THE ROLE OF COST ACCOUNTANTS IN COST REDUCTION AND EFFICIENCY IMPROVEMENT
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- NGN 5000
Abstract: THE ROLE OF COST ACCOUNTANTS IN COST REDUCTION AND EFFICIENCY IMPROVEMENT
This research explores the role of cost accountants in cost reduction and efficiency improvement in manufacturing companies in Abuja. The study's objectives are to evaluate how cost accountants contribute to cost reduction efforts, assess their impact on financial performance, and identify the challenges faced. A survey design was employed, gathering data from 250 financial managers and cost accountants, derived using Taro Yamane's formula. A case study of a leading manufacturing company in Abuja provided detailed insights. The reliability coefficient score was 0.88. Findings reveal that cost accountants play a crucial role in cost reduction and efficiency improvement by providing detailed cost information, identifying cost-saving opportunities, and facilitating better decision-making. However, challenges such as resistance to change and high implementation costs were identified. Recommendations include providing more training for cost accountants on cost reduction strategies, simplifying processes, and integrating cost accounting with overall financial management practices to enhance organizational performance.
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