Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) [Hardcover]

Institute of Management and Administration (IOMA) (Author)

Book Description

ISBN-10: 0471739189 | ISBN-13: 978-0471739180 | Publication Date: November 4, 2005 | Edition: 2

Cost Reduction and Control Best Practices provides financial manages with no-nonsense, balanced, and practical strategies that are being targeted and used nationwide for controlling costs by thousands of companies in areas such as human resources, compensation, benefits, purchasing, outsourcing, use of consultants, taxes, and exports. These best practices are based on the trenches experience, research, proprietary databases, and consultants from the Institute of Management and Administration (IOMA) and other leading experts in their fields.
* Provides best practices and techniques for controlling costs within a company
* New chapters focus on outsourcing costs, downsizing, consultants' costs, and business tax costs
* Provides the latest strategies companies re using to control costs

Editorial Reviews

From the Inside Flap

If the past few years have taught financial managers anything, it's that there will always be changes and challenges in the economic environment. Boom or bust, bull or bear, upswing or downturn, more and more companies are realizing that an ongoing commitment to cost reduction and control is the best way to weather the inevitable turmoil in today's global economic climate. Being proactive and implementing practical cost control measures now can lessen the likelihood of having to take drastic actions later—actions that can imperil a corporation's direction and future.

First published in 2002, Cost Reduction and Control Best Practices quickly became a trusted resource for financial managers in companies large and small. Expanded and extensively updated, this edition includes the latest strategies companies are using to control costs, plus new chapters focusing on outsourcing costs, downsizing, consultants' costs, and business tax costs. It gives controllers, managers, and financial managers informed guidance on the most successful cost control strategies across the entire spectrum of business functions.

Within this book, the Institute of Management and Administration (IOMA) presents the best practices, techniques, and proven ideas to help control cost. It helps financial managers make decisions using a scientific method rather than relying on intuition or the latest management fad. Detailed case studies show how other companies have successfully cut or controlled costs in various areas of administration and operations.

From the Back Cover

The official IOMA source for tips, techniques, strategies, and best practices in corporate cost-cutting

This book is a totally updated, authoritative compilation of the best strategies and techniques being used to control costs in various industries and across virtually all business functions. Each chapter focuses on a different department or function and includes the latest best practices and dozens of practical tips and tactics from managers around the country. In-depth case studies and examples show how diverse cost reduction and control measures work in the real world.

The book includes specific techniques on cutting costs in the following areas:

• Human Resources
• Benefits
• Compensation
• 401(k) Plan
• Training and Development
• Accounting
• Accounts Payable
• Credit and Collections
• Purchasing
• Inventory
• Export Costs
• Outsourcing
• Downsizing
• Consultants
• Business Tax

Based on vast research by the Institute of Management and Administration, the premier resource for management professionals, this guide is ideal for managers and financial officers who need to implement cost reduction measures promptly, small business owners who need fresh ideas for cutting costs, and all executives who realize that ongoing cost control is vital for resiliency and competitiveness in fluctuating economic environments. Today, cost control must be integrated into corporate culture in order to preserve that corporate culture.

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Product Details

• Hardcover: 544 pages
• Publisher: Wiley; 2 edition (November 4, 2005)
• Language: English
• ISBN-10: 0471739189
• ISBN-13: 978-0471739180
• Product Dimensions: 9.6 x 6.5 x 1.4 inches
• Shipping Weight: 2.4 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,011,736 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

2 of 3 people found the following review helpful:

5.0 out of 5 stars High Quality Book, August 6, 2006

By 

Elijah Chingosho "Dr Elijah Chingosho" (Nairobi, Kenya) - See all my reviews
(REAL NAME)   

This review is from: Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) (Hardcover)

In a highly competitive operating environment in which we live, it is often difficult for a company to raise prices, unless it can differentiate its products and services in such a way that customers are prepared to pay a premium price. Even then it is necessary to produce the best value at optimal costs.

Most companies are price takers and the only area that they have control may be their costs. This is where this book is very handy and it provides managers with effective techniques and tools that they can employ to control and manage costs. The book shows that all departments can adopt best practices to ensure that their costs structures are optimal. Other areas to target for cost control include outsourcing, rightsizing organisations, the use of consultants and elsewhere.

This is an excellent book that is essential reading for all managers who need to learn the techniques, strategies and best practices in reducing costs for organisations. The author reinforces their well presented arguments, proposals and solutions with case studies and real examples that should assist managers in implementing the tips that they would have learnt.