{"id":17363,"date":"2024-07-09T06:32:25","date_gmt":"2024-07-09T06:32:25","guid":{"rendered":"https:\/\/www.mrpeasy.com\/blog\/?p=17363"},"modified":"2025-02-05T10:22:40","modified_gmt":"2025-02-05T10:22:40","slug":"actual-costing-in-food-manufacturing","status":"publish","type":"post","link":"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/","title":{"rendered":"How to Track Actual Costs as a Growing Food Manufacturer?"},"content":{"rendered":"\n<p>Keeping track of your actual costs is vital for ensuring profitability, especially in industries like food where ingredient prices can be volatile. Here is how to track your actual production costs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing-1024x576.jpg\" alt=\"actual-costing-in-food-manufacturing\" class=\"wp-image-17364\" srcset=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing-1024x576.jpg 1024w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing-300x169.jpg 300w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing-768x432.jpg 768w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing-1536x864.jpg 1536w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/actual-costing-in-food-manufacturing.jpg 1680w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<!--more-->\n\n\n\n<p><em>You can also listen to this article:<\/em><\/p>\n\n\n\n<iframe title=\"How to Track Actual Costs as a Growing Food Manufacturer\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=higx9-17e8d4b-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1&#038;font-color=&#038;logo_link=episode_page&#038;btn-skin=3\" loading=\"lazy\"><\/iframe>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #343333;color:#343333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #343333;color:#343333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/#Why_are_actual_costs_important\" >Why are actual costs important?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/#Using_spreadsheets_for_actual_costing\" >Using spreadsheets for actual costing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/#Using_manufacturing_software_for_actual_costing\" >Using manufacturing software for actual costing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/#A_real_solution_for_real_food_manufacturers\" >A real solution for real food manufacturers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing-in-food-manufacturing\/#Key_takeaways\" >Key takeaways<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_are_actual_costs_important\"><\/span>Why are actual costs important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As a food manufacturer, understanding your actual costs is critical for pricing your products, finding financial sinkholes, and ensuring profitability. As opposed to the standard costs that are forecasted ahead of time, <strong>actual costs are the real costs incurred during production. <\/strong>These are recorded after the fact and can vary from the estimated standard costs due to ingredient price fluctuations, production run time variations, or changes in <a href=\"https:\/\/www.mrpeasy.com\/blog\/manufacturing-overhead\/\" target=\"_blank\" rel=\"noreferrer noopener\">overhead costs<\/a> such as utilities. Comparing the two enables you to get insights into your manufacturing operation\u2019s cost-efficiency and start taking steps to better profitability.<\/p>\n\n\n<div class=\"banner-v2\">\n    <p class=\"banner-v2__desc\">Easily track and control production costs with MRPeasy<\/p>\n    <a class=\"banner-v2__link\" href=\"https:\/\/www.mrpeasy.com\/sign-up\/\" target=\"_blank\" data-ga-event=\"blog_signup_banner_blue\">Try for free<\/a>\n<\/div>\t\t<style>.banner-v2 {\n    float: right;\n    display: flex;\n    flex-direction: column;\n    justify-content: center;\n    align-items: center;\n    padding: 40px 32px;\n    gap: 16px;\n    width: 356px;\n    height: 205px;\n    background: linear-gradient(199.68deg, #6084E5 13.17%, #5FA7DD 82.1%);\n    border-radius: 4px;\n    margin-left: 12px;\n    margin-bottom: 12px;\n    margin-top: 15px;\n}\n\n@media (max-width: 767.98px) {\n    .banner-v2 {\n         width: 100%;\n         height: 173px;\n         margin-bottom: 0;\n         margin-left: 0;\n    }\n}\n\n.single__content p.banner-v2__desc {\n    margin: 0 !important;\n}\n\np.banner-v2__desc {\n    width: 292px;\n    font-style: normal;\n    font-weight: 700;\n    font-size: 22px;\n    line-height: 29px !important;\n    text-align: center;\n    color: #FFFFFF;\n    margin: 0 !important;\n    order: 0 !important;\n}\n\n.single__content a.banner-v2__link {\n    color: #FFFFFF !important;\n}\n\n.single__content a.banner-v2__link:hover {\n    color: #003557 !important;\n}\n\na.banner-v2__link {\n    display: flex;\n    justify-content: center;\n    align-items: center;\n    width: 181px;\n    height: 51px;\n    padding: 18px 0;\n    border-radius: 4px;\n    background: #003557;\n    font-weight: 700;\n    font-size: 16px;\n    color: #FFFFFF !important;\n    text-decoration: none !important;\n    order: 1 !important;\n}\n\n.banner-v2__link:hover {\n    background: white;\n    color: #003557 !important;\n}<\/style>\n\t\t\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Using_spreadsheets_for_actual_costing\"><\/span>Using spreadsheets for actual costing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.mrpeasy.com\/blog\/actual-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Actual costing<\/a> in spreadsheets involves meticulously tracking every expense related to the production of goods, including the costs of materials, labor, and overhead, and tying these to specific products, batches, and orders. This process can be highly complex and is made even more complicated as variable expenses fluctuate and your product portfolio grows.