Company

COSTWISE aims at being included in a client’s choice of companies offering costing services. It seeks to achieve this goal mainly by demanding excellent knowledge of the subject of costing from its staff, thus maintaining a high quality of deliverables to its clients.

The company aspires to offer its clients services of essential value within an established climate of trust, and to be remunerated solely for that. It also aspires to be socially responsible, offering support on costing issues to smaller or financially weaker businesses, at low fees or even free of charge, as well as being an equal opportunity employer.

COSTWISE is an attentive listener to its clients’ needs, provides additional advice and support on business administration issues wherever it is deemed necessary and acts as a truthful partner to the client, maintaining absolute secrecy about all client evidence and information exchanged.

Our services

  • It is vitally important for a business to know as precisely as possible the cost of its products or services provided. This cost is subsequently used by the business administration executives in various aspects of decision making. More often than not,in practice, costs/cost lists are based on vague calculations and general surcharge rates, thus causing headaches to businesspeople when they have to make cost-related decisions.
    Decisions that can be made a lot easier if based on a proper and comprehensive cost study may be of the following kind:
    • product or service pricing
    • replacing a machine for a better/faster one
    • selling privately owned vehicles and outsourcing transportation of goods
    • establishing flexible work arrangements
    • removing a product or a service from the market
    • looking for a less expensive supplier of raw materials
     
    The methodology followed in order to perform a Cost Accounting Study and implement the ensuing pricing system is as follows:

    1) Analysis
     
    To begin with, our cost accounting consultant will proceed to analyze the following:
    • Business Organization (structure and responsibilities)
    • Product Activity (end products) Service Provision Activity (defining the service)
    • Supplementary Activities (e.g. maintenance)
    • Direct and Indirect Production Costs/Service Provision Costs (e.g. cost of raw materials, auxiliary production services etc)
    • Production Recipe (manufacturing BOM, service BOM etc.)

    2)System Planning
     
    System planning stages are as follows:
    • choice of costing/costing model
    • determining cost allocation methodology
    • designing cost calculation algorithms
    • design and development of pricing/costing applications on selected software

    3) Implementation
     
    • pilot implementation
    • resetting-readjusting model

    If necessary, our cost accounting consultant will present the model to a client-selected software company, which will then develop an information system incorporating the costing model.
    This process includes the following steps:
     
    • costing model presentation
    • explanation of individual parameters
    • review of the application to be developed and suggestions for improvement

    Relying on their knowledge and experience, the staff at COSTWISE are in a position to select the most appropriate costing model and implement it to fully meet each individual business/client’s needs.

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  • For a Cost Accounting Seminar, COSTWISE executives are invited by businesses or organizations as speakers. COSTWISE is in possession of a huge amount of presentation material related to cost accounting, compiled by its staff and based on two pillars
    A) Experience earned by COSTWISE executives during the development of costing methods for various businesses worldwide
    B) Extended and continuous study of the bibliography of Cost Accounting Theory
     
    COSTWISE executives have trained more than 400 businesspeople on cost accounting issues, earning positive feedback on the knowledge transfer skills of the speakers.
    Amongst others, areas included in the seminar are as follows:
    • Cost concepts and types
    • Cost Centres
    • Recipes-Bill of Materials
    • Raw Material Evaluation Methods
    • Production Wastage
    • Transaction/Procedure Plans and Organization Charts
    • Capital Depreciation Methods
    • Labour Cost
    • Machinery Cost
    • Costing Methods (job order costing, cost centers method, ABC etc)
    Practical examples of costing in actual businesses, as well as problem-solving exercises, follow at the end of each seminar, to better consolidate the subject.

    Where does this training lead?
    Besides acquiring basic knowledge on Cost Accounting and how it can be incorporated in the daily business operations, attendance of the seminar offers considerable skills in dealing with and resolving cost allocation issues in products or services provided.

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  • The Due Diligence service provided by COSTWISE, has all to do with assessing risk. Intended recipients are insurance companies, banks and large companies wishing to know the trading risk involved in a particular transaction, in order to e.g. calculate insurance premiums and expenses accordingly, or asses the risk when embarking on transactions (M&A) which could be proven risky. Within the framework of this service, COSTWISE consultants perform a study of the financial data of a business and deliver an advisory opinion to the counterparty as to the risk of this transaction. Extending this service, COSTWISE consultants are invited to mediate in various topics like trade credit balance settlements, to initiate and supervise legal action with a view to collecting claims, to conduct operational due diligence (on site) as well as other actions pertaining to credit management, financial transactions etc.

Organisation

COSTWISE is a Consulting Company located in Thessaloniki (GR), operating both in Greece (15%) and abroad (85%). The company offers various costing and operational- and financial due diligence services.  
 
Every project is carried out by project teams, under the auspices of a project leader while the final approval is made by the company's General Manager. This is a way to maintain a high-level of the offered service and the best quality control.
 
COSTWISE utilizes all the available modern methods in order to fulfill its tasks. For example, the company uses cloud-computing technologies allowing its consultants to be as flexible as possible. Acting as such, the company's costs are kept to a minimum and the achieved price-advantage is transferred to our customers.

Contact

21 Antoni Tritsi str. 
PC. 57001
Thessaloniki
Greece
T. +30 2314 002 781
F. +30 2312 204934








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