Wizmen Socks Production & Costing System

Precision in Production, Accuracy in Costing!

Meet the business management solution suite that ticks all your boxes instead of putting you into one

Introduction

Wizmen Socks Production & Costing System is a comprehensive ERP solution tailored specifically for socks manufacturers, providing end-to-end automation and control over the entire production cycle. From sales order management, job orders, material issuance, knitting, dyeing, pressing, packing, costing, and financial tracking, this system ensures seamless operations, precise cost tracking, and optimized production planning. With real-time analytics, automated inventory management, subcontracting control, and production efficiency insights, this system helps businesses increase productivity, minimize waste, and maximize profitability.

Wizmen Standard ERP

Salient Features of Wizmen Standard ERP

Modules and Key Features

Socks Production Plan
Socks Production Control System
Outsource Processing
Conversion Services
Mobile Data Entry on Production Floor
Accounting Features / General Ledger System
Cash Management System
Sales & Receivable System:
Purchase & Payable System
Inventory Management System
Fixed Assets Management System
Budgeting System
Reporting & Analytics

Socks Production Plan

Job Order Management

Organizes and schedules production tasks from order initiation to completion.

Bill of Materials (BOM)

Tracks materials required at each production stage to optimize usage.

Formulated Material Issuance

Automates raw material issuance to prevent overuse or underutilization.

Production Tracking

Monitors each stage, from knitting to packing, to ensure smooth workflow.

Socks Production Control System

Real-Time Monitoring

Tracks production progress dynamically with live updates.

Machine Efficiency Reports

Provides insights into downtime, speed, and output per machine.

Material Consumption Tracking

Ensures optimal use of raw materials to reduce waste and control costs.

Outsource Processing

Subcontracting Management

Tracks third-party service providers for outsourcing production tasks.

Costing Analysis

Monitors expenses incurred in outsourced processes and integrates with financial tracking.

Quality Control Measures

Ensures that outsourced work meets internal quality standards.

Conversion Services

Material Conversion Tracking

Records the transformation of raw materials into finished goods.

Process Optimization Tools

Identifies inefficiencies in conversion to improve productivity and reduce losses.

Mobile Data Entry on Production Floor

Live Data Input

Captures real-time updates directly from the factory floor.

Error Reduction

Reduces manual mistakes by digitizing data collection.

Production Insights

Provides instant visibility into production trends and bottlenecks.

Accounting Features / General Ledger System

Flexible Chart of Accounts

Wizmen ERP’s adaptable Chart of Accounts allows for detailed financial data organization with multiple segments. Transactions can be categorized by company, unit, and more, ensuring a well-structured financial system.

Budgeting and Reporting

Create and manage budgets alongside actuals and reserved funds. Standard and custom reports provide valuable insights for financial analysis and informed decision-making.

Journaling and Transactions

User-defined journal types and categories accommodate diverse financial recording needs. Foreign currency transactions and flexible voucher sequencing are supported.

Enhanced Transaction Management

Freeze and unfreeze accounting periods, attach supporting documents, and utilize standardized narrations. The Descriptive FlexField captures additional transaction details.

Automation and Efficiency

Streamline workflows with automatic voucher reversal, recurring transactions, and mass allocation. View and post automatic vouchers generated from other modules.

Financial Statement Generation

Generate comprehensive financial statements including Profit & Loss, Balance Sheet, Cash Flow Statements, and more. Utilize ratio analysis, variance analysis, and expense comparison reports.

Advanced Analysis

Conduct complex financial analyses and create ad-hoc reports using the WIZMEN Worksheet.

Integrated Functionality

Seamlessly integrate Accounts Receivable (AR), Accounts Payable (AP), Cash Management (CM), and Inventory modules for data consistency and efficient operations.

Cash Management System

Receipts & Payments Marking

Easily set clear dates for receipts and payments.

Bank Reconciliation

Create accurate, easy-to-manage reconciliation statements.

Cheque Printing & Control

Manage cheque book inventory and print cheques directly.

Multiple Date Tracking

Record cheque date, transaction date, invoice date, and clearance dates for thorough audit tracking.

Sales & Receivable System:

Sales & Receivable System

Sales Order Management

Create and manage sales orders with ease, capturing customer details, product specifications, pricing, and delivery information.

Dispatch Advice

Generate dispatch advices to inform warehouses of upcoming deliveries, ensuring smooth order fulfillment.

Sales Invoicing

Issue accurate and professional sales invoices with multiple date options (invoice date, due date, recording date) for flexible financial tracking.

Receipting

Record and manage customer payments efficiently, with support for various receipt methods.

Tax Challan Receipts

Simplify tax compliance by managing tax challan receipts seamlessly within the system.

Debit/Credit Memos

Issue debit and credit memos to adjust invoices for returns, discounts, or errors.

Sales Journal

Maintain a detailed record of all sales transactions for clear financial tracking.

Sales Commission Reports

Calculate and generate sales commission reports to incentivize and reward sales personnel.

Receipt/Collection Journal

Track all customer receipts and collections in a centralized journal.

