What do you know about the cost centre how will you create the cost centre?

Answer 1

A cost center is a division or unit within an organization that does not directly generate revenue but incurs costs, which are tracked for budgeting and financial analysis. To create a cost center, you would first define its purpose and functions, then identify the specific costs associated with it. Next, you would set up a budget and establish a system for tracking expenditures against that budget, ensuring that all expenses are accurately captured and reported for accountability and analysis. Finally, you would implement processes for regular review and adjustment based on performance and strategic goals.