Some considerations of costs as a fundamental tool for decision making in companies. by dgalan

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· @dgalan ·
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Some considerations of costs as a fundamental tool for decision making in companies.
<div class="text-justify"><strong>Written by:</strong>Diomer Antonio Galán Rincón.</div>
<div class="text-justify"><strong>Bachelor's Degree.</strong>Public Accounting / <strong>MSc.</strong>Science of Higher Education.</div>
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<center><img src="https://i.postimg.cc/WzJk3pyW/Presentaci-n1.png"/></center>
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<blockquote><center> Author: <a href="/@dgalan">@dgalan</a>,through Power Point 2010 tool, and using public domain image Pixabay </a></center></blockquote>
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<div class="text-justify"> Nowadays, companies must adapt to the existing competition in the market, as it is increasing every day and as a consequence, they must make the right decisions to remain in competition, this implies studying the cost structure of the entity in order to detect failures or weaknesses for its improvement and thus achieve cost reduction. </div>
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<div class="text-justify"> According to Horngren et al. (2012) describe it as "a sacrifice of resources that is allocated to achieve a specific objective".</div>
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<div class="text-justify"> Because of this, costs are a fundamental basis for decision making within any entity so that proper management of these will lead us to be more efficient and achieve the goals set successfully, for all management it is important to know the costs in two stages of their work; when making decisions and when implementing the decisions taken.</div>
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<center><img src="https://cdn.pixabay.com/photo/2015/08/07/16/07/shopping-879498_960_720.jpg"/></center>
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<blockquote><center>Image taken from:<a href="https://pixabay.com/es/photos/compras-gasto-hasta-resbal%c3%b3n-compra-879498/"rel="noopener" title="This link will take you away from steemit.com">Pixabay</a></center></blockquote>
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<div class="text-justify"> In most cases, the study of costs is not given the proper importance within the organizations and therefore these organizations tend to be frustrated by the decrease of their profits and the making of wrong decisions.</div>
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<div class="text-justify"> Currently, the managers of the organizations do not take the time to train themselves in accounting in order to manage them in a correct way and as a consequence, the failure to achieve the objectives of the organization is the result.</div>
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<div class="text-justify"> Over the years, companies have changed significantly, and every day they tend to be larger and more complex, this forces the accounting to be more accurate and comprehensive to have proper control of them, because of this the design of cost structures is essential since each company performs its activities differently.</div>
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<div class="text-justify"> Cost accounting must be adapted according to the functions and needs of each company, this allows each entity to adapt to the local market competition, and offer the company an adequate use of its resources. </div>
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<div class="text-justify">I hope you like my article and I would appreciate all your comments.</div>
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<center><h3> Bibliographic References:</h3></center>
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<div class="text-justify">1.- Charles T. Horngren, Srikant M. Datar & Madhav V. Rajan (2012) Cost Accounting. A managerial approach, fourteenth edition.
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<center><img src="https://i.imgur.com/PWRlilq.png"/></center>
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vote details (221)
@tocho2 ·
Hello @dgalan, On many occasions I have participated in the review of some operating costs and expenses within engineering and related projects and I have found that some companies do not follow an order or the basic principles of cost accounting or something as simple as organizing costs and expenses , which translates into a great increase in the cost of services provided unnecessarily.

Sometimes I wonder, does this happen throughout Venezuela, only in my city? is it common in other places?

Great post friend.
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vote details (1)
@dgalan ·
Greetings @ tocho2
Not giving the importance that costs represent in companies, is working blindly and in a very short time is harmful and irreversible. 
The importance of costs is the same everywhere in the world and even large companies have gone bankrupt for not controlling them.  
Everything will depend on what it means for the management. 
Thank you very much for sharing your comments.
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@madridbg ·
Greetings @dgalan very entertaining reading, where you should highlight the fact that , "costs are a fundamental basis for decision making within any entity so that proper management of these will lead us to be more efficient and achieve the goals set successfully."

Based on the above, decision making must be based on different aspects where costs are fundamental and allow to measure in a certain way the profitability and degree of operations of the company. Greetings
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@dgalan ·
Greetings @ madridbg
Very true your appreciation my dear, having the costs present for decision making is essential because if you can not make the mistake of incurring in unnecessary expenses and could compromise the capital, bringing as consequences the bankruptcy of the company. 
  
Thank you very much for sharing your comments.
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