Learn how to manage your raw materials and track their costs and inventory.
Materials are the raw inputs or components used to create your products. Examples include fabric for clothing, flour for baking, or electronic components for devices. Each material has a cost, and CostTrack Pro uses these costs to calculate your product costs automatically.
To add a material: (1) Go to Materials page, (2) Click 'Add Material', (3) Enter material name and supplier, (4) Choose unit type (pieces, kg, liters, etc.), (5) Enter cost per unit, (6) Set low-stock threshold, (7) Save. The cost per unit is crucial as it directly impacts your product costing.
CostTrack Pro supports two pricing models: Per-Piece (each unit costs the same) and Per-Set (a set of units costs a fixed amount). Choose the model that matches how your supplier charges. For example, if you buy fabric by the meter, use Per-Piece. If you buy in rolls, use Per-Set.
Track your material inventory on the Inventory page. Record additions when you receive new materials and deductions when you use them in manufacturing. CostTrack Pro automatically deducts materials when you record manufacturing, so you don't need to manually update stock.
Set a low-stock threshold for each material. When your inventory falls below this level, you'll see an alert on the Inventory page. This helps you reorder materials before running out and prevents production delays.
Keep track of your suppliers in the material details. If you have multiple suppliers for the same material, create separate material entries for each supplier with their respective costs. This helps you compare costs and choose the most economical option.
Ensure material costs include all expenses (purchase price, shipping, taxes). Accurate costs lead to accurate product pricing.
Update material costs when supplier prices change. This ensures your product costs and pricing remain accurate.
Use consistent units across your materials. If you use both kg and grams, convert to one standard unit to avoid confusion.
Keep supplier information updated. Include contact details and payment terms for easy reference when reordering.
Regularly check inventory levels and set appropriate low-stock thresholds. This prevents stockouts and ensures smooth production.
When material costs change, note the reason (supplier price increase, new supplier, etc.) for future reference.
Update the material cost in CostTrack Pro. Your product costs will automatically recalculate, and you can adjust product prices if needed.
Set a low-stock threshold alert. When inventory falls below this level, you'll be notified to reorder before running out.
Create separate material entries for each supplier with their respective costs. This helps you compare and choose the most economical option.
Update material costs seasonally. Track these changes to understand how they impact your product profitability.
If you get discounts for bulk purchases, calculate the average cost per unit and update it in CostTrack Pro.