Collection Call Register

Organize and prioritize collection calls for improved debt recovery.

Customer Ledger

Maintain a comprehensive customer ledger encompassing all sales transactions and account details.

Single & Multi-Level Document Matching

Efficiently match invoices, receipts, and other documents for accurate reconciliation.

Flexible Commission and Freight Setup

Configure flexible commission structures and freight calculations for precise sales calculations.

Expenses & Rebates

Record unlimited expenses and rebates directly during invoicing for streamlined record-keeping.

Transaction Flexibility

Manage transactions for goods, services, and expenses within the system.

Dual Measuring Units

Accommodate different measurement units on invoices to cater to diverse customer needs.

Customer Categorization

Organize customers by category, grade, and sector for targeted marketing and sales strategies.

Sales Tax Handling

Simplify sales tax calculations and ensure compliance with tax regulations.

Settlement Options

Offer customers flexible settlement options, including bill-wise and on-account settlements.

Principal Customer Grouping

Group related customers under a single principal customer for efficient management.

Customer Profiles

Maintain comprehensive customer profiles with complete details, including multiple addresses and contacts.

Credit Limit Management

Set credit limits for customers based on days and amounts to manage credit risks effectively.

Automatic Dunning Letters

Send automated reminder letters for overdue payments, streamlining collection efforts.

Purchase & Payable System

Demand & Requisition Management

Start with demand planning and purchase requisition based on stock or production needs.

Supplier Selection & PO Creation

Choose suppliers based on credit, categorization, or group affiliation, and issue purchase orders with multi-level approvals.

Receipt & Goods Inspection

Receive and inspect goods, recording quantities and any discrepancies.

Purchase Invoice & Payment Processing

Generate invoices for goods or services, applying taxes, multi-currency support, and dual measurement units.

Purchase Return

Manage returns for rejected goods, adjusting accounts and inventory accordingly.

Vendor Profiling & Credit Control

Track supplier profiles, credit terms, and multi-address details, monitoring compliance with PO terms.

Tax Management

Automatically calculate and deduct income tax, with detailed reporting for compliance.

Reporting & Analytics

Access PO aging, expense analysis, and tax deduction summaries with visual dashboards.

GL & Inventory Integration

Fully integrated with general ledger and inventory for accuracy across accounting and stock data.

Inventory Management System

Inventory Management

Auto Consumption with Recipe

Automatically track ingredient consumption based on recipes.

Wastage

Monitor and manage wastage to reduce food costs.

Sub-Recipe Production

Manage the production of sub-recipes to streamline kitchen operations.

Real Time Stock Reports

Access real-time reports on stock levels to ensure accurate inventory management.

Reorder Level

Set and monitor reorder levels to maintain optimal stock levels.

Material Consumption

Track material consumption to manage costs and reduce wastage.

Menu Food Costing & Profitability

Analyze food costs and profitability to optimize menu pricing.

Fixed Assets Management System

Asset Planning & Procurement

Manage initial asset requisitions and purchases, with integrated budget approval.

Capitalization & Registering Assets

Add assets to the system with proper categorization, including capitalization and recording asset details.

Depreciation Calculation & Scheduling

Set up automated depreciation schedules according to financial requirements.

Asset Assignment & Transfer

Assign assets to locations or personnel, tracking movements with a transfer log.

Disposal & Write-Off

Handle disposals and write-offs, recording gains or losses and updating the asset register.

Asset Reporting & Compliance

Access depreciation schedules, addition and disposal summaries, and asset transfer registers.

GL Integration

Link fixed asset records with general ledger for accurate financial reporting and asset tracking.

Budgeting System

Budget Definition & Grouping

Define budgets for different departments or units, consolidating into overall budget categories.

Periodical Allocation

Allocate budgets by specific periods for timely management.

Variance Analysis & Reporting

Track actuals versus budgets, providing variance reports for financial oversight.

GL Integration

Real-time integration with general ledger for comprehensive budget management.

Reporting & Analytics

Financial - Reports

Balance Sheet

Profit & Loss Reports

Final Account Notes

Cash Flow Statement

Accounting Ratios

Budget Comparison Reports

Income/Expense Comparison Reports

Daily Cash/Bank Position

General Journal Summaries

Profit / Loss

Balance Sheet

Cash Flow

Monthly Expense Comparison

Monthly Revenue Graphs

Chart of Account

Trial Balance – For-the-Period, Comparative, Changed-Balances-only

General Ledger

General Journal(s)

Cost Center Reporting

Voucher Printing

Sales & Receivable - Reports

Receivable Analysis – Customer Wise

Receipt/Collections Analysis

Bad Debt Analysis

Receivable Age Analysis

Customer Performance Analysis

Recovery Letters

Balance Confirmation Letters

Sales Graphs – Customer wise

Sales Graphs – Item wise

Over Due Balance Report

Credit Limit Violation Report

Collection Disputes Report

Sales Journal

Sales Commission Report

Receipt/Collection Journal

Collection Call Register

Customer Ledger

Receipt Printing

Invoice Printing

Voucher Printing

Purchase & Payable - Reports

Payable Analysis – Supplier Wise

Payable Analysis – Invoice Wise

Payment Analysis

Payable Age Analysis

Supplier Performance Analysis

Funds Requirements for Payment (Period Wise)

