- Mon - Fri: 10.00 - 19.00
- Building No43, First Floor, Ranjeet Nagar, New Delhi-110008
- +91- 9555960559
Cost Records
Cost Records
Most of the companies in present day business scenario may be maintaining the cost records only for internal purpose or to comply with the statutory requirements. But maintaining the cost records in formal and systemic manner helps the companies to cater various other needs.
These cost records help operations management team, promoters, government in making very important decision relating business. Many times, management need cost data to make decisions such as CAPEX, pricing, inventory valuation, cost control etc. Government need costing data to decide on product pricing for critical and important products in the economy, levy anti dumping duties, provide assistance in the form of subsidy etc. Cost data apart from financial data assists regulatory and tax authorities in their departmental audits.
Maintenance of Cost Accounting Records:
For the purposes of sub-section (1) of Section 148 of the Act, the class of Companies, including foreign companies defined in clause (42) of Section 2 of the Act, engaged in the production of the goods or providing services, specified in the Table below, having an overall turnover from all its products and services of rupees thirty five crore or more during the immediately preceding financial year, shall include cost records for such products or services in their books of account.
Significance
- Ensure that costing system determines the correct and realistic cost of production;
- Provide Production Related information to management;
- Identify the undue wastage or losses;
- Provide economic method of operation to management;
- Reduce cost of operations;
- Control costs through various management techniques such as budgetary control systems; Provide value engineering methods to management for cost reduction;
- Provide cost information to government, which will enable them to take decision such as regulated product pricing such pharmaceutical products, power sugar etc. granting subsidies such as fertilizers, levying anti dumping duties etc.
how we help
Align Costs with Strategy & Focus on Growth
How It Works & How We Do It
We are working in the format of an outsourcing project office. We assume operational coordination and control over the compliance with all project implementation parameters that ensures the execution of works on time.
Integrating of innovation and public benefit into your workflows; ensuring strategic and sustainable development of your organization from project.
marketing analysis
finance strategy
business innovation
CORPORATE MANAGEMENT
“I cannot give you the formula for success, but I can give you the formula for failure. It is: Try to please everybody.” david oswald
