Why is cost and management accounting important? | FAQs

1 minute   |  FINANCE

Wondering about the role of cost and management accounting in a business, and what makes cost and management accounting important?

It all comes down to the bottom line: managing revenue and costs to maximise profit and sustain profitability.

To find out more about what makes cost and management accounting important, watch this short video, where Janine Daniels, Head Tutor of the University of Cape Town Cost and Management Accounting online short course, guides you through its central role in an organisation.

Want to be able to apply your financial insights to ensure that your business sets the right goals and makes the right decisions?

Become an invaluable member of your organisation, with the UCT Cost and Management Accounting online short course.

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Transcription:

Companies are always looking for ways to boost sales and increase profits. Revenue, cost and profit are all important factors in determining the success of a business. To maximise profits and sustain profitability, revenue as well as cost should be managed. Effective cost management will free up cost and capital funds, which then can be reinvested to grow the business or spent on other investment opportunities.