Small and medium-sized businesses across the globe represent more than 95% of total registered business entities. Small and medium-sized enterprises are mostly organized as trades, limited liability companies and joint stock companies. Other forms of organization can be reported, but they are much less frequent in business practice. A very important role in the business of small and medium-sized enterprises has costs. The term cost itself indicates that money units or other assets, services rendered, incurred obligations in exchange for goods or services that have been received or should be received are expressed in cash units. In order for the company to better manage its operating costs, numerous traditional and modern methods have been developed that are significant support when it comes to cost management. As a traditional method of cost accounting in the production process, the calculation of costs according to the work order and the process cost accounting system are emphasized. In the case of modern methods, it is necessary to mention the target cost method, the ABC method, the cost method according to the life expectancy, the method of calculating the cost of quality and the method of added economic value. In the future, there will certainly be even greater importance for cost management because only so productive, but also other companies will be able to keep up to date with the latest trends in business where they will have to pay as little business costs as possible.