We're excited to announce that we have launched our new landed costs and expenses feature for Neto Inventory.
You can finally say goodbye to that complex cost calculation spreadsheet and instead automatically apportion your purchase order expenses to accurately calculate your true profitability directly in Neto.
Competition is growing and margins are shrinking. You need to know what is affecting your ability to profit on every transaction, to do this you need to keep a running tally of all costs associated with a purchase, not just the supplier price of an item.
Here are just a few expenses that impact the actual cost of a product:
Delivery and Freight
and many more...
Accounting systems like Xero, MYOB and Quickbooks (the most popular accounting solutions for SMBs) do not allow for an easy and automated way to apportion these costs related to a purchase. Business owners, bookkeepers and buyers have been stuck using complex, time consuming and error prone Excel spreadsheets to manage this important part of the purchasing process.
Automating Landed Costs
Neto’s new landed cost feature empowers a merchant to quickly and easily capture expenses and apportion the landed costs associated with a product from the same supplier that sent the goods. This will be extended to multiple suppliers to support importers in the coming month.
How it works?
Expenses are entered when receiving a purchase order. You can add multiple expenses to an order. Eg: Shipping, Insurance etc.
Select to apportion costs by value, quantity, volume (coming soon) or weight (coming soon).
The system will then automatically calculate and apportion your expenses across your order-lines.
For Xero users, the system will automatically create a relevant expense bill and adjust inventory and expense accounts accordingly.
How to get started
If you are already using Neto Advanced Inventory, this feature is now available for free. Otherwise, install Neto Advanced Inventory in the Neto Add-on Store.
For documentation on how to setup and use Automated Landed Costs click here.