Maintenance of Cost Records—Precision in records, power in decisions
What is Maintenance of Cost Records?
Maintenance of Cost Records is defined as maintaining a comprehensive set of records related to manufacturing, operation, materials, labour, and overhead, as per the Companies (Cost Records and Audit) Rules, 2014. They play a critical role in ensuring that the reported costing of products accurately reflects the actual cost, in line with industry standards.
At GST Suvidha Centre, we provide expert assistance in maintaining Cost Records, helping businesses meet statutory requirements while controlling the production costs.
Why is maintaining Cost Records important?
Certain prescribed companies, especially in manufacturing and regulated sectors, must maintain Cost Records under the Companies Act and Cost Accounting Rules. This ensures transparency and accountability.
Proper Maintenance of Cost Records is critical because of the following reasons:
- Statutory compliance under the Companies Act.
- Helps in determining the cost of production
- Supports cost audit reports.
- Helps in cost control and reduction
- Supports competitive pricing,
- Better decision-making on budgeting, production planning, capacity utilisation, and profitability.
Non-maintenance of the cost records may lead to a penalty. GST Suvidha Centre ensures accurate and fully compliant Maintenance of Cost records for your business.
What documents will you require to maintain the Records?
List of the documents generally required for maintaining Cost Records:
1. Production & Operational Records
- Production registers (daily/weekly/monthly)
- Process-wise output and wastage reports
- Machine hours, labour hours, and capacity utilisation records
- Bill of materials (BOM)
- Work-in-progress (WIP) reports
2. Material Records
- Purchase orders and GRNs (Goods Receipt Notes)
- Material requisition slips
- Stock registers (raw materials, WIP, finished goods)
- Material consumption reports
- Inventory valuation statements
3. Labour & Payroll Records
- Employee master and payroll sheets
- Department-wise labour cost allocation
3. Overheads & Expense Records
- Power, fuel, water usage records
- Factory overheads (repairs, maintenance, consumables)
- Administrative and selling overhead details
- Depreciation schedules
4. Financial Documents
- Financial Statements
- Cost center details
- Budget vs actual reports
5. Sales & Distribution Records
6. Statutory & Compliance Records
7. Supporting Documents
We ensure that all necessary data is verified, reconciled, and formatted according to legal norms for preparing the records.
Can I avail the service of maintaining cost records online?
Yes. You can avail Maintenance of Cost Records service online through GST Suvidha Centre. Our Cost accountant will handle record keeping for all your data digitally with accuracy, data security, and timely submission
This service is well-suited for manufacturing, power, mining, and service sector companies.
How can you apply online to get the records maintained for your business?
The GST Suvidha Centre helps with the preparation of your cost records.
As part of this service, we provide the following:
- Detailed Cost Record will be prepared as required by Companies(Cost Records & Audit) Rules, 2014
Process to Avail the Service:
- Book a Consultation (Optional)
Visit our website to schedule a free consultation call if you require guidance before proceeding. - Select and Add the Service to Cart
Choose the Maintenance of Cost Records service and add it to your cart. You may opt to proceed directly without a consultation. - Upload Required Documents and Complete Payment
Securely upload all necessary documents on our portal and finalise the process by making the payment. - Back-End Processing by Our Team
Our team will carry out all required procedures and formalities using the documents you have provided. - Completion and Document Handover
Upon completion, we will send the records of your business online.
We ensure 100% compliance and a hassle-free experience.
Can I get cost record maintenance support near me?
If you have searched for Maintenance of Cost Records Near Me, GST Suvidha Centre has got you covered. We have multiple centres available in Bilaspur, Raipur and all across Chhattisgarh and India, to provide you with our services—both online and offline.
Our local team is aware of the industry-specific requirements and will assist you with the cost record maintenance process as per the prescribed format, as mentioned by the Ministry of Corporate Affairs.
How much does it cost to prepare these records for my business?
At GST Suvidha Centre, the charges for maintaining cost records will depend upon the turnover of the entity. You can select the appropriate option of turnover limit and pay the price accordingly. We offer flexible and affordable plans tailored to your business size and financial operations
Why to choose GST Suvidha Centre for maintaining your cost records?
- Experienced Cost Accountants and Auditors (CMA)
- Industry-specific record maintenance
- Compliance according to Cost Records Rules, 2014
- Secure and confidential data maintained
- Affordable and on time services
GST Suvidha Centre is well known for reliable Maintenance of Cost Records of many PSUs, manufacturing and service sector companies in Bilaspur and Chhattisgarh. Contact us for maintaining your cost records anywhere in India.
Frequently Asked Questions:
Q1. Who is required to maintain cost records?
A. All companies specified under the Companies (Cost Records and Audit) Rules, 2014 are responsible for maintaining cost records. Some industries include manufacturing, electricity, gas, and companies that are regulated.
Q2. How can GST Suvidha Centre help in maintaining cost records?
A. We prepare and maintain your production cost sheets, material consumption records, inventory reports, overhead statements, and other cost statements accurately and on time.
Q3. Can you maintain the records digitally?
A. Yes, GST Suvidha Centre provides Maintenance of Cost Records Online, ensuring accuracy and secure digital records.
Q4. What types of reports will I receive?
A. You get cost sheets, inventory reports, overhead analysis, production records, consumption summaries, and variance reports, depending on your business needs.
Q5. What’s the relationship between cost records and cost audits?
A. Cost audits are carried out as per the cost record standards. Documents maintained well will ensure a smooth and reliable cost audit with compliance with the MCA rules.
If you’re searching for professional Maintenance of Cost Records in India, then GST Suvidha Centre is a one-stop solution. Please visit our office in Bilaspur, Chhattisgarh, or apply online for your business to be compliant. We can offer full service and support from our qualified cost professionals in an efficient manner.
Please follow us to get regular updates & free consultation at :
Messege Us on : Whatsapp
You can also Contact Us or visit our Home page for customer reviews and testimonials.
Visit our About Us Page for more information
Our Other Services
Reviews
There are no reviews yet.