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Institute of Cost Accountants to assist Punjab SMEs on costing, financial options

Chandigarh, Sept 11   In an effort to educate and assist small and medium enterprises on matters pertaining to pricing, costing, financial options and about ongoing schemes for technology upgradation, the Institute of Cost Accountants of India is planning to set up help desks in all its offices of Punjab, according to a report by the Financial Express.

Punjab being the hub for many SMEs who successfully managed to be on the industrial map of the country has a major role to play in the economy; the report quoted President, the Institute of Cost Accountants of India, A S Durga Prasad as saying.

Prasad said the competitiveness of the state which has major presence in textiles, automotive and engineering industry comes from both intellectual capital as well as the capacity to absorb new technologies.

He attributed the growth of the MSME sector in Punjab to easy market access, good infrastructure, supportive regulatory system and government support.  However, the current need for competitiveness is cost and quality.  With competition from low cost products from China, Prasad said, SMEs would need to focus on cost.

The institute is currently observing the corporate cost management week (8-13th
 September) on the theme ‘Business Sustainability and Cost Management’ across the country with events planned in Mumbai, New Delhi, Hyderabad, Chennai, Bengaluru and Kolkata.

The events will have technical sessions on Total Cost Management; Augmenting TCM through cost audit; activity based costing for service industry; and value added to value management – role of CMAs.

The objective of 'Corporate Cost Management Week' is to spread the message that Cost Management is essential irrespective of whether the company is operating in a competitive environment or not. Even when a Company does not operate in a competitive environment Cost Management enhances the productivity of the scarce resources and thus, improves the GDP of the country.

Cost management is a philosophy, an attitude, and a set of techniques to create more value at lower cost. In this fast space competitive scenario, Cost Management information increases customer value.