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Comprehensive Review of Costing Best Practices

4.4 (5)

Michel Morley

Mike Morley

Wednesday, March 10, 2021 | 10:00 AM EDT

  • CPA (Canada)
  • CMA
  • CPA (US)

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPD credit (Verifiable) for Canadian CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Aug 09, 2021 | 09:30 AM EDT Register

Course Description

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. This webinar provides a comprehensive review of the costing best practices.

The webinar provides key importance to the variety of uses of the costing and costing system. For instance, 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.

Further, the webinar takes a progressive approach to the uses of the costing systems. It also directs how the costing system can be used to apply effective control. For instance, a service/production cost model could do more than simply calculate the cost of your products/services. It should also 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.

Major Topics Covered:

  • 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
  • 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
  • Many other best practices

This webinar in the true sense offers a comprehensive view for efficient use of the costing system. 

Learning Objectives

  • To recognize how to precisely assess the cost of your products/services
  • To develop a strategic plan
  • To recognize the effect your operations have on costs and products/services
  • To implement solutions to manage, control and optimize costs
  • To deliver product/services cost information to managers

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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    [no_of_record] => 5
    [average] => 4.4000
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4.4

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EK

Michel did a good job with the presentation. The overall package was well designed. Some customizations will make my work so easier. I am sure I will be able to serve my clients better. Thank you myCPE and Michel.

TA

Excellent course

AL

A decent overview of the material

WDGI

Learned a lot about costing which I have never used in my world.

JP

Good