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Expense Tracking: Monitoring and recording all business expenditures.
Approval Processes: Implementing workflows for approving expenses to avoid unnecessary spending.
Cost Categorisation: grouping expenses into categories to better understand spending patterns.
Variance Analysis: Comparing actual costs to budgeted costs to identify discrepancies.
Cost-Benefit Analysis: Assessing the financial value of specific actions or decisions.
Break-Even Analysis: Determining the sales volume required to cover costs
Negotiation: Securing favorable terms and pricing from suppliers.
Supplier Evaluation: Regularly assessing supplier performance and cost-effectiveness.
Contract Management: Managing contracts to ensure compliance with agreed-upon terms and identifying cost-saving opportunities.
Cost Estimation: Accurately estimating the costs associated with projects before they begin.
Resource Allocation: Optimizing the use of resources to minimise costs while achieving project goals.
Project Monitoring: Continuously tracking project costs to ensure they stay within budget.
Key Performance Indicators (KPIs): Establishing and tracking KPIs related to cost control.
Reporting: Regularly reporting financial performance to stakeholders to ensure transparency and accountability.
Continuous Improvement: Regularly reviewing cost control strategies to identify areas for improvement.
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