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How do you cost activities in your business?

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Costing activities is an essential part of accounting for any business, as it helps you measure the profitability and efficiency of your operations. However, costing activities can be challenging, as there are different methods and factors to consider. In this article, you will learn how to cost activities in your business using four steps: identify, assign, allocate, and evaluate.

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Muhammad Azhar
Pedro Berroteran

Fund raising, structured and corporate finance specialist (+18 years experience); Advisor/Mentor to Founders (Tech and…
Ana Carolina Araujo da Silva dos Anjos

Administradora | Contadora | Analista de Custos e Or?amento SR | Pós-graduada em Engenharia de Produ??o e Finan?as…

1 Identify the activities

The first step is to identify the activities that your business performs to generate revenue and incur costs. Activities are the actions or tasks that consume resources and add value to your products or services. For example, some common activities are purchasing materials, manufacturing goods, delivering orders, invoicing customers, and providing support. You can use various sources of information, such as process maps, workflow diagrams, job descriptions, and time sheets, to identify the activities in your business.

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Ana Carolina Araujo da Silva dos Anjos

Administradora | Contadora | Analista de Custos e Or?amento SR | Pós-graduada em Engenharia de Produ??o e Finan?as Corporativas
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A melhor forma de custear as atividades da empresa é separando as atividades/setores em centros de custos, e a partir daí p?de-se fazer as análises de tempo, valores gastos em cada atividade ou processo. Com esses dados em m?os agora irá alocar os custos diretos de fabrica??o do produto ou servi?os e saberá qual a melhor forma de ratear aos custos indiretos.

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Arsalan Ahmad

Internal Audit, Governance, Risk and Compliance Trusted Advisor
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In business, costing activities typically involves Activity-Based Costing (ABC), I had an opportunity to wok on ABC in the past, which assigns overhead and indirect costs to specific products and services based on their usage, and Standard Costing, which utilizes industry benchmarks and historical data to estimate the direct and indirect costs of business operations.

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Tauqeer Shahzad

The Travel Network Group
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We determine activity costs by analyzing resource usage, time invested, and associated expenses to ensure accurate pricing for our business activities.

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Oscar Francisco Ernesto Varela López

Contador Público | Director General de Operaciones y Finanzas | Director Financiero y Representante Legal COO/CFO | Director of Finance | Controller | CPA | Legal Representative
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1. Conduct a Business Process Analysis 2. Identify Resource Inputs 3. Quantify Resource Usage 4. Collect Cost Data 5. Apply Activity-Based Costing (ABC) 6. Review Financial Statements 7. Benchmarking 8. Engage Stakeholders 9. Customer Profitability Analysis 10. Evaluate Efficiency and Productivity 11. Consider Non-Financial Factors 12. Use Technology 13. Review Historical Data 14. Regularly Update Analysis 15. Prioritize Cost Activities

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Pooja Lakhwani

LinkedIn Top Corporate FP&A Voice ?? | CMA Professional | Power BI Enthusiast | CFO Services
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Here are the three things that I would usually consider: - Identify whether the activities are recurring or non-recurring in nature - Are they directly or indirectly related to a product or service - Take help from process documents or flowcharts

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2 Assign the costs

The second step is to assign the costs to the activities that cause them. Costs are the expenses that your business incurs to perform the activities. Costs can be classified into direct and indirect costs. Direct costs are the costs that can be easily traced to a specific activity, product, or service. For example, the cost of materials and labor used to manufacture a product are direct costs. Indirect costs are the costs that cannot be easily traced to a specific activity, product, or service. For example, the cost of rent, utilities, and depreciation are indirect costs. You can use various methods, such as invoices, receipts, and standard rates, to assign the direct costs to the activities. For the indirect costs, you need to use a cost allocation method.

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Gonzalo Juste Martín

Administrativo Contable
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Para asignar los costes, hay que diferenciar entre costes fijos y costes variables. Los costes fijos son aquellos que se mantienen aunque la actividad esté parada, como por ejemplo, en nuestro caso, un camión que está parado tiene un coste fijo de amortización.

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Oscar Francisco Ernesto Varela López

Contador Público | Director General de Operaciones y Finanzas | Director Financiero y Representante Legal COO/CFO | Director of Finance | Controller | CPA | Legal Representative
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1. Identify Cost Categories 2. Understand Direct vs. Indirect Costs 3. Allocate Direct Costs 4. Apply Activity-Based Costing (ABC) 5. Allocate Indirect Costs 6. Consider Time-Based Allocation 7. Use Cost Drivers 8. Customer/Product Costing 9. Departmental Cost Allocation 10. Review Contracts and Agreements 11. Utilize Technology 12. Benchmarking 13. Regularly Review and Update 14. Document and Communicate 15. Consider Legal and Regulatory Requirements

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Bernd Winkhaus

Business Builder | from start-up 2 scale-up | growth Expert | Corporate Development | Transformation Management
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Bei kleineren und mittleren Unternehmen sind oftmals die Wirkungszusammenh?nge gut abzubilden, wenn es eine aussagef?hige Kostenartenrechnung gibt. Tip: Verwenden Sie m?glichst viele Bestellungen und kontieren diese schon bei der Beschaffung. So ist einfach und sachgerecht die Kostenzuordnung m?glich.

