Services

How We Can Help?

At MentorisCorp, a team of a highly qualified team of Accountants and management experts helps our clients to design processes and assign cost centers to gain insights into cost drivers to identify inefficiencies especially those related to product costs and enables adequate analysis which helps our clients to obtain insightful information, focus on business drivers and helps to optimize the available capacity of people, infrastructure, resources, etc.

Services offered by MentorisCorp

Developing a Cost Accounting System

Cost accounting systems help companies to ascertain the cost of their products accurately, provide valuable operational, financial information, and measure performance. However, the challenge lies in capturing and monitoring the product cost.  The functionality of the cost accounting system, its management, and implementation is not a part of normal day-to-day business considerations and that’s where you can rely on MentorisCorp.

At MentorisCorp our team helps to develop an effective cost accounting system by:

  • Performing proper due diligence to collect complete data around the functionality of the existing system.
  • Evaluating the capabilities of your company’s existing cost accounting system to handle the accounting requirements of your organization’s current and future needs.
  • Preparing the new system with reasonable expectations and clear objectives.
Cost & Management Consultancy

Cost management helps a company by measuring the operational cost of a product or service; it helps them to prune the non-value added costs by streamlining operations and creates processes that are future proof. 

Our Cost Management includes:

A) Resource planning:

At MentorisCorp our team begins resource planning with the execution plan delving into work breakdown structure, organizational breakdown structure, work packages, and execution strategy. Our team also takes into consideration the estimated resource quantities, evaluates resource availability, and limitations considering project circumstances, and then optimizes how the limited available resources can be best used in the activities over time. 

B) Cost estimation:

Cost estimation is done to quantify the cost and price of the resources required by the investment option, activity, or project.

At MentorisCorp our team uses dedicated software systems to achieve:

  • Creation of cost estimates from factor estimate to detailed estimate.
  • Request cost bids, analyze those bids, and keep track of its costs.
  • Track project costs during the execution phase by linking your project controls document directly to your estimate, minimize data handling, increase efficiency, and reduce the number of errors.

C) Cost control:

Cost control is concerned with measuring variances from the cost baseline and taking effective corrective action to achieve optimum costs.

At MentorisCorp our cost control services help you to achieve:

  • Project cost control through regular tracing of actual cost components to its original budget.
  • Estimate new or eliminated costs and add or deduct them from your project controls document.
  • On completion of the project, the actual cost models are analyzed thoroughly to increase their accuracy and quality for future estimating.
Product/Service and Project Costing

Product costs are those costs that are incurred to create a product. These costs include direct labor/materials, consumable production supplies, and factory overhead. On the other hand, service cost considers the total operational cost incurred on delivering each unit of service to a customer.

Our team of experts at MentorisCorp help you in product costing by using:

  • Activity-Based Costing
  • Product/ Service and Project Costing Systems

We also expertise in:

  • Designing, installing, and operating new systems for product/services and project costing.
  • Maintenance of the developed systems.
  • Periodic review/modification of the existing systems and procedures in operation.
Cost audit -Statutory and Voluntary & Records Maintenance

Cost Audit:

At MentorisCorp we help you by conducting Cost Audit and prepare compliance reports required to be uploaded on the MCA website without missing the deadlines.

We at MentorisCorp also conduct Systems Audit by

  • Evaluating the effectiveness of the system
  • Auditing through and with Systems
  • Findings and suggestion for performance improvement

Cost Records Maintenance:

The Companies Act, 2013 provides for mandatory cost audit and maintenance of cost records in case of certain companies both in the production and service sectors. The Government of India and the Ministry of Corporate Affairs has notified the same in Companies (Cost Records and Audit) Rules 2014.

At MentroisCorp we provide the guidance for Maintenance of Cost Accounting Records prescribed under the Companies (Cost Records and Audit) Rules 2014 and also provide certification with regards to maintenance of Cost Records by the company.

We also provide our expertise in cost accounting & management in the following activities:

  • Business evaluation, goal setting & strategic planning.
  • Development of Cost control & cost reduction techniques.
  • Designing organizational structure.
  • Material Accounting System & inventory control techniques.
  • HR Planning including gradation, designing pay structure, increment & promotional policies, etc.
  • Preparation of Budgets and MIS reports for the top management including product-wise contribution analysis, Break Even analysis, monthly profitability, etc.
  • Cost-benefit analysis.