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From budgeting and forecasting to cost audits under Section 148, our cost management services provide clarity in numbers, control over expenses and enable us to make better decisions while complying with all the legal requirements.
We provide value-added cost management, MIS and audit solutions that help businesses in improving compliances, increasing margins and making better decisions.
Create reliable budgets and forecasts that ensure that your business is ready for the future.
Find cost leakages, eliminate waste and enhance your bottom line.
The use of ABC gives a more accurate picture of costs by monitoring them at each activity level.
You need to make sure that your product costs are determined in a consistent and clear manner.
Value your stock in the right way and manage resources properly.
Set up reporting systems that provide the management with information at the right time and in a clear manner.
Maintain statutory cost records in full compliance with the Companies Act.
Before making decisions, measure the financial impact of the decisions.
Monitor and control costs across production or service processes.
Check of bills of materials and routing to prevent errors and cost overrun.
Understand which customers, products, or segments are truly profitable. Analyse revenue against costs to see where your business earns the most and where margins can improve.
Design product costs that achieve both the business objectives and the market expectations.
At CWC India |Chandra Wadhwa & Co. (Cost Accountants), we understand the importance of proper and effective cost management and reporting for businesses.
Our team of highly qualified professionals uses the advanced tools and methods in assisting companies with their cost management and in providing accurate and timely management information.
In addition to budgeting, forecasting, variance analysis, and activity-based costing, we also provide the MIS services like financial statement preparation, cash flow analysis, and performance reporting.
For businesses that want to stay competitive and profitable requires practical cost management accounting and MIS techniques. By identifying areas where they can cut on costs and tracking financial performance, businesses will have the resources to invest in growth opportunities and improve the bottom line.
We assist businesses to enhance their cost management processes, provide accurate and timely management information, and make informed financial decisions. Our services also give clients peace of mind as it ensures that their costs are well controlled and that their financial performance is strictly controlled.
We also provide cost record maintenance services under section 148 of the Companies Act which assists companies with the compliance to the requirements under the regulation and maintenance of accurate cost records.
We follow a systematic procedure to ensure quality, accuracy, and compliance:
Cost Management & MIS Approach
Determine KPIs and financial measures to track.
Determine scope of work, identify objectives, and resources; analyse current cost and MIS processes.
Design a cost management and MIS strategy, which aligns the business objectives.
This involves the collection of financial and costing data, operational data, and any other data that is relevant to the objectives of the project.
Identify trends, patterns, and insights using different tools and techniques to assist in making better decisions.
Prepare and give financial statements and management reports and recommendations on improvement.
Make process changes, implement tools, and increase accuracy.
Monitor cost and MIS processes against goals and deliver the expected results.
Periodically update new strategies with new practices and technologies.
Deliver financial and performance reports to stakeholders in a timely manner.
As the provider of cost audit services under the Companies Act under Section 148, we are aware of the importance of ensuring that companies comply with the requirements of the law and maintain a proper record of costs.
Cost audit involves verifying the accuracy of cost records and ensuring that they are maintained in line with Cost Auditing Standards (CAS), Standards on Cost Auditing (SCA), and Generally Accepted Cost Accounting Principles (GACAP).
Our team of highly skilled professionals conducts a detailed cost audit with the help of the advanced tools and methods. We:
Determine scope, objectives, schedule and course of action through business model and cost structure.
This involves the collection of financial and costing data, operational data, and any other data that is relevant to the objectives of the project.
Check accuracy of cost records, invoices and controls.
Compare actual vs. budgeted costs, detect variances, and find causes.
Provide detailed findings of an audit including cost-saving opportunities.
Maintain work papers, audit programs, checklists, and schedules. Everything is properly documented, even using cloud-based services.
Chandra Wadhwa & Co. (CWC India) is one of the most trusted Cost and Management Accounting Firms with 25+ years of experience. Since 2001 we have been assisting businesses both in India and globally to better control their costs, improve their profitability and decision making with structured costing and audit-ready reporting.
Our forte lies in not only building accurate cost records, cost behaviour analysis and identifying wastage, leakages and inefficiencies across operations. We support the management with good clarity of cost sheets, variance analysis, product/service costing, and practical performance reports to better pricing and margins.
Our team also supports Cost Audit and compliance support as per applicable regulations and requirements of the industry. With a focus on clarity, accuracy and actionable insights, we help organisations to have greater financial discipline and to operate with improved control and visibility.