<\/p>\n\n\n\n<p>The process starts by setting up structured spreadsheets that capture all relevant cost factors for each product batch. Calculating labor and overhead costs for a batch, based on the hours put into the production run, can be quite straightforward. However,<strong> the most complicated aspect of actual costing is associating each product batch with specific ingredient lots and their respective prices<\/strong>.<\/p>\n\n\n\n<p>To effectively manage this complexity, each ingredient lot used in a product batch must be consistently recorded with precise details about the quantity used, the price paid per unit, and the supplier. This detail is crucial because price fluctuations in raw materials can significantly affect the overall cost of production. For example, if a batch of bread uses flour from two different lots purchased at different times at different prices, the cost calculation must accurately reflect the proportion of flour used from each lot to determine the true cost of the bread.<\/p>\n\n\n\n<p>Moreover, this level of detail in tracking is not just about financial accuracy. It also supports operational decisions such as <strong>determining the most cost-effective ingredient lots to use, identifying potential cost savings by switching suppliers, or updating your prices to retain profitability<\/strong>. Furthermore, in cases of quality issues or supplier recalls, knowing exactly which products were made with specific ingredient lots can be critical for effective response strategies, including targeted product recalls.<\/p>\n\n\n\n<p>However, maintaining such detailed records in a spreadsheet becomes unwieldy and error-prone as the volume of data grows. Spreadsheets lack the dynamic capabilities required for real-time updates and integration between departments, leading to an ever-increasing administrative load and siloed databases. Much of the data entry needed to keep spreadsheets up-to-date has to be done manually, making errors not a matter of &#8220;if&#8221; but &#8220;how many&#8221;.<\/p>\n\n\n\n<p>Ultimately, while spreadsheets can be a starting point for small-scale operations, growing food manufacturers soon require more sophisticated solutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Using_manufacturing_software_for_actual_costing\"><\/span>Using manufacturing software for actual costing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Food manufacturers need to keep an eye on hundreds of moving parts at once. Tracking dozens of ingredients coming in from various suppliers with varying prices, recording which ingredient lots were used in specific product lots, and gathering shop floor reports to check production run times and compile them into insightful statistics \u2013 it\u2019s already enough to make your head spin.<\/p>\n\n\n\n<p>That is why growing food manufacturers need specialized software that would enable full traceability and integrate all critical aspects of their operation. Here, manufacturing resource planning or <a href=\"https:\/\/www.mrpeasy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">MRP software<\/a> stands out from other types of solutions such as those specializing in accounting or inventory management. Unlike other types of business management systems, <strong>MRP is a solution that caters specifically to the needs of manufacturers<\/strong>. This includes detailed manufacturing cost tracking capabilities often missing from other systems.<\/p>\n\n\n\n<p>Following the journey of a product from ingredient suppliers through production to the customer, modern MRP software helps you record each direct and indirect cost, material handling transaction, inspection, and various other events, helping you achieve <a href=\"https:\/\/www.mrpeasy.com\/blog\/traceability\/\" target=\"_blank\" rel=\"noreferrer noopener\">full traceability<\/a> as well as transparency in your costs. The software automates much of the data entry necessary for maintaining meticulous records and provides you with an array of useful reports that help you make impactful business decisions. Moreover, integrating MRP software with your accounting software automates the exchange of information between the two, making record reconciliation a breeze.<\/p>\n\n\n\n<p><strong>In addition, food manufacturers can use MRP software to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Manage and develop product recipes (BOMs or bills of materials)<\/li>\n\n\n\n<li>Get complete visibility into their inventory<\/li>\n\n\n\n<li>Quickly forecast material requirements<\/li>\n\n\n\n<li>Accurately estimate costs and production lead times<\/li>\n\n\n\n<li>Automatically schedule and re-schedule production<\/li>\n\n\n\n<li>Track expiry dates to prevent spoilage<\/li>\n\n\n\n<li>Track quality inspections, identify the root causes of issues, and organize callbacks.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"689\" height=\"615\" src=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/food-manufacturing-actual-costing-MRPeasy.png\" alt=\"food-manufacturing-actual-costing-MRPeasy\" class=\"wp-image-17390\" srcset=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/food-manufacturing-actual-costing-MRPeasy.png 689w, https:\/\/www.mrpeasy.com\/blog\/wp-content\/uploads\/2024\/06\/food-manufacturing-actual-costing-MRPeasy-300x268.png 300w\" sizes=\"auto, (max-width: 689px) 100vw, 689px\" \/><figcaption class=\"wp-element-caption\"><strong>MRPeasy automatically calculates actual costs and gives you the insights necessary for increasing profitability.