Keywords
budgeting
cost analysis
financial audit
controlling
automation
digital tools
innovative approaches
How to Cite
Abstract
This article is dedicated to examining the theoretical and practical facets of cost management within a company. The study's significance lies in the need to enhance enterprise efficiency amid intense competition and economic fluctuations. Sound cost management represents a key factor in guaranteeing financial stability, profitability, and a company's competitiveness. Specific focus is given to pinpointing issues in the cost management system of a certain enterprise, alongside supporting methods to refine it, aiming to enhance the effectiveness of economic activity. The study's aim is to validate theoretical principles and formulate practical suggestions to improve a company's cost management system, with the goal of elevating activity efficiency and securing a steady financial position. In this study, common scientific approaches to comprehension were applied, including quantitative and qualitative assessment, comparative analysis, and economic and statistical techniques, combined with financial analysis and graphical methods. Data collection involved examining the firm's financial statements and expenditures, and also reviewing scientific materials. The conceptual basics of the idea, categorization, and arrangement of business costs are described. Contemporary methods, strategies, and tenets of cost management are backed up. An assessment of the expenses of PE “Private Printing House” is accomplished to pinpoint the key issues in their management setup. The factors influencing the cost amount and the efficiency of their execution are determined. The impact of the cost management of PE “Privatnaya Drukarnya” is judged. The routes for the betterment of the cost management system, considering the particularities of the business, are explained. Practical suggestions for the application of the suggested actions are created, and their anticipated impact is shown. Recommendations for executing an enhanced cost management system are shown. Primary innovative strategies for enhancing cost management are suggested. It is concluded that the outcomes of the research add to the betterment of the cost management system, which is the basis for solid progress and an upswing in the efficiency of a business in a market economy.
References
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