Product Cost Accounting is a vital process in today’s highly-volatile, fiercely competitive global marketplace, an increasingly important tool for making timely and informed decisions regarding product mix, pricing, marketing promotions, sourcing, and product launches. But the sheer scale and complexity of processes, locations, and numbers of products to track make a constant challenge. Genpact cuts straight to the heart of this demanding process with deep expertise our pool of over 500 Supply Chain Accounting experts, specialized business process optimization frameworks, and extensive technology experience and proprietary tools.

Genpact Volatility Managment Solutions

We are the partner of choice for multiple Fortune 500 companies, who gain:

  • Efficient and accurate Bill of Material (BoM) setup and update, periodic reviews
  • Detailed and accurate forecasting and budgeting based on standard costs
  • Timely closing and reconciliation, enabling granular, frequent, and accurate reporting

 

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Genpact’s product cost accounting solution provides cost efficient, “right shore” delivery. Our lightweight, bolt-on tools leverage your existing ERP systems to reduce the total cost of ownership, and include proprietary tools for examining bills of material, rate of operations cost variance and journal entries. Our end-to-end oversight spans the entire supply chain.

BOM/ Material Master Management: setup, update, validation, and review.

Forecasting, Budgeting and Standard Product Costing: demand forecasting, annual budget creation and updates, transfer pricing computation, ERP allocation rules updates, computation and updating of standard costs for existing and new products, etc.

Factory Accounting, Period Close and Reconciliation:moving average price reviews, accruals booking for all manufacturing centers, review settlement of work orders, execution cost allocation cycles, cost of manufacturing accrual reconciliation, inventory reconciliation, and booking of period close journals.

Reporting and Analysis: Inventory Analysis (slow moving, aging, obsolete, and cycle count) and Cost Analysis (standard vs. actual, change in standard costs, rate of operation analysis).

Genpact’s Record to Report (R2R) Smart Enterprise Processes (SEPSM) framework informs our Product Costing services and leverages our Lean/Six Sigma heritage and helps clients establish best in class and standardized processes. With deep analytics capabilities and best-in-class internal supply chain accounting Center of Excellence, Genpact Product Cost Accounting is: 

  • More granular: analysis to category and SKU level
  • More frequent: monthly or weekly as needed
  • More accurate: specialized capacity and capabilities are applied relentlessly

We also help our clients manage input price volatility better using Product Volatility Protector solution. Solution provides cost scenarios for significant protion of BOM, SKU level profit visibility, marketing decisions optimized for portfolio level profitability.

Among the enablers that enhance our clients’ Supply Chain Accounting capabilities are web-based e-learning modules, preventive controls, expert audits, and pre-defined efficiency and effectiveness metrics to hone processes and boost performance. This combination of focused technology, skilled, cost-efficient resources, and specialized process expertise ensures our clients have deep insight into their products’ cost structure.

Inventory Management: Avoided $1MM write-off by centralizing and standardizing the global inventory process, reducing reconciliation exposure by implementing web-based reconciliation tools.

Closing and BoM Maintenance: Created $6MM revaluation impact and $1MM working capital impact by developing and implementing a BoM/RO tool, boosting plant/job closure to 100% in time from 72% prior to off-shoring and accelerating cost of sales by 1 day. 

Improved Analytics: Identified $1.07MM in slow or non-moving inventory by analyzing cost center and material usage variances and prioritizing for corrective action.

 

 

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