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3 Allocate the costs

The third step is to allocate the indirect costs to the activities using a cost allocation method. Cost allocation is the process of distributing the indirect costs among the activities based on some criteria or drivers. A cost driver is a factor that influences the amount of indirect costs incurred by an activity. For example, the number of machine hours, the number of orders, or the number of customers can be cost drivers for different activities. You can use various methods, such as single-rate, dual-rate, or activity-based costing, to allocate the indirect costs to the activities. The choice of the method depends on the complexity and diversity of your business activities and products or services.

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Oscar Francisco Ernesto Varela López

Contador Público | Director General de Operaciones y Finanzas | Director Financiero y Representante Legal COO/CFO | Director of Finance | Controller | CPA | Legal Representative
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1. Identify Cost Categories 2. Distinguish Direct and Indirect Costs 3. Determine Allocation Bases 4. Use Activity-Based Costing (ABC) 5. Allocate Direct Costs 6. Allocate Indirect Costs 7. Consider Time-Based Allocation 8. Customer/Product Costing 9. Departmental Cost Allocation 10. Review Contracts and Agreements 11. Utilize Technology 12. Benchmarking 13. Regularly Review and Update 14. Document and Communicate 15. Consider Legal and Regulatory Requirements

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Gonzalo Juste Martín

Administrativo Contable
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Loa costes variables son aquellos que se generan por la propia actividad del centro de coste. en nuestro caso, un coste variable es el gasoil, que solo genera coste en función de lo que trabaje.

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Bernd Winkhaus

Business Builder | from start-up 2 scale-up | growth Expert | Corporate Development | Transformation Management
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Bedeutend ist die Frage der Entscheidungsrelevanz. Sie k?nnen alle indirekte Kosten mit Leistungstreibern in Verbindung bringen - in welchen F?llen nützt ihnen das wirklich etwas? Fokussieren sie sich auf die Hauptaspekte wie z.B. Maschinenstundens?tze, die direkt mit der Wertsch?pfung zu tun haben.

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4 Evaluate the results

The fourth step is to evaluate the results of costing the activities. You can use the results to analyze the profitability and efficiency of your business activities and products or services. You can also use the results to identify the areas of improvement and optimization. For example, you can compare the cost of each activity with the revenue it generates, or you can compare the cost of each product or service with its market price. You can also use the results to set budgets, prices, and performance targets for your business activities and products or services.

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Oscar Francisco Ernesto Varela López

Contador Público | Director General de Operaciones y Finanzas | Director Financiero y Representante Legal COO/CFO | Director of Finance | Controller | CPA | Legal Representative
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1. Review Financial Statements 2. Compare Actual vs. Budgeted Costs: 3. Cost Variance Analysis 4. Utilize Key Performance Indicators (KPIs) 5. Activity-Based Costing (ABC) Analysis 6. Customer and Product Profitability Analysis 7. Benchmarking Against Industry Standards 8. Evaluate Return on Investment (ROI) 9. Employee Productivity and Efficiency 10. Quality Metrics 11. Continuous Improvement Initiatives 12. Cash Flow Analysis 13. Risk Analysis 14. Environmental and Social Impact Assessment 15. Feedback from Stakeholders 16. Scenario Analysis 17. Document Lessons Learned 18. Strategic Alignment 19. Communication and Reporting 20. Iterative Process

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Thays Helena Souza

Financial Analyst
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A análise de custo é uma estratégia de custeio, onde é possível ter um conhecimento exato sobre os gastos da produ??o de bens e servi?os em um determinado período. Os três métodos de custeio mais utilizados para realizar essa análise s?o: custeio direto, custeio por absor??o e custeio baseado em atividades. é essencial que essa checagem esteja sempre ligada ao planejamento e controle da opera??o, para entender se o objetivo pode ser alcan?ado de forma que a rentabilidade n?o seja colocada em risco. A tomada de decis?o se torna mais segura depois desse estudo, afinal, a gest?o tomará as decis?es baseada em dados reais e confiáveis.

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Gonzalo Juste Martín

Administrativo Contable
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Finalmente, podemos comparar entre los diferentes centros de coste para poder ver la rentabilidad de cada uno, y asípoder tomar las decisiones pertinentes.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Muhammad Azhar
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Proper training and systems need to be in place for all the expenses to be allocated to cost centre. If the bookkeepers and reporting teams are not properly training either the transactions will be allocated to wrong cost centres or transactions will be posted without cost centres so data will be unusable for the analysis.

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Pedro Berroteran

Fund raising, structured and corporate finance specialist (+18 years experience); Advisor/Mentor to Founders (Tech and Traditional Startups); former Startup Founder (no exit ????)
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For me, the most important aspect is understanding how the data, the information generated, and the reporting, will be used for. It is obvious when working on the reporting required for tax issues. You apply certain applicable rules, trying to maximize profits after taxes. It is less obvious when working on reports for shareholders, prospective investors, and even lenders and management. Accounting should not be “one rule fits for all” type of activity. Of course, the respective disclosures have to be made, of the adjustments from the base reporting have to be shown.

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Bernd Winkhaus

Business Builder | from start-up 2 scale-up | growth Expert | Corporate Development | Transformation Management
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Denken Sie auch daran, welcher Aufwand sp?ter durch die Erhebung der Ist-Daten zu Leistungstreibern und die regelm??ige Pflege im IT-System entstehen. Wieviele Logiken sind Selbstzweck geworden und erzeugen künstlich Komplexit?t im Unternehmen, haben aber keinen Nutzen?

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How do you cost activities in your business?

1

2

3

4

5

1 Identify the activities

2 Assign the costs

3 Allocate the costs

4 Evaluate the results

5 Here’s what else to consider

Accounting

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