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Why Use Cost Accounting?

Cost Accounting offers a wholistic look of recurring and onetime costs to help you establish per diem rates across species, cage types, and locations. TOPAZ offers both a Cost Accounting Module within Elements for ongoing reporting as well as a separate Cost Accounting Consultation Service. 

Either option helps you to establish baseline costs for your facility. Here, we’ll break down the differences between the module and the service, and ways that they can help your organization. 

Cost Accounting - Service

The Cost Accounting Consultation Service involves working closely with a TOPAZ team member who has significant experience in cost analysis and rate setting. 

We work with you to evaluate your animal care and use program. The result is a detailed report including recommended per diem rates specifically for your animal facility.

Cost Accounting - Module

Alternatively, the module allows your team to compile reports whenever you need. It can be accessed as part of your instance of Elements, or as a standalone. Transfer data from Census and Animal Orders, or import transactions from an external finance system. 

These reports highlight recurring and one-time costs over specific time periods to help determine pricing for upcoming expansion, or identify unforeseen costs.

Whether you use our consultation service or module, Cost Accounting can provide a baseline for your facility’s financial management.

Module - How it works

By entering your transactions, the Cost Accounting Module tracks all costs across multiple facilities over specific periods of time. You can categorize and distribute transactions in order to accurately report on current spending. Then, view as a summary or at a granular level to find the details you need.

Examples of Cost Transactions

  • Feed/Diet
  • Bedding
  • Equipment
  • Utilities

Examples of Labor Transactions

  • Technician Time
  • Administrator Time

Additional Factors

These are not the only factors to consider. Even varying cage types (such as ventilated or microisolation cages for rodents) can have different financial impacts on your organization. That’s why the Cost Accounting Module also calculates indirect costs and allows for Relative Quotient Factors (RQFs) in order to provide the most complete and accurate picture possible.

Learn More

Cost Accounting is a great tool for estimating per diem rates. Whether you are looking to make cost saving measures, plan for future projects, or track spending over time, TOPAZ has the tools to help you make sound financial decisions for your organization.

 

Interested in learning more about how the Cost Accounting Module works with TOPAZ Elements or about the Cost Account Consultation Service? Contact us today for pricing and information.

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