Mincom Production Accounting
Mining, mineral processing, smelting and refining companies are required to accurately report the true state of the organization's financial health. This requires accurate calculation, valuation and reporting of final product, tonnage throughput, valuation of in-process inventories and the financial impact of the change in metal grade for any defined period of time. In order to achieve this, access to data on work-in-process inventories is required. This is a key requirement for reporting as specified by the Sarbanes-Oxley Act.
The Mincom Production Accounting solution provides a complete, server-based production accounting solution designed for mining, mineral processing, smelting and refining operations. The solution addresses key production accounting challenges by providing the ability to take-on production data from various sources. The solution includes:
- System workflow to manage authorization and publishing.
- Validation routines for identifying data with low integrity.
- Quarantine with review/reject functionality.
- Web log-sheets for manual data entry.
- Multiple processing routines, including:
* Check In - Check Out.
* Cascading Calculations.
* Statistical Data Adjustment.
- Data audit trails and calculation tree reporting.
Designed to provide a high level of flexibility to cater for diverse site and business requirements while enabling a corporation to utilize a single solution across its operations, Mincom Production Accounting:
- Facilitates a change in business philosophy from past accounting for mass to future accounting for metal content.
- Supports proactive risk management.
- Enables timely and accurate recognition of revenue.
- Enhances production performance measurement.
- Provides a key input for bonus scheme calculation.
- Enables improved production planning and forecasting.
- Produces timely and relevant production information to finalize the monthly financial reporting cycle.
- Increases accuracy in matching production costs to the various parts of the production process.
- Assists in the calculation of royalty payments.