Streamlining Your Import Operations

Uncover the True Costs with Import Costing

Is your business heavily reliant on importing physical products? If so, understanding the comprehensive costs associated with bringing these goods into your warehouse is paramount. The true cost of your stock goes beyond the initial purchase price and involves factors such as foreign freight charges, local courier fees, customs duty, insurance, and various handling charges.

Failure to consider these expenses as part and parcel of your stock cost could expose your business to the risk of financial losses.

Enter the Import Costing module – an invaluable tool tailored for businesses seeking to automatically calculate the landed costs of their imported inventory. This module facilitates the creation of 'shipments' from single or multiple existing purchase orders, allowing for a meticulous breakdown of associated expenses.

Here's how the Import Costing module can revolutionize your business processes:

  1. Accurate Cost Tracking: Gain a precise understanding of changing costs by automatically calculating and integrating all associated expenses into your stock valuation.
  2. Product Margin Control: Ensure optimal profitability by accurately assessing the true costs of your imported goods and setting appropriate mark-up methods.
  3. Shipment Complexity Management: Streamline your import operations by efficiently handling the complexities of shipments, from diverse costs to multiple purchase orders.
  4. Shipping Cost and Profit Forecasting: Anticipate and plan for future shipping costs, empowering your business to make informed decisions and maximize profits.
  5. Efficient Handling of Shipment Alterations: Adapt to changing circumstances seamlessly by modifying existing shipments in transit at any time.
  6. Shipment Profitability Analysis: Evaluate the profitability of each shipment with detailed insights into costs, enabling strategic decision-making.

Tracking Shipments: Each shipment is automatically assigned a unique identification number and stored in a dedicated shipment file for easy cataloging. Existing shipments still in transit can be modified as needed. Additional details, such as due dates, exchange rates, country of origin, and shipping line information, can be recorded and referenced for each shipment.

Detailed Costing: The Import Costing module automatically calculates and converts shipment costs to local currency using updated exchange rates. User-defined shipment costs are available and can be apportioned by quantity, value, weight, volume, percentage, or manually.

Accounting Integration: Simplify your financial processes with automatic general ledger postings and supplier invoices for orders. This reduces the need for tedious transaction entries and maintains a comprehensive history of each shipment for future reference or reporting.

Empower your business to thrive in the complex world of imports by embracing the Import Costing module – a tool designed to enhance efficiency, boost profitability, and provide a clear understanding of your true stock costs.

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