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Business Services

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Providing meaningful financial information to our clients on a timely and accurate basis is a commitment that we feel cannot be compromised. We can provide your business with special project support, Accounting, Cost Accounting, QuickBooks, Passport, RealWorld, Consulting, Management, CFO and Controller Services, interim and part - time Accounting Management services, monthly closing support, forecasting and budgeting, feasibility studies, financial statements, financial planning, cash management, and analysis of manufacturing and overhead costs.

Cost Accounting Services

Cost Accounting is a process of collecting, analyzing, summarizing and evaluating various cost and production alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on cost efficiency and production capability. Cost Accounting provides the detailed cost information that management needs to control current operations and plan for the future.

Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular environment. Cost Accounting information is commonly used in financial Accounting information, but its primary function is for use by managers to facilitate making decisions.


Unlike the accounting systems that help in the preparation of financial reports periodically, the Cost Accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles. As a result, there is wide variety in the Cost Accounting systems of the different companies and sometimes even in different parts of the same company or organization.


The following are different Cost Accounting approaches:

Standard Cost Accounting

Standard costing is an important subtopic of cost accounting. Standard costs are usually associated with a manufacturing company's costs of direct material, direct labor, and manufacturing overhead. Rather than assigning the actual costs of direct material, direct labor, and manufacturing overhead to a product, many manufacturers assign the expected or standard cost. This means that a manufacturer's inventories and cost of goods sold will begin with amounts reflecting the standard costs, not the actual costs, of a product. Manufacturers, of course, still have to pay the actual costs. As a result there are almost always differences between the actual costs and the standard costs, and those differences are known as variances.


Standard costing and the related variances is a valuable management tool. If a variance arises, management becomes aware that manufacturing costs have differed from the standard (planned, expected) costs.  If we assume that a company uses the perpetual inventory system and that it carries all of its inventory accounts at standard cost (including Direct Materials Inventory or Stores), then the standard cost of a finished product is the sum of the standard costs of the inputs:

 
1. Direct material
2. Direct labor
3. Manufacturing overhead
A. Variable manufacturing overhead
B. Fixed manufacturing overhead


Job and Process Cost Accounting

Job Cost Accounting is the process of assigning the costs you incur to a specific job you or your business is involved with. This term is widely used in the construction industry and it refers to allocating costs to individual construction projects at a company. With the proper system to do Job Cost Accounting the end result is the ability to accurately report on your profitability per project or job.


Process Cost Accounting

Process Cost Accounting is a term used in Cost Accounting to describe one method for collecting and assigning manufacturing costs to the units produced. Processing cost is used when nearly identical units are mass produced. (Job costing or job order costing is a method used when the units manufactured vary significantly from one another.)


Lean Accounting

Concepts designed to better reflect the financial performance of a company that has implemented lean manufacturing processes. These may include organizing costs by value stream, changing inventory valuation techniques and modifying financial statements to include non financial information.


Activity-based Costing

A technique for allocating costs to a product, service, customer, etc. The premise is that activities cause an organization to incur costs. Once the costs of the activities have been identified and each activity's cost has been determined, the cost of the activities is then allocated to the product, service, customer, etc. that required the activity. This technique is more logical for allocating overhead than simply allocating costs based on machine hours or direct labor hours.

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