During this economic downturn in the Oil and Gas Industry, it is important (more than ever) to know your financial situation, break even points and COGS. Your consultant did a great job fixing our Chart of Accounts and going through the entire process with myself and the accounting staff. We have a much clearer conception of what we need to sell our products for and what needs to be included when pricing them.
Our company engineers, develops and manufactures products for our customers, so there is more than just buying and selling services or parts. Knowing how to allocate R&D costs and report them will be very beneficial to making decisions going forward.
There were numerous tools developed to help us implement and track our cost, and we now have annual budgets with checks and balances in place, to react before it is too late, thus giving us a great advantage in a tight market.
I feel Cogent has done what they promised and has given our company a chance to survive in a market downturn reported to be the worst in 45 years. To put this in context, the oil and gas industry is particularly volatile. Most times it is very good but as cyclical as it is, we need the tools provided by Cogent, to build our company to last through the good times and the bad.
