Cost Accounting Services Services
Cost accounting services by verified CMAs — cost audit, cost records, product and process costing, budgets, inventory control and pricing support.
Cost Accounting Services show a business what each product, process, contract or job really costs — and where money is being lost. WCP's Cost & Management Accountants build costing systems, prepare cost sheets, set budgets and controls, support pricing decisions and, for companies covered by the Companies (Cost Records and Audit) Rules, 2014, maintain cost records and conduct statutory cost audits.
What is covered:
- Statutory cost audit and cost records
- Cost sheets, product costing and pricing
- Process, operation, contract and job costing
- Budgeting and budgetary control
- Inventory and material cost management
- Cost control, cost reduction and decision-support reporting
- GST cost impact and cost-based transfer pricing
Accurate costing turns pricing, make-or-buy and capacity decisions from guesswork into evidence.
Cost & Works Accountant
11 services under Cost Accounting Services
Cost Audit (CARR / CRA)
Statutory cost audit by verified CMAs — CRA-1 records, CRA-2 appointment, CRA-3 report and CRA-4 XBRL filing under the Cost Records and Audit Rules.
Estimated Cost : ₹50,000 – ₹3,00,00030 days typical
Cost Sheet Preparation
Cost sheets prepared by verified CMAs — material, labour and overheads analysed to show the true cost of production per unit for pricing and decisions.
Estimated Cost : ₹5,000 – ₹40,0007 days typical
Product Costing & Pricing
Product costing and pricing by verified CMAs — true product cost, margin analysis and pricing models that protect profitability across your range.
Estimated Cost : ₹15,000 – ₹1,00,00014 days typical
Budgeting & Budgetary Control
Budgeting and budgetary control by verified CMAs — annual and departmental budgets, flexible budgets and monthly variance analysis that keep costs in check.
Estimated Cost : ₹15,000 – ₹1,00,00015 days typical
Cost Control & Cost Reduction
Cost control and cost reduction by verified CMAs — standard costing, overhead analysis and practical savings plans that improve margins without cutting value.
Estimated Cost : ₹25,000 – ₹2,00,00030 days typical
Inventory & Material Cost Management
Inventory and material cost management by verified CMAs — ABC analysis, reorder levels, wastage control and inventory valuation that release working capital.
Estimated Cost : ₹15,000 – ₹1,00,00015 days typical
Management Reporting & Decision Support
Management reporting and decision support by verified CMAs — cost reports, break-even and make-or-buy analysis that turn costing data into decisions.
Estimated Cost : ₹10,000 – ₹75,00010 days typical
GST & Tax Cost Impact Analysis
GST and tax cost impact analysis by verified CMAs — rate changes, input credit and landed cost modelled so pricing and margins stay on track.
Estimated Cost : ₹10,000 – ₹75,00010 days typical
Process & Operation Costing
Process and operation costing by verified CMAs — stage-wise costs, yields, wastage and by-products measured to show where your process loses money.
Estimated Cost : ₹20,000 – ₹1,50,00021 days typical
Contract & Job Costing
Contract and job costing by verified CMAs — cost tracking per contract or job, WIP valuation and margin control for contractors and job shops.
Estimated Cost : ₹15,000 – ₹1,00,00014 days typical
Transfer Pricing (Cost-Based Methods)
Cost-based transfer pricing by verified professionals — cost plus and TNMM analysis, cost allocation and documentation that support arm's-length prices.
Estimated Cost : ₹50,000 – ₹3,00,00030 days typical
Frequently asked questions
- Which companies must maintain cost records?
- Companies in the industries listed in the Companies (Cost Records and Audit) Rules, 2014 whose overall turnover from all products and services was ₹35 crore or more in the preceding year.
- When is a cost audit mandatory?
- For regulated sectors where overall turnover is ₹50 crore or more and individual product turnover ₹25 crore or more; for non-regulated sectors ₹100 crore and ₹35 crore respectively.
- Who can conduct a cost audit?
- Only a practising Cost Accountant (CMA) appointed by the board, and the appointment is intimated in Form CRA-2.
- Why is product costing important?
- It shows the true cost and margin of each product, which is essential for pricing, discounting and deciding what to make, buy or discontinue.
- Is cost accounting only for manufacturers?
- No. Service businesses, contractors, hospitals and retailers also use costing to price, budget and control expenses.
- What is the difference between cost audit and statutory audit?
- A statutory audit covers the financial statements; a cost audit examines cost records and the cost of production of specified products or services.