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Jun 6, 2024 · By creating and analyzing different cost scenarios, you can identify the most likely, optimistic, and pessimistic outcomes, as well as the key drivers and uncertainties that affect the cost. In this section, we will discuss the key components of cost scenario analysis and how to use them effectively.
Jun 13, 2024 · cost scenario optimization is the process of finding the best or most efficient cost scenario for a given decision problem. It involves adjusting the variables, assumptions, and constraints that define the cost scenarios to achieve the desired outcome.
Cost scenario optimization is a process of finding the optimal combination of cost factors that can achieve a desired outcome, such as minimizing the total cost, maximizing the profit, or meeting a certain budget constraint.
Can You Reduce Your Closing Costs? Taking advantage of First-Time Home Buyer programs will help you revoke or reduce land transfer taxes, providing further savings. Opting for a down payment of 20% or more allows you to avoid mortgage default insurance premiums and PST entirely.
- Closing costs in Canada typically range from about 1.5% to 4% of the property’s purchase price, in addition to the down payment. These costs can be...
- Closing costs differ due to factors like location, property type, and various fees associated with the transaction, such as legal fees, land transf...
- In Canada, it’s common for the buyer to cover most of the closing costs. However, certain costs, such as the realtor’s commission and mortgage pena...
- When purchasing a house in Canada, lawyer fees often range between $500 and $1,000, depending on the complexity of the transaction and the legal se...
- In Ontario, title insurance costs usually fall between $250 and $400 for real estate transactions.
- Foreword
- Alison Glober
- Economic slowdown often spurs cost management programs
- “TRANSFORM TO RE-EMERGE”
- Financial weakness
- Market dynamics
- Product optimization
- Customer profitability
- Tax impacts
- Discretionary spend
- Tax impacts
- 6 5 4 3 Process improvement
- Lean / process improvement & redesign
- Intelligent automation
- Systems integration
- IT
- Footprint rationalization
- Sourcing strategy
- Functional models
- Tax impacts
- Process improvement
- Corporate taxes
- Indirect taxes and trade & customs
- Tax transformation and technology
- Global mobility
- 6+ weeks
- Considerations for organizations:
- Start building an action plan
- KPMG’s structured approach is fast and focused
Today’s economic climate is driving demand for cost optimization programs. The longer the COVID-19 pandemic lasts, the more likely that even the strongest of organizations will need to make difficult financial decisions. It is often during challenging economic times that leaders are under pressure to reduce costs and improve their cash position. Th...
Partner, Management Consulting KPMG in Canada Contents
Although expense efficiency should always be top of mind, recent events have brought cost optimization into focus. Many Canadian organizations are undertaking cost optimization as a way of ensuring stability and funding future investments in areas such as digital transformation and customer experience. This playbook outlines a number of possible co...
Industries/companies who will recover, but along a protracted path requiring reserves of capital to endure and transform operating models to emerge stronger and more in line with changed consumer priorities. Travel and Leisure – Healthcare Automotive (bias to electric) – Professional Services Durable goods – Insurance Manufacturing – Real estate/Co...
How can we drive value after an M&A integration & deliver on potential synergies? How can we fund our longer-term sustainability needs? How can we reduce our costs in tandem with driving our business imperatives? How are we performing financially compared to competitors? How can we deliver more value to shareholders? How can we self-finance our bus...
How can we make our processes more efficient? How can we raise the quality of our products or services to meet customer needs? How can we break down the siloes between functional teams? How is our market being disrupted by innovation or technology? What changes are there to our industry’s competitive dynamics? What are the short-term and enduring c...
Consolidate product or service offerings Limit potential investment or account types Review pricing strategy across and between customer types
Delineate service levels based on assets Evaluate client portfolio to exit unprofitable clients
Assess impacts on transfer pricing, indirect tax / customs optimization and the tax treatment of restructuring costs. Product, service & Assess vendors and how the organization engages with them to extract maximum value for organizational spend. Potential considerations – sample checklist:
Review training, entertainment, employee, client acquisition and travel policies Streamline review and reimbursement process to decrease time spent on discretionary expenses
Assess indirect tax recovery opportunities, trade & customs optimization, and transfer pricing considerations. customer profitability Process improvement Product, service &
Evaluate processes across the organizational value chain that can become inflated over time, thus increasing the operational cost to serve customers. Potential considerations – sample checklist:
Identify and reduce non-value add activities across all processes Redesign the order of activities to optimize flow of information and utilization of resources Evaluate and organize talent around value creation activities
Apply tools, such as bots, to ensure greater accuracy and speed in certain manual or repetitive processes (e.g. data entry, Know-Your-Customer procedures, regulations)
Build connections between software, such as between different reporting systems, for greater data visibility and minimization of manual work
Upgrade IT systems to provide data capture and analytical capabilities to inform decisions Use self-serve platforms to allow employees and clients to act on requests remotely (e.g. balances, trading requests) Maximize tax incentives, value creation and transfer pricing through assessment of tax impacts of technology investment. customer profitabili...
Assess real estate required through remote work or relocation
Evaluate the efficacy of outsourcing vs. onshoring functions, such as IT or Payroll
Adopt shared services models to lower client acquisition and servicing costs
Review opportunities surrounding international tax, indirect tax and/or transfer pricing planning Assess legal entity rationalization as well as trade & customs optimization Explore potential grants and incentives. customer profitability
(redesign and automation) Product, service & Develop standalone tax strategies aimed at generating tax expense reduction throughout the P&L and/or integrate tax and business strategies and scenarios throughout the other cost optimization levers to maximize cost reduction. Potential considerations – sample checklist:
Develop plan for repatriating funds to serve treasury objectives and to manage tax attributes (e.g. through tax loss consolidation) Assess opportunities to reduce costs through legal entity rationalization Capture cost savings through transfer pricing planning
Assess opportunities for recoveries and/or enhancing positions through business-driven cost optimization strategies
Optimize tax processes, tax operations and tax technology
Assess optimal global mobility payroll and tax policies to reduce costs and mitigate risks customer profitability Process improvement (redesign and automation)
Rapidly establish cost / financial positions, driver and development Identify upside potential Prioritize opportunities Focus on a limited number of lower complexity opportunities Validate and confirm the full upside impact with medium to long term solutions Set-up PMO, Steering committee and assemble Project Teams for different initiatives Launch ...
Whether you are starting from scratch or looking for an outside perspective, our team can help you rapidly analyze and identify actions to deliver quick wins that can help ensure stability and fund longer term initiatives. In a few weeks, we can: Gather the right operational and financial data Build a picture of the operation, financial position an...
Whether you are starting from scratch or looking for an outside perspective, our team can help you rapidly analyze and identify actions to deliver quick wins that can help ensure stability and fund longer term initiatives. In a few weeks, we can: Gather the right operational and financial data Build a picture of the operation, financial position an...
Whether you are starting from scratch or looking for an outside perspective, our team can help you rapidly analyze and identify actions to deliver quick wins that can help ensure stability and fund longer term initiatives. In a few weeks, we can: Gather the right operational and financial data Build a picture of the operation, financial position an...
Apr 25, 2023 · Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.
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Employing robust cost management strategies in business is not just about reducing expenses; it’s about optimizing your operations to maximize both efficiency and profitability. Whether you’re a budding entrepreneur or the head of an established company, understanding and implementing these strategies can drastically improve your financial health.
