29 March 2019

Bracing for Brexit cost fluctuations with Dynamics Food

Dropped in Food Industry

Rachael
Pondered by Rachael

We may be preaching to the choir, but it’s crystal clear that any business within the Food industry needs complete control of their costs to stand any chance of success.

At the same time, Brexit is edging ever closer to becoming a reality (even if the government still have no idea what the plan is). The problem is, every industry is either preparing for Brexit via ‘guesswork’ or they’re just sitting on their hands waiting to be bitten.

Deal or no-deal? Costs are set to change

Costs are on everybody’s mind, as the distinct lack of clarity is reeling out the negative headlines. The government has published details of the UK’s temporary tariff regime for no deal, designed to minimise costs to business and consumers while protecting vulnerable industries.

Retailers expect to see an increase in their operating costs arising from checks at ports and other supply chain disruption. The knock-on effect of this is that the additional costs will be passed onto consumers in the form of higher prices or tighter margins.

Inevitably, industry is turning on the government, after more than 30 groups wrote to Michael Gove threatening to withdraw co-operations from masses of food and drink policy, unless the government swiftly come up with a conclusion.

Dynamics Food can help you to safely make key business decisions

We’re not time travellers, so unfortunately, we can’t tell you exactly what you need to do to prepare for Brexit. We can tell you that without employing landed costs there will be no way of capturing both obvious and hidden costs of imports within your supply chain.

Our Dynamics Addition, Landed Costs is designed to create financial accruals so your finance team have visibility of expected costs and can assign additional costs, so that the item card will reflect the true cost. This will give you complete visibility and it works with standard costings.

Seeing as these types of charges make up a large proportion of the overall cost of items you import into the UK, our Landed Costs solution can help you to stay on track and in the black.

Built on the foundations of Dynamics 365 Business Central (formerly Dynamics NAV), Dynamics Food also enables you to create ‘Standard Costs’ which contains elements such as: material, transport, duty, production costs and overheads.

The benefit here, is that you can identify a standard cost that your sales team can work towards, measure the actual costs of your product and accurately measure the variance using average or FIFO costing.

Learn more about Dynamics Food

Whilst today we are talking about Brexit – there's always new challenges around the corner and you need information at your fingertips to make the right decisions for your business.

Now is the time to get ahead of the curve and join some of the companies using Dynamics Food including well-known names, such as: Bounce Foods, Copernus, County Confectionery, David Berryman, Faccenda Foods, Forza Foods, Gressingham Foods, Kent Foods, Laila's Fine Foods, Nantwich Cheese Company, Neal's Yard Dairy, Pipers Crisps, Rondanini and Zeina Foods.

If we peaked your interest with this blog, then we have plenty more where that came from which you can explore at ‘Our Thoughts’.

Enhanced on 29 Mar 2019

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