Production Costing & Standard Costing in ERP Training Course

Production Costing & Standard Costing in ERP Training Course

Introduction

In today’s competitive manufacturing environment, accurate production costing and effective standard costing are critical for optimizing profitability and operational efficiency. Production Costing & Standard Costing in ERP Training Course equips finance, operations, and supply chain professionals with the expertise to leverage ERP systems for cost management, variance analysis, and financial planning. Participants will gain practical insights into real-time cost tracking, budget optimization, and process standardization, ensuring precise cost control and improved decision-making.

This course emphasizes hands-on ERP experience, integrating theoretical knowledge with practical case studies from diverse industries. By mastering cost allocation, standard cost computation, and variance reporting, learners will be able to drive strategic decisions, enhance operational efficiency, and contribute to organizational profitability. This program is ideal for professionals aiming to bridge the gap between financial management and ERP systems, equipping them with skills that are highly valued in today’s digital and data-driven manufacturing landscape.

Course Duration

5 days

Course Objectives

By the end of this training, participants will be able to:

1. Understand production costing principles in ERP systems.
2. Implement standard costing methods for accurate budgeting.
3. Perform material, labor, and overhead cost allocations effectively.
4. Analyze cost variances and their impact on profitability.
5. Integrate ERP cost modules with financial reporting.
6. Optimize production processes using real-time cost data.
7. Develop costing strategies aligned with industry best practices.
8. Conduct budgeting and forecasting using standard costs.
9. Apply process costing and job costing techniques in ERP.
10. Improve decision-making with actionable cost insights.
11. Implement cost control measures to reduce operational expenses.
12. Leverage ERP dashboards for cost tracking and reporting.
13. Case-study-based application of production and standard costing in real-world scenarios.

Target Audience

1. Production Managers
2. Cost Accountants
3. Financial Analysts
4. ERP Consultants
5. Manufacturing Executives
6. Supply Chain Professionals
7. Budgeting and Planning Specialists
8. Internal Auditors

Course Modules

Module 1: Introduction to Production and Standard Costing

• Overview of production costing and standard costing concepts
• Importance in ERP systems for manufacturing
• Differences between job costing, process costing, and activity-based costing
• Key ERP modules supporting cost management
• Case Study: Costing in a consumer goods manufacturing company

Module 2: Material Costing in ERP

• Material cost components and calculation methods
• Inventory valuation techniques
• Integration with procurement and inventory modules
• Real-time tracking of material consumption
• Case Study: Reducing material wastage in a textile industry ERP system

Module 3: Labor Costing and Workforce Allocation

• Direct and indirect labor cost computation
• Labor efficiency and productivity metrics
• Integration with HR and payroll in ERP
• Impact of labor cost on standard cost variances
• Case Study: Optimizing workforce cost in an automotive manufacturing plant

Module 4: Overhead Cost Allocation

• Types of overhead costs
• Methods of overhead allocation in ERP
• Absorption vs. activity-based costing approaches
• Cost center accounting and reporting
• Case Study: Allocating factory overhead in an electronics company

Module 5: Standard Costing Techniques

• Setting standard costs for materials, labor, and overhead
• Updating standard costs periodically
• Analyzing standard vs. actual cost variances
• ERP tools for variance reporting
• Case Study: Implementing standard costing in a chemical manufacturing ERP system

Module 6: Cost Variance Analysis

• Types of variances
• Causes and corrective measures
• ERP-based variance reporting dashboards
• Role in decision-making and budgeting
• Case Study: Identifying and correcting cost variances in a food processing company

Module 7: ERP Integration and Reporting

• Linking costing modules to financial accounting
• Generating cost reports and dashboards
• Real-time monitoring of production costs
• Using ERP analytics for strategic decisions
• Case Study: Enhancing visibility of production costs in a pharma company

Module 8: Advanced Applications and Case Studies

• Cost reduction strategies using ERP insights
• Budgeting, forecasting, and scenario analysis
• Benchmarking against industry standards
• Best practices in production and standard costing
• Case Study: ERP-driven cost optimization in a multi-product manufacturing environment

Training Methodology

This course employs a participatory and hands-on approach to ensure practical learning, including:

• Interactive lectures and presentations.
• Group discussions and brainstorming sessions.
• Hands-on exercises using real-world datasets.
• Role-playing and scenario-based simulations.
• Analysis of case studies to bridge theory and practice.
• Peer-to-peer learning and networking.
• Expert-led Q&A sessions.
• Continuous feedback and personalized guidance.

Register as a group from 3 participants for a Discount

Send us an email: info@fineskilltrainingcenter.com or call +254769199797 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to FINESKILL TRAINING CENTER account, as indicated in the invoice so as to enable us prepare better for you.