner of the page...

A popup will appear where you can leave a comment for your supplier, once done press the submit button.