By Trevor J. Bentley (auth.)
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Additional info for Making Cost Control Work
C) It is a numerically based system with internal controls that are capable of being audited. These functions are performed by good systems, but there are many poor systems. For the accounting system to function, every transaction has to be coded in order for that particular piece of information to find the right home. This is the simple aim of the coding system. It is amazing how a piece of information can travel from one end of the world to the other by simply placing it inside a folded piece of paper (an envelope) and addressing it.
If the organisation is scattered geographically then the problems are made even worse. DATA COLLECTION The classification and coding system will enable data to be sorted, processed and stored in a way which will make it useful to management for control and planning purposes. Information which is going to be used by managers to take decisions must be timely, accurate and related to the decision. Its relevance will depend upon the classification and coding system; its timeliness and accuracy will depend entirely upon the data collection system.
With records of materials held and of usage rates, it is possible to plan the introduction of technological improvements to minimise stock loss. Spoilage is caused by perishing, where materials have a limited shelflife; breakage, due to bad handling or inadequate storage facilities; cannibalism, where major units are denuded of smaller parts and components and so become useless. All these factors can be controlled by good stores management and records which clearly show the cause of waste in the stores.