Overdue Balance Report

Credit Limit Violation Report

Payment Disputes Report

Purchase Journal

Payments Journal

Sales Tax Reports

Income Tax Deduction Reports

Supplier Ledger

Payment Voucher Printing

Purchase Invoice Printing

Balance Confirmation Letters

Voucher Printing

Cash Management System - Reports

Bank Reconciliation Report

Un-Presented Cheques

Un-Credited Cheques

Cash Forecasting

Bank Charges Reports

Cash/Bank Positions

Cash/Bank Summaries

Other Payment Register

Other Receipt Register

Inventory - Reports

Demand Reports

Pending Demand Report

Purchase Officer wise Demand Reports

Consumption Analysis

Month Wise Item Wise

Item Category Wise v/s Cost Center Wise

Purchase Analysis

Month Wise Item Wise

Item Wise Summaries

Sales Order

Pending Sales Order Report

Store Ledger

Sales/Dispatch Analysis

Month Wise Item Wise

Item Category Wise v/s Customer Wise

RMA Inward Register

Rate Comparison Report

Delivery Register with sales tax

Consolidate Stock Report

Slow Moving Items

Dead Stock Report.

Stock Sufficiency Report

Minimum Stock Level Report.

Maximum Stock Level Report

Rate Comparison Report

RMA Outward Register

Purchase Register with sales tax

Sales Tax register Supplier wise

Consolidate Stock Report

Purchases Verification Report

Scrap Item Listing

Budgeting System – Reports

Budget Allocation Report

Budget Utilization Report

Budget Variance Report

Budget Allocation Report – Cost Center wise

Budget Utilization Report – Cost Center wise

Budget Variance Report – Cost Center wise

Budgeted Profit/Loss Report

Wizmen Specifically Tailored For

Circular & Flat Knitting Units

Manage machine-wise production, yarn consumption, efficiency monitoring, and job order tracking with complete knitting process visibility.

Dyeing & Finishing Units

Track batch-wise dyeing processes, chemical consumption, wastage control, quality inspection, and cost allocation per lot.

Integrated Socks Manufacturing FacilitiesDistributors

Control end-to-end operations from yarn procurement to packing and dispatch with full cost traceability.

Export-Oriented Socks Manufacturers

Handle export orders, multi-currency transactions, buyer-wise costing, compliance documentation, and profitability analysis per shipment.

Private Label & OEM Producers

Manage customer-specific BOMs, design variations, labeling requirements, packaging specifications, and buyer-based pricing structures.

Subcontracting-Based Production Units

Efficiently manage outsourced knitting, dyeing, or finishing processes with subcontractor costing, reconciliation, and quality tracking.

High-Volume Production Plants

Monitor machine utilization, operator productivity, rejection rates, and throughput to maximize production efficiency.

Small & Medium Socks Manufacturers

Gain structured production planning, controlled material issuance, and accurate costing without operational complexity.

Frequently Asked Questions (FAQ)?

What makes Wizmen Socks Production & Costing System different from standard ERP systems?

This system is specifically designed for socks manufacturing workflows. It covers knitting, dyeing, pressing, packing, subcontracting, and detailed per-pair costing—features not typically available in generic ERP systems.

Can the system calculate accurate cost per pair of socks?

Yes. The system tracks raw material consumption, labor costs, machine utilization, subcontracting expenses, overhead allocation, and wastage to provide precise product-level costing.

Does the system support subcontracting and outsourcing processes?

Yes. It manages complete subcontracting workflows including material issuance to subcontractors, process tracking, cost monitoring, and quality verification.

Can production data be entered directly from the factory floor?

Yes. With Mobile Data Entry on Production Floor, live production updates can be recorded in real time, reducing manual errors and improving operational transparency.

How does the system help reduce material wastage?

Through formulated material issuance, BOM tracking, real-time consumption monitoring, and variance reporting, the system identifies inefficiencies and controls overconsumption.

Is machine efficiency tracked in the system?

Yes. The Production Control System monitors machine-wise output, downtime, speed, and efficiency to improve production planning and capacity utilization.

Does it integrate production with accounting and inventory?

Absolutely. All production transactions automatically integrate with General Ledger, Inventory, Sales, and Purchase modules to ensure accurate financial reporting and stock control.

Can the system handle multi-currency export orders?

Yes. It supports multiple currencies with real-time conversion and accurate reporting, making it ideal for export-focused manufacturers.

What kind of reports are available for management?

The system provides production efficiency reports, costing analysis, machine performance reports, subcontractor analysis, financial statements, inventory analysis, and profitability reports.

Is the system scalable for growing manufacturing operations?

Yes. The modular and centralized database structure allows easy scalability as production volume, branches, or operational complexity increase.

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