Cost types

One of the critical functions of handify is generating accurate pricing quotes for customers. To ensure proper margin calculations, you'll need to configure your organization's costing methods or values as "Cost Types."

From the Team Settings > Quotes area, go to the "Cost Types" section. Here you can create your desired costing labels to determine what cost is been used in any particular quote.

Some Cost Types examples could be:

• Standard Cost (STD). This represents a fixed, pre-determined procurement cost that allows for consistent gross margin calculations. Standard costs are periodically updated.

• Landed Cost (LC). Account for additional variables beyond the purchase price, such as duties, tariffs, shipping/freight, etc. Provide a more realistic profitability picture.

• Formulated Cost (FC). Build up the total cost using multiple cost components and user-defined formulas. Ideal for modeling costs across a multi-step supply chain.

Anyway, you can configure your own Cost Types to meet specific business needs and labels.

The cost type then becomes available when creating or generating customer quotes.

Having accurate, up-to-date costing is crucial for sales teams to properly mark up pricing. It also allows better monitoring of price/cost margins.

I'd recommend beginning with your most common costing methods. You can always add or modify cost types as your quoting needs evolve over time.