In the highly competitive service industry, there’s a direct need to “trim the fat” by finding streamlined ways to manage your costs, increase productivity, and improve overall revenue.
One of the most efficient ways to do this is through cost management. However, before you can strategize a cost management plan, you must have an accurate assessment of your current cost accounting and the correlation between specific costs and outputs by tracing resources as they move through your company. The best way to do this is through a comprehensive audit.
Utilize Resources Smarter
GBH has a team of accounting professionals with service industry experience. We can show you specific processes or areas where resources are being wasted—such as labor wages, materials, inventory, and overhead. By identifying how various aspects of your business are efficiently or inefficiently using these resources, we can highlight areas for improvement aimed to improve long-term strategic decisions and enhance day-to-day operations.
Let us help you define:
- Which products are most profitable
- What resources/areas are most valuable for cost management
- Trends that may affect future profitability
- How to set the most effective product prices