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Importing goods can be an effective way of finding low-cost supplies, reducing your costs and making your business more competitive. It also gives you an easy way to branch out into whole new product lines and to sell things that are not generally available in the UK.
Importing means that it is even more critical to accurately track what your stock is costing you more than ever before. Your stock cost is more than just the price you have paid for it. Freight, insurance, duties and other taxes have to be incorporated into the cost of your stock for you to get to the real price you have paid for your goods.
Having this accurate picture is what you need in order to make the whole importation process profitable. Undervaluing your stock means that you are in danger of setting your prices too low or even selling at a loss, something you will only pick up when it is too late.
To help you through this process is My.N's advanced Landed Costs System. At each point in the process, My.N gives you the answers and makes your job easier, quicker and your stock valuations more accurate. All of this functionality is within a completely integrated business system giving you the best possible platform from which to run your whole business.
Key Elements of Landed Costs
My.N's Landed Costs System allows the costs of importation, including duties and levies to be capitalised into the value of your stock on its receipt into the system. This is done by providing a framework which allows you to build up a profile of the costs associated with landing a shipment.
When the purchase orders are received into the system, the cost of the goods are automatically combined with the costs associated with the shipment. This provides you with maximum visibility of cost variances and separates out stock and shipping accruals.
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