<\/strong><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_real_solution_for_real_food_manufacturers\"><\/span>A real solution for real food manufacturers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For Frozen Garden, a frozen food manufacturer from Indiana, unreliable cost data became a major factor in the decision to find a better system that would allow them to automatically recalculate actual costs as ingredient prices changed and to perform detailed cost analysis.<\/p>\n\n\n\n<p>\u201cThe old system could only give us cost estimates, not calculate actual costs,\u201d says the founder of the company, Allyson Straka. \u201cIt couldn\u2019t handle ingredient price changes, which started happening almost weekly.\u201d<\/p>\n\n\n\n<p>Luckily for Straka, she found a system that provided her with everything her company needed: cost control, FDA-compliant traceability, and production efficiency tracking.<\/p>\n\n\n\n<p>\u201cMRPeasy has all the functionality manufacturers from industries such as food or pharma need to comply with FDA regulations and get to the next level of efficiency,\u201d she states.<\/p>\n\n\n\n<p><em><strong>Read the full case study: <\/strong><\/em><a href=\"https:\/\/www.mrpeasy.com\/blog\/success-story-frozen-garden\/\"><strong><em>Frozen Food Manufacturer Raises Efficiency by 400%<\/em><\/strong><\/a><\/p>\n\n\n\n<p>Similarly, Pennsylvania-based food and beverage manufacturer Tait Farm Foods implemented MRPeasy to achieve traceability and get control over their inventory and costs.<\/p>\n\n\n\n<p>\u201cBefore MRPeasy, I used to spend hours and hours trying to figure out the performance of our products and their costs and documenting them in Excel sheets,\u201d says Nikki Mattern-Klinger, Production Manager. \u201cThe new system saves me so much time in doing this.\u201d<\/p>\n\n\n\n<p>With the new software keeping track of everything continuously, Tait Farm Foods has a much better grasp of its costs, which enables the team to quickly react whenever there\u2019s a change in ingredient prices or labor costs.<\/p>\n\n\n\n<p>\u201cWe are more profitable now because we know exactly what it costs us to make our products,\u201d says Sales Manager, Karen Addenbrook. \u201cAnd we can increase or decrease our prices as we go along.\u201d<\/p>\n\n\n\n<p><em><strong>Read the full case study: <\/strong><\/em><a href=\"https:\/\/www.mrpeasy.com\/blog\/success-story-tait-farm-foods\/\"><strong><em>Specialty Food Manufacturer Meets FDA Requirements and Sustains Growth<\/em><\/strong><\/a><\/p>\n\n\n<div class=\"banner-v1\">\n    <div class=\"banner__text\">\n        <div class=\"banner-v1__title\">Your food manufacturing operation deserves effective software<\/div>\n        <div class=\"banner-v1__desc\">MRPeasy users report a 54% average improvement in the operational efficiency of their company and a 39% increase in on-time deliveries.<\/div>\n        <div><a class=\"banner-v1__link\" href=\"https:\/\/www.mrpeasy.com\/sign-up\/\" target=\"_blank\" data-ga-event=\"blog_signup_banner_white\">Try for free<\/a><\/div>\n    <\/div>\n    <div class=\"banner__img\">\n        <img decoding=\"async\" src=\"https:\/\/www.mrpeasy.com\/blog\/wp-content\/themes\/mrpeasy\/assets\/images\/banner.svg\" alt=\"banner\">\n    <\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_takeaways\"><\/span>Key takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Actual costs provide a clear and accurate picture of what it really costs to make your products, which is essential for pricing correctly, identifying financial inefficiencies, and maintaining profitability. They account for real-time fluctuations in costs due to ingredient price changes, production run time variations, or changes in overhead costs.<\/li>\n\n\n\n<li>Small operations often begin by using spreadsheets to track costs, reconciling financial data manually between spreadsheets and accounting software.<\/li>\n\n\n\n<li>Growing businesses should consider shifting from basic tools to more robust manufacturing resource planning (MRP) software. This software can handle complex tracking needs such as multiple ingredient sources, price changes, and production run times, and provides comprehensive reports and analysis capabilities.<\/li>\n\n\n\n<li>Utilize an MRP system to automate data entry, track all production costs, manage inventory, and analyze product profitability. This not only saves time but also improves accuracy and provides insights that can drive business decisions and improve operational efficiency.<\/li>\n\n\n\n<li>For industries like food manufacturing where compliance and traceability are crucial, MRP software ensures you meet regulatory standards while giving you complete control over your production costs and processes.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Keeping track of your actual costs is vital for ensuring profitability, especially in industries like food where ingredient prices can be volatile. Here is how to track your actual production costs.<\/p>\n","protected":false},"author":7,"featured_media":17364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[92,94],"tags":[],"class_list":["post-17363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Track Actual Costs as a Growing Food Manufacturer?<\/title>\n<meta name=\"description\" content=\"Keeping track of actual costs is vital for ensuring profitability, especially in the food industry where ingredient prices can be volatile.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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