Why Cost Management Is Necessary

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Make a profit. The goal of any company is to make a profit. If you take into account all the costs, it will be easier to calculate the optimal price for the product. If you miss some expense item, you may lose revenue due to a low price. If, on the contrary, the company overstates the price to get ahead of competitors, the product or service may remain unclaimed, and the business will again lose profit.

Forecast business development. Cost accounting will philippines telegram data allow you to calculate the company's profitability, identify business areas that are causing losses, and identify promising ones.

Reduce taxes. If companies or sole proprietors operate under a simplified or general tax system, they can reduce their taxes by properly accounting for expenses.


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