This guide is tailored for Finance Specialists in the garment manufacturing industry using the Garment IO Platform. It provides detailed instructions on how to manage costs, update financial data, and monitor cost efficiency.
Overview of Role and Responsibilities
As a Finance Specialist, your primary responsibilities include:
- Understanding how to calculate machine cost per minute.
- Understanding how to calculate overhead costs per minute.
- Setting up and managing types of overhead costs.
- Updating overhead and machine costs as needed.
- Monitoring costs on a daily and monthly basis to ensure financial efficiency.
Before diving into specific tasks, ensure you are familiar with the basic navigation and features of the platform. Log in with your credentials and explore the platform, menu options, and settings.
Main Concepts
To efficiently use our platform, you must understand several key concepts:
Set Up Initial Data
- Add types of overhead costs to categorize and manage different overhead expenses.
- Add average machine costs for each machine type in the machines types management page.
Operational Tasks
- Update overhead costs every month if needed to keep financial records current.
- Update machine costs every month if needed to reflect any changes in machinery expenses.
Monitoring Tasks
Daily Monitoring
- Check the aggregate costing report to know today's cost categories assigned to different entities.
- Check a certain production order costing report to know full details about the processes and employee costs inside that order, enabling you to compare estimated versus actual costs.
Monthly Monitoring
- See the pattern of monthly costs in the aggregate costing report to make decisions on how to reduce costs in the factory by minimizing inefficiencies.
Troubleshooting and Support
For any issues or questions, refer to the troubleshooting section or contact support for assistance.