Advanced Cost Accounting: Using Product Cost Information As A Strategic Tool

Duration: 90 Minutes
This program cuts to the chase. It introduces an entirely new focus on the typical cost accounting approach. We aimed this program at serious cost professionals who are past the simple labor, material, and overhead variances, and are facing the challenge of identifying and reporting the true cause / effect relationship of the strategic and tactical activities of the company and their impact on the factory floor. If you need to know both the "Why" and the "How Much" of product cost, this is your course. You will gain an overview of Strategic Cost Accounting and how to turn product costing into a strategic weapon!
Strategic Cost Accounting
Instructor: Richard T. Balog
Product ID: 507171
Objectives of the Presentation
You will learn how to ensure that product costs reflect the true cost of production, determine transfer pricing, ling target costing with product development, allocate conversion costs on how they are really driven, and identify the hidden profit potential in your current conversion processes.

This program will address tough issues such as:
  • Using Variance Analysis as a Profit Enhancement Tool
  • Converting Cost Accounting into a Strategic Process
  • Managing Transfer Pricing Issues
  • Strategic Manufacturing Standards Development
  • Linking Target Costing with New Product Development
  • Measuring Customer Profitability
  • How to integrate ABC/M concepts into a GAAP-based cost management system
  • Applying the Elements of the Cost Management Process into the Sales and Marketing management process
Why Should you Attend
You will take a step-by-step walk through typical cost accounting procedures. You will solve realistic cost-process problems that can be immediately applied to your unique environment, comparing job-costing and process-costing procedures, determining how to apply direct costing techniques and developing a master plan that coordinates accounting and budgeting.

Areas Covered
  • The International Business Environment
  • Activity-Based Costing as an Effective Cost Accounting Tool
  • Developing Standards as a Tool for Inventory Valuation and Strategic Decision Support
  • Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of
  • Product Cost Variances
  • The Overhead Distribution Challenge: How to Assign Joint and Common Costs
  • Assigning Service Department Costs to Determine Total Product Cost
Who will Benefit
Cost professionals with more than two years of hands-on experience and need to take their expertise to the next level. Also, internal and external auditors, CEO's, CFO's, Cost Managers, Marketing Professionals who have a fundamental product cost background, brand managers, plant management personnel, and anyone who needs to use product cost information to support strategic decisions.

Topic Background
  • Today's New Business Environment
    • This section provides an overview of the strategic, tactical, and operational aspects of today's global business entity. During this session, participants develop their specific learning objectives for the program, and gain an understanding of the benefits and limitations of cost analysis. You will also gain an overview of the responsibility accounting environment, and how the need for cost information has grown far beyond the traditional inventory costing focus.
  • Activity-Based Costing as an Effective Cost Accounting Tool
    • There are many issues which prevent using ABC as the primary cost methodology in many companies. However, there are a number of ABC concepts which you can integrate into many of today's cost accounting software which can enhance the output of cost information to be used for internal decision-support purposes. In this section, you will learn how to use the concepts of ABC to move cost information from the tactical stage to the strategic level.
  • Developing Standards as a Tool for Inventory Valuation and Strategic Decision Support
    • The development of product standards has risen to an entirely new strategic level in many of today's profit-based organizations. The days of "Three Standards and a Cloud of Dust" are long gone. In order to effectively manage production challenges, you must be able to identify the drivers of production concerns. The use of standards strictly as a tool for inventory valuation has been overshadowed by the firms' need for reasonable total product cost to support strategic business decisions. These include pricing, product continuation and new product introduction. In this section, you will learn how to set standards that address external reporting.
  • Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of Product Cost Variances
    • Once you develop your standards, you can use them as powerful tools to support variance analysis. The true benefit of variance analysis is when it can be used as a process-improvement tool. This section will go far beyond the typical cost of goods sold variances into the strategic world total product cost management. You will learn how to calculate those variances that are essential to strategic decision-support.
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Instructor Profile:
Richard T. Balog, CPA/CFF, CIA, CGFM, DACFE is the Managing Partner for the Certified Public Accounting Firm of Balog + Tamburri, LLC. He has been a CPA since 1972.

Mr. Balog is an internationally-recognized seminar leader in providing audit, accounting, finance and business management professional development for over 30 years. He has won awards from The Institute of Internal Auditors and is currently a "Top 50 Small Business Influencer" in the Jacksonville Area.

Mr. Balog was named Outstanding Staff Faculty Member for the IIA. He also served on the professional staff of the Committee of Sponsoring Organizations (COSO) where he helped develop the COSO Structured Framework. In addition, he was awarded the Distinguished Leadership Award for his extraordinary contribution to the audit profession. He served as Manager of Internal Audit for Blue Cross and Blue Shield of Maryland, and began his career with a national accounting firm.
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