Cost Accountancy

From Applegates Accountancy Practice in Cheshire.

The term cost accountancy is the process of recording, tracing and analyzing the costs associated with the services of the company. It can be specifically the recording or tracking of a cost incident to production, in relation to the GAAP (generally accepted accounting principles), which measures these costs. Cost accountancy helps in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service.

It aids management in identifying accountability for profit variance and so on. Cost accounting has long been used to help managers appreciate the costs of running a business. Contemporary cost accounting originated during the industrial revolution, when the difficulty of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions.

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This involves keeping records for both production and distribution, and see cost accounting as a way to support important decisions which are made in order to cut the companies costs and increase profitability in manners such as standard cost accounting, marginal costing and activity based costing.

By using us here at Applegate accountants we offer cost accountancy services and can assist you and your business in the following, ways:

• designing and implementing effective management information and control systems,
• planning costing systems and methods,
• inventory control incorporating mathematical models,
• investment analysis
• internal and cost audit
• diagnosis in the case of sick industries,
• fund management

Cost Accountancy

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