{"id":5309,"date":"2022-08-05T09:14:22","date_gmt":"2022-08-05T09:14:22","guid":{"rendered":"https:\/\/www.hashmicro.com\/blog\/?p=5309"},"modified":"2025-01-24T08:58:50","modified_gmt":"2025-01-24T08:58:50","slug":"understanding-explicit-cost-in-business","status":"publish","type":"post","link":"https:\/\/www.hashmicro.com\/blog\/understanding-explicit-cost-in-business\/","title":{"rendered":"Understanding Explicit Cost in Business"},"content":{"rendered":"\r\n<p>In the operational process, businesses spend a lot of money to produce products or services. It is an explicit cost. It also relates to the production factors that the company has and has a direct impact on profitability. However, now you can use an <a href=\"https:\/\/www.hashmicro.com\/hash-core-erp\" target=\"_blank\" rel=\"noopener\">ERP system<\/a> to automate your business operational processes to run more efficiently. That way, the company&#8217;s explicit costs will also be controlled and will not exceed the limit.<\/p>\r\n<a href=\"https:\/\/www.hashmicro.com\/free-product-tour\/?medium=free-product-tour\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" width=\"712\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/11\/Free-Product-Tour-resized.webp\" alt=\"Free Demo\"><\/a>\r\n<div id=\"toc_container\">\r\n<h2 class=\"wp-block-heading\"><strong>Table Of Contents<\/strong><\/h2>\r\n<ul class=\"toc_list\">\r\n<li><a href=\"#understanding-explicit-cost\">Understanding explicit cost<\/a><\/li>\r\n<li><a href=\"#accounting-profit-and-economic-profit\">Accounting profit and economic profit<\/a><\/li>\r\n<li><a href=\"#explicit-cost-vs-implicit-costs\">Explicit cost vs. implicit costs<\/a><\/li>\r\n<li><a href=\"#is-it-essential-to-know-the-explicit-cost\">Is it essential to know the explicit cost?<\/a><\/li>\r\n<li><a href=\"#conclusion\">Conclusion<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2 id=\"understanding-explicit-cost\"><strong>Understanding explicit cost<\/strong><\/h2>\r\n<p>\r\n\r\n<\/p>\r\n<p>This cost is in\u00a0the accounting ledger\u00a0and the company&#8217;s <a href=\"https:\/\/corporatefinanceinstitute.com\/resources\/accounting\/three-financial-statements\/\" target=\"_blank\" rel=\"noopener\">financial statements<\/a>, such as the balance sheet and income statement. It also directly affects the company&#8217;s profitability. Some examples include wages, rent payments, utilities, raw materials, and other direct costs.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>These costs, also known as accounting costs, are easy to identify and link to the company&#8217;s business activities. Net business income reflects the residual income that remains after paying all direct expenses. It is the only accounting cost required to calculate profit because it has a clear impact on company profits and helps in its long-term strategic planning.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h2 class=\"wp-block-heading\" id=\"accounting-profit-and-economic-profit\"><strong>Accounting profit and economic profit<\/strong><\/h2>\r\n<p>\r\n\r\n<\/p>\r\n<p>In economics, there are two main types of costs for companies. The first is explicit costs. When looking at a company&#8217;s financial statements, a deduction will happen from the company&#8217;s revenue to get accounting profit for these expenses.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>Second, there is an implicit cost. It is a factor in calculating a company&#8217;s economic profit. It is equivalent to accounting profit and reduces implicit costs. So the calculation of economic profit takes the firm&#8217;s revenue and subtracts both explicit and implicit costs.<\/p>\r\n<p>The management of these two costs will certainly be easier if the company uses accounting software that is integrated with the <a href=\"https:\/\/www.hashmicro.com\/sales-leads-management?utm_source=blog\" target=\"_blank\" rel=\"noopener\">sales management system<\/a>, where the company could track the sales performance so that the management of these two costs will be calculated automatically and of course far from manipulation and human error.<\/p>\r\n<p><span style=\"font-weight: 400;\"><style>\r\n.cta-in-article-image .desktop-banner{\r\n    display: none;\r\n    text-align: center;\r\n}\r\n.cta-in-article-image .desktop-mobile{\r\n    display: block;\r\n    text-align: center;\r\n    width: 100%;\r\n}\r\n@media (min-width: 650px) {\r\n    .cta-in-article-image .desktop-banner {\r\n        display: block!important;\r\n    }\r\n}\r\n@media (min-width: 650px) {\r\n   .cta-in-article-image .desktop-mobile {\r\n        display: none!important;\r\n    }\r\n}\r\n<\/style>\r\n<div class=\"cta-in-article-image\">\r\n\t<a href=\"https:\/\/www.hashmicro.com\/grants?utm_source=blog&medium=banner-article\" target=\"_blank\" rel=\"noopener\">\r\n\t\t<div id=\"desktop-banner-container\">\r\n\t\t\t<div class=\"desktop-banner\">\r\n<!-- \tnew CTC Grants Banner\t\t -->\r\n\t\t\t\t<img decoding=\"async\" width='696' height='189' src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/07\/CTC-Grants-scaled.webp\" alt=\"download skema harga software erp\">\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t<div id=\"mobile-banner-container\">\r\n\t\t\t<div class=\"desktop-mobile\">\r\n\t\t\t\t<img decoding=\"async\" width='450' height='497' src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2023\/11\/EDG-Banner-Mobile.png.webp\" alt=\"download skema harga software erp\">\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/a>\r\n<\/div>\r\n\r\n\r\n<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h2 class=\"wp-block-heading\" id=\"explicit-cost-vs-implicit-costs\"><strong>Explicit cost vs. implicit costs<\/strong><\/h2>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13352 size-large\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-1024x720.jpg\" alt=\"\" width=\"696\" height=\"489\" srcset=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-1024x720.jpg 