Cost and management accounting
Cost accounting involves the process of collecting, analysing, summarising and evaluating various alternative courses of action with the goal to find the most appropriate course of action based on cost efficiency and capability. It enables you to conduct a cost/benefit analysis to inform key business decisions by modelling the financial impact of the different paths you might take.
For example, you may want to understand the impact of opening new retail outlets or hiring more staff in your industrial plant. You may want to understand profit forecast for introducing a new product line in components business. You may want to invest in the latest coffee machine for you café and want to know how long it will take you to recoup up-front investment costs and start making extra profit from faster pours.
Cost accounting is valuable tool for sustaining and growing your business but it can be time-consuming and labour intensive for small businesses or larger firms with small in-house finance teams. Let our expert accountants help. Contact us today.