Cost Records
Cost records compilation is our major and that is where our expertise is. We bring our long experience of working with industries like Auto, Dairy, Textile, Garments, Steel/Copper/Aluminium, and many more; that made us experts in this field.
Cost Records determines the account books relating to the utilization of material, labor, and other items of cost as applicable to the production of goods and services.
Why is it necessary?
The cost records are necessary to maintain, as far as possible, to put various operations in control and to achieve optimum utilization of resources, and these records shall also provide necessary data which is required to be furnished.
Cost records should be collected and maintained on day to day basis for the smooth working of the calculation of per unit cost of production or cost of operations, cost of sales, and margin for each of its products and activities during every financial year on a monthly or quarterly or half-yearly, or annual basis.
Applicability:
- Cost Records are mandatory if the following conditions are satisfied:
- Companies’ engagement in manufacturing goods or provision of services are listed in Table A or Table B.
- If the total aggregate turnover of the company from all its production or service is more than INR 35 Crore in the preceding financial year.