what are some drawbacks of cost accounting 
cost accounting systems and the techniques that are used with them can have a high start up cost to develop and implement training accounting staff and managers on esoteric and often complex systems takes time and effort and mistakes may be made early on higher skilled accountants and auditors are likely to charge more for their services when evaluating a cost accounting system than a standardized one like gaap the bottom linecost accounting is an informal set of flexible tools that a company s managers can use to estimate how well the business is running cost accounting looks to assess the different costs of a business and how they impact operations costs efficiency and profits individually assessing a company s cost structure allows management to improve the way it runs its business and therefore improve the value of the firm these are meant to be internal metrics and figures only since they are not gaap compliant cost accounting cannot be used for a company s audited financial statements released to the public 