Choose an Event
LIVE ONLINE SEMINARS
PRIVATE TEAM TRAINING
Bring this topic or 200+ other training opportunities to your location in-person or online.
Already attended this seminar?
"I have been a member of Fred Pryor for almost three years now and I have yet to attend a class that didn't have valuable information that would benefit my company and/or our employees."”
— Teri M.
"Excellent!! As always, Fred Pryor's courses are easy to follow, very informative and presented in a format that keeps your attention!!"”
— Cynthia S.
"I enjoy all of the seminars that I attend through the Fred Pryor Training Rewards program. They are very informative and the instructors are very knowledgeable and helpful."”
— Tasha M.
"Excellent info for all levels of users. There are always things to add to your "bag of tricks"."”
— Wendy S.
"Wow! I have taken many wonderful courses through Fred Pryor; this one takes the cake!!"”
— Dana N.
"Top notch! Thank you Fred Pryor, this is the best investment my boss could have made."”
— Lewis C.
"I received a lot of great information in this training. Several co-workers went with me which was a great help for me to start implementing some of the changes we need to do at the office. It was very eye opening for them to realize the things that we need to do at the office. It was very eye opening for them to realize the things that need to get to me. It was like Fred Pryor and the trainer had my back!"”
— Tasha C.
Cost Accounting — a fresh approach for controlling costs, monitoring performance and increasing profitability
As organizations continue to tighten their belts and monitor every dollar spent, financial analysis becomes a critical part of management and team operations. By using cost accounting — a method of evaluating projected profits and weighing them against projected costs — managers are better able to account for expenditures, create a budget based on relevant financial data, identify production costs and pinpoint waste, adjust marketing strategies and make better business decisions.
What is Cost Accounting?
- Understand the concept of cost accounting from a manager's perspective
- Standard accounting versus cost accounting — three critical differences you need to know
- Why standard accounting may not produce the information required to analyze and predict business performance
- How cost accounting will help your decision-making process and help to focus on growth, profits and opportunities
- You compare: interpret income statement data from a standard accounting perspective and a cost accounting perspective
Two Major Streams for Cost Accounting
- Process-based costing — what it is and how to apply this model to your business
- Project or job costing — gathering the data you need to put the numbers into practice
- Why these two systems can apply to almost any business model and businesses of any size
- Examples of how separating cost and revenue can provide insight into business performance
Fixed, Variable and Overhead Costs
- The differences between fixed, variable and overhead costs — how these differences can affect analysis
- Three characteristics of fixed costs, overhead costs and variable costs
- How their interrelationship affects profitability
- How to use these costs to gather information and plan for the future
- Addressing variances: how to account for differences between actual costs and expected results
- How cost accounting helps management react to problems and opportunities as they occur in the real world
Cost and Volume Relationships
- The connection between costs, volume and profitability
- How to predict profitability by examining the relationship between revenue, cost of sale, overhead and volume
- How cost and revenue can be used to examine "what if" scenarios with differing volumes
- How analyzing cost/volume relationships can be used to predict break-even minimums, evaluate new and existing product lines and indicate whether volumes are achievable
- How cost/volume information can be used to determine when it's prudent to launch new products or make changes to existing product lines
Budgets and Flexible Budgets
- How to use cost data to create a more accurate budget
- The "flexible budget" — what it is, how it differs from a traditional budget and why it's one of the most powerful tools in your accounting toolbox
- How flexible budgets tie the actions of different departments together
- Sales, operations, and administration — how a flexible budget separates these results for more accurate analysis and departmental management
- How flexible budgets adjust for actual results and offer a unique outlook on achieving and exceeding goals
Implementing Cost Accounting
- Overcome resistance to change — strategies to get buy-in on every level, from staff to management
- How to prove cost accounting's value and benefits to your business
- Get the accounting department on board — how to convince them the extra work involved with producing cost accounting data is worth the effort
- How to work through the challenges involved in implementing a cost accounting system within your organization