Whether you are a business that manufactures its products, or simply a service provider, costing is the most important aspect of your financial position. By correctly costing, you will better understand the cost of producing a particular product or providing a service, including the overheads involved in your business.
Using the costing information, and comparing it to industry trends and existing market prices, you are able to apply the correct margin to your product or service, to consistently make profits. By creating and maintaining accurate costing, your business will always stay current and competitive within the market place.