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!
Learning Objectives:
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.
Topics 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
Instructor
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.