The study investigated the effect of cost management on profitability of Small and Medium Enterprises (SMEs) in Butiiti Sub-County, Kyenjojo District, Uganda. A descriptive cross-sectional survey design was employed with a sample of 227 SME owners and managers. Data were collected using structured questionnaires and analyzed through correlation and regression techniques. Results indicated a significant positive effect of cost management on profitability (r=0.721, p