1024w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-300x211.jpg 300w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-768x540.jpg 768w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-1536x1080.jpg 1536w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-scaled.jpg 2048w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-150x105.jpg 150w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-696x489.jpg 696w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-1068x751.jpg 1068w, https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/6573-min-1920x1350.jpg 1920w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>Here&#8217;s a comparison between the two costs:<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>The first cost involves more tangible assets and financial transactions that generate business opportunities. This species is easy to identify, record and audit because it has a track record. For example, it is a depreciation expense. It relates to the primary asset of the company.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>In contrast, the definition of implicit costs is not specific as costs. It&#8217;s related to intangibles product or opportunity costs. An example of implicit cost is time consumption. It is how much time a business can use for different activities.<\/p>\r\n<p><strong>Also read:<\/strong>\u00a0<a href=\"https:\/\/www.hashmicro.com\/blog\/the-concept-of-cost-structure\/\">Cost Structure: Definition, Component and Example<\/a><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h2 class=\"wp-block-heading\" id=\"is-it-essential-to-know-the-explicit-cost\"><strong>Is it essential to know the explicit cost?<\/strong><\/h2>\r\n<p>\r\n\r\n<\/p>\r\n<p>The total amount of implicit and explicit costs represent the total economic cost. It&#8217;s a company&#8217;s profits based on all expenses to achieve that income. When evaluating business operations, companies will use explicit costs to determine the profitability of the business. However, businesses typically rely on implicit costs for making a decision or when choosing between different options.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Conclusion<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p>Explicit costs are easy to recognize and track because it is relatable to cash, and they can tangible. Carrying out these cost calculations proves to be very important as it helps in calculating profit, controlling costs, and making decisions. <a href=\"https:\/\/www.hashmicro.com\/accounting\" target=\"_blank\" rel=\"noopener\">Accounting system<\/a> will be handy for collecting all the data and elements needed in calculating explicit costs. <span style=\"font-weight: 400;\">You can start HashMicro&#8217;s Accounting Software <\/span><a href=\"https:\/\/www.hashmicro.com\/free-product-tour\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">demo for free<\/span><\/a><span style=\"font-weight: 400;\"> now.<\/span><\/p>\r\n<a href=\"https:\/\/www.hashmicro.com\/accounting?medium=moneysite-banner\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" width=\"712\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2025\/06\/Accounting.webp\" alt=\"Accounting\"><\/a>\r\n<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"FAQPage\",\r\n  \"mainEntity\": [{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is explicit cost?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"This cost is in\u00a0the accounting ledger\u00a0and the company's financial statements, such as the balance sheet and income statement. It also directly affects the company's profitability. Some examples include wages, rent payments, utilities, raw materials, and other direct costs.\r\n\r\nThese costs, also known as accounting costs, are easy to identify and link to the company's business activities. Net business income reflects the residual income that remains after paying all direct expenses. It is the only accounting cost required to calculate profit because it has a clear impact on company profits and helps in its long-term strategic planning.\"\r\n    }\r\n  },{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is the difference between accounting profit and economic profit?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"In economics, there are two main types of costs for companies. The first is explicit costs. When looking at a company's financial statements, these expenses are deducted from the company's revenue to get accounting profit.\r\n\r\nSecond, there is an implicit cost. It is a factor in calculating a company's economic profit. It is equivalent to accounting profit and reduces implicit costs. So the calculation of economic profit takes the firm's revenue and subtracting both explicit and implicit costs.\r\n\r\nThe management of these two costs will certainly be easier if the company uses accounting software that is integrated with sales management system, where company could track the sales performance so that the management of these two costs will be calculated automatically and of course far from manipulation and human error.\"\r\n    }\r\n  }]\r\n}\r\n<\/script><\/p>","protected":false},"excerpt":{"rendered":"<p>In the operational process, businesses spend a lot of money to produce products or services. It is an explicit cost. It also relates to the production factors that the company has and has a direct impact on profitability. However, now you can use an ERP system to automate your business operational processes to run more [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":15998,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-5309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Explicit Cost in Business - BusinessTech<\/title>\n<meta name=\"description\" content=\"In the operational process, businesses spend a lot of money to produce products or services. It is an explicit cost. 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