Abstract Relying on their low-cost comparative advantage, Chinese enterprises have rapidly integrated into the global industrial division of the labor system, entering the fast lane of development and becoming an important driving force behind China’s rapid economic growth. Furthermore, in recent years, this situation is changing. The cost of financing for Chinese companies has been rising yearly, a trend that has become increasingly evident, especially after the new crown epidemic. Investment growth in China’s capital markets has declined, the market has seen back-to-back years of decline, and competition has become more intense. It is imperative that enterprises need to strengthen their financial cost control management to enhance their competitiveness in the market by improving cost management. Cloud computing is a new model that relies on the Internet, with a certain amount of network storage space, scalability, and fast scaling. The development of cloud computing provides new ideas for target BPO cost management. With cloud computing, target BPO cost management becomes easier, making it a market-oriented cost control strategy for enterprises, especially those in a competitive market environment. Target BPO cost management can cover the whole process from financing to revenue through the decomposition and control of cost control objectives in various aspects. The ultimate effect is to improve the cost management level and enhance enterprise management’s efficiency. Based on the theories related to target BPO cost management at home and abroad, this paper takes 6201 listed companies in China as the object of research on cost control. The three hypotheses that financial BPO cost mitigates the company’s financial risk, financial BPO control reduces the company’s financial cost and improves the revenue of listed companies are verified by establishing a financial cost mediation effect model through nine variable control indicators. The research results show that the regression coefficient of BPO cost control construction on the revenue input of listed companies is 0.67, which obviously and effectively improves the company’s revenue ( Rd ) 13.21%; the regression coefficient of BPO cost control on financial risk (Fi) is -0.55, which reduces the financial risk of listed companies by 25.6%; the research demonstrates the necessity and feasibility of applying target BPO financial cost management for listed companies The study demonstrated the necessity and feasibility of applying target BPO financial cost management to listed companies, guaranteed the implementation of the target BPO cost management method to the ground, put forward relevant safeguard measures and suggestions for possible problems in the current application of target cost management, fundamentally solved the problem of enterprise financial cost control, and at the same time provided a guiding reference for the application of target BPO cost management in SMEs.