Journal of Advances in Developmental Research

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Cost Accounting Practices in Indian SMEs: Challenges and Opportunities

Author(s) Dr Suraksha Sharma
Country India
Abstract This review paper critically examines the cost accounting practices prevalent among Small and Medium Enterprises (SMEs) in India, emphasizing the challenges they face and the opportunities that lie ahead. Given that SMEs contribute nearly 45% to India’s manufacturing output and around 40% to exports, efficient cost management becomes essential for sustaining competitiveness and enhancing profitability. The paper outlines the importance of cost accounting in resource allocation, pricing, and financial planning, while also analyzing the current state of adoption among Indian SMEs. Through an exploration of institutional frameworks, government initiatives like the MSMED Act (2006), and schemes such as CLCSS and NMCP, the study assesses how external support has influenced cost accounting implementation. Key challenges such as limited awareness, lack of skilled manpower, financial constraints, and inadequate access to technology are discussed. Furthermore, the paper highlights sector-wise variations, the role of technology, and global best practices relevant to the Indian context. With numerical evidence from government and industry reports, the paper suggests a comprehensive approach to improving adoption—combining policy, training, and institutional support. It concludes that improving cost accounting practices in SMEs is vital not only for internal financial control but also for aligning with global standards, accessing credit, and driving long-term sustainable growth.
Keywords Cost Accounting, Indian SMEs, Financial Management, MSME Development, Managerial Efficiency, Cost Control, Policy Support, Technological Adoption, Government Schemes, Business Sustainability
Field Engineering
Published In Volume 3, Issue 1, January-June 2012
Published On 2012-01-04
Cite This Cost Accounting Practices in Indian SMEs: Challenges and Opportunities - Dr Suraksha Sharma - IJAIDR Volume 3, Issue 1, January-June 2012. DOI 10.71097/IJAIDR.v3.i1.1390
DOI https://doi.org/10.71097/IJAIDR.v3.i1.1390
Short DOI https://doi.org/g9gsgr
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