Part time bookkeeper St Neots

Outsource entire finance & accounts department St Neots


How to Monitor Costs

An Operations Manager quoted “In a competitive market we don’t control the selling price. What we do control is the cost, and in the near terms this reflects the efficiency and effectiveness of our operations.”

 

There are many ways of categorising spending, below are seven ways of looking at monitor costs:

 

  • Production costs (cost of sales), trading, operating
  • Direct and Indirect costs – these include overheads such as the finance director’s salary or other administrative costs which drain the bank balance whether you sell anything or not.
  • Capital, current spending on assets with an expected life beyond the current accounting year.
  • By category of product, service  or industry
  • Geographic costs – by territory, region or country
  • Functional costs – Research and Development, production, sales
  • Employee costs – this is probably the easiest outlays to analyse and project.

For management purposes, there is no better way to consider costs than to aggressively re-assess the financials, re-estimate stock and fixed asset accounting, and apply logic and common sense to the allocation of costs.

 

Yuliana Vang resides in St Neots. A jack of all trades, Yuliana writes about Pay as you go bookkeeper in Cambridgeshire, Part time management acccountant St Neots, Pay as you go Financial controller St Neots, Part time bookkeeper St Neots, Part time Financial controller St Neots. She believes in love and art above all else. She spends her free time practicing yoga.

 

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