For a business to be financially successful, it is imperative to find out the exact cost of a product or a service. A costing system arrives at the cost of producing goods or providing services in a methodical way. The main objective of Costing System is to keep precise track of the expenditure incurred by the company. It is not intended to replace an accounting system, but to work within it to extract specific data for quick and easy analysis – product / service wise.
Working out the accurate cost of products / services is critical for profitable operations for any organization. We design detailed costing systems for our clients. We help our client’s management team create a framework to estimate the cost of their products / services. This framework supports and enhances profitability analysis, inventory valuation and cost control measures.