We provide the Guidance for Maintenance of Cost Accounting Records prescribed under the Companies (Cost Records and Audit) Rules 2014 and certification as regards maintenance of Cost Records by the company.

We have formed a team consisting of Cost Accountants, Chartered Accountants, Management Accountants, Labour Law Consultant, Company Secretary, Direct Tax Expert, Indirect Tax Expert, Systems Auditor (CISA) and Business Administration expert who carry out the respective functional part of the assignment. Thus we pool together the knowledge, experience and specialization of professionals from varied fields to overview the operations of business entity.

The objective of the audit is two fold, to review the various functions within the entity from the view point of legal requirements & framework and also to offer our suggestions to improve the performance and efficiency of these functions/ activities.

The audit is structured based on “specifics” outlined by the management which defines the scope and depth of audit. The economy in procurement/ employment, optimization in utilization and effectiveness in deliveries and deliverables of the various resources of the entity is the prime objective of this audit. Based on the audit carried out, the observations and recommendations are offered to the organization.

We offer services in System Consultancy and the development of System Manuals.

We also impart executive training for various levels in the organisation on various subjects.

The gap between the price and profit defines cost. It is imperative that with complexities of business today, we need to know our costs with minute elements. These cost studies have an objective of working out costs under given parameters and the projections of cost based on changed parameters. Normality, variability, size of business, degree of competition, capacity considerations, Government Regulations and   policies, cyclical demand, health of economy, technology and so on largely impact the cost and hence determination of cost and its  analysis is essential for the long term survival and growth of any business entity.

Right from the point of first incurrence through various stages till the goods and services are sold, post sales costs including winding up costs must be captured and considered. Right from manual recordings to sophisticated ERP Systems require initial set ups and timely updation thereof to reflect correct costs. Once the systems are put in place, the results are to be critically reviewed to their correctness, which is the stage of implementation. The results from the systems implemented require review and monitoring on periodic basis to achieve the objectives of the project. We actively “involve” ourselves and do complete hand holding for our clients till they are fully acquainted with the systems.

Physical movements and accounting entries have to go hand in hand. The quantitative controls on materials can be kept through a strong perpetual inventory system which accounts for physical stock at any given point of time, the process losses, scrap, wastages etc. accounting, the objective being to reconcile the quantitative aspects. The perpetual inventory is carried out based on inventory classification like ABC on periodic basis such as daily, weekly, monthly as per client requirements. This obviates the necessity of year-end stock taking and provides a dependable system.

The valuation of stock has to be compliant with Cost Accounting Standards issued by The Institute of Cost Accountants of India and the Accounting Standards issued by The Institute of Chartered Accountants of India. The financial institutions, Banks are also concerned about the stock valuation for the obvious reasons. The entity has also to frame its own policies which need to be followed consistently. The expert advice is provided and stock value is certified as an outcome of this assignment which is acceptable to various authorities including Taxation.

Both internal and external operations of the organisation are evaluated in terms of financial outcome. It enables an organisation for strategic and operational decision making.

These are then assigned to the products and services on the basis of resource utilisation. The emphasis is given on identification of costs mostly in “direct form” rather than pulling the costs as “indirect” and allocating them on some basis.

MCA has notified CARO 2020 on 25th February 2020 under which clause 1 covers reporting by the management of Physical Verification of Tangible and Intangible assets at reasonable intervals. We carry out such physical verification of assets to place on records independent opinion of Professional to relieve the management of this straining exercise.

We have implemented ‘SAP-CO Module’ in renowned corporates at all India level. Assignments such as activity rate calculation, costing structure, customization, period end closing activities and so on are carried out by our team.