Cost Reporting

Cost reporting is the process businesses use to track and document expenses associated with a project or operation. It involves collecting detailed information on costs like labor, materials, and overhead, then organizing and presenting this data to assess financial performance. This helps management understand where money is being spent, monitor budgets, and make informed decisions to control costs and improve efficiency. Essentially, cost reporting provides a clear picture of financial activity related to specific activities, ensuring transparency and accountability in managing resources.