You will need to be able to calculate and record the costs of products and services so you can inform the board or senior management.
You will need to write a fully-costed budget compliance statement. These may be for production, materials purchases, materials usage, labor usage, overheads or costings. They may also relate to a master budget.
Seek cost information advice from all sections of your organization.
Identify variances against budget and prioritize them for review and decision-making.
You will find that a simple year-to-date system might not tell you much if income and expenditure follow a distinct cycle. Besides, you might have several cycles going on at once.
Your reports need to be free of errors and comprehensive.
Then review costing system integrity Do a variance analysis: find out the reasons for any difference between actual and applied overheads costs.
Use your variance analysis to review the way you assigned costs. Was it effective and accurate?