Potential profit can be lost because companies do not know the correct cost of their product, clients, channels.
Often, potential profit can be lost because companies are not able to obtain relevant and accurate cost for their pack, brand, product, customer, channel or region in a regular and automated manner. Broadway helps its clients to design processes and effective cost center hierarchies to gain insights into cost drivers to identify inefficiencies, especially product costs to enable adequate analysis. This helps clients obtain timely insightful information, focus on business drivers and helps enhance the available capacity (people, infrastructure, resources, etc.).
Although cost accounting was originally developed for the manufacturing industry, it has proven useful in the service industry as well. By adopting cost accounting for your service business, you can learn where resources are being wasted and which resources are most profitable.