"The instructor was unfailingly cheerful, energetic, enthusiastic and professional. In fact, the enthusiasm he put into his teaching made for a highly informative and enjoyable course. It’s up to me now to find ways to adapt his ideas to my organization."
In the 21st Century’s highly-competitive, global business world, finance and accounting professional are increasingly being pressured to move beyond the tasks of reporting their company’s results and protecting its assets and assuming the roles of trusted business advisor and enabler of their company’s strategies and plans. They are, in effect, being asked to expand their horizon from the science of counting beans to the craft of growing them.
In response to these demands, the management accounting marketplace has become cluttered with a plethora of concepts and tools all of which claim to be the ultimate solution to the financial professional’s problem. Included in the menu of “best ideas ever” are Activity-Based Costing and Management, Theory of Constraints, Lean Accounting, the Beyond Budgeting movement, Resource Consumption Accounting, Target Costing, Balanced Scorecards, Time-Driven Activity-Based Costing, and the German practice of Grenzplankostenrechnung. All have advocates who would have you believe that by adopting their philosophy and/or implementing their software, all of your company’s management accounting needs will be fulfilled.
Management accounting is, however, much more than just costing, budgeting, scheduling, forecasting, or performance measurement practices. It is a process that requires partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy. Items from the clutter of popular concepts and tools may have a role in that process, but the process is much more than accurate costing and sophisticated scorecards.
This wide-ranging three-day overview is designed to provide attendees with a comprehensive view of the management accounting process; a view that serves as the backbone for crafting the sophisticated management account concepts and tools available to today’s accountant into a management accounting process that will serve as a powerful, value-adding tool for their organization.
This course answers questions such as:
- What are the key component parts of an effective management accounting process?
- How can an organization insure that its cost model represents the fundamental economics that underlie its business?
- Why is the ability to predict costs just as important as the ability to assign them?
- What should be management accountants’ objective; accuracy and relevance or precision?
- What kind of modifications must be made to costs recorded under financial accounting standards to make them more representative of the true, long-term, sustainable economics of the organization?
- How can management accounting information be used to help management craft a successful business strategy?
- How can a group of performance measures be selected and assembled that will direct employees toward the implementation of management’s strategy.
- How can management accounting information be used to enhance the quality of pricing, investment, process improvement, sourcing, and other critical management decisions?