Comprehensive of Costing Best Practices
Product ID : MIKE-0019
Level : Intermediate
Duration : 60 Minutes
A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance. Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals. Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are.
Mike is the author of several books, including:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
Whether a public company, private enterprise, or a not-for-profit organization, cost accounting is vitally important to any entity that offers products or services. Costing systems and policies are used as management tools for a variety of purposes including identifying cost and income structures for separate products/services and as an input to pricing evaluations. Increasingly they are used as a regulatory tool in many industries.
A service/production cost model should do more than simply calculate the cost of your products/services. It must account for the main performance indicators used by management to establish a company strategy. These indicators must be incorporated into the model so upper management can assess different scenarios and the model can be put to optimum use.
- Cost accounting systems for determining the most profitable products/services
- Reconciling budgets with production/services costs
- Making benchmarking a part of cost analysis and evaluation
- Tools for assessing if costs really in line with operations
- Delivering product/services cost information to managers to better understand and manage cost fluctuations
- Many other best practices
Course Level - Basic/Intermediate
Who Should Attend
- Board members
- External auditors
- Compliance professionals
- Operational professionals
- Finance professionals
- Internal auditors
Why Should You Attend
This session will provide an overview of the best tools to precisely assess the cost of your products/services, develop a strategic plan, better understand the effect your operations have on costs and products/services, and implement solutions to manage, control and optimize costs. This is the most comprehensive condensed costing best practices course available:
- Why profits often do not correspond to projections
- How to improve fixed cost allocation
- Costing for a better understanding of the operational data for products/services
- Techniques for improving product/services variance analyses
- Using effective dynamic budgets that keep up with changes in operations
- Learn how to keep costing models simple to use