Course details
Managerial accounting is an activity that provides financial and nonfinancial information to business managers and other internal decision makers of an organization. This course examines how managerial accounting information is gathered, and how it is used by business professionals to make effective plans & decisions. Lessons such as fundamentals of managerial accounting, cost accounting concept, and managerial accounting approaches will provide you with the concepts, procedures, and analytical skills you'll need to make informed decisions in today's challenging business world.
Managerial accounting is not as widely used as other forms of accounting, nor is it as known. While companies concern themselves with financial accounting methods like audits, budgets and financial statements, they often completely ignore the forward-thinking methods of managerial accounting.
Key points include:
- Managerial vs. financial accounting
- Cost-Volume-Profit analysis for decision making
- Make vs. buy decisions for planning
- Fixed vs. variable vs. mixed costs for control
- Capital budgeting that makes a difference
The Goals
This conference will help you learn how to:
- Cost terms and Concepts
- Cost Behavior: Analysis and Use
- Direct vs. Absorption Costing
- Overhead Costing for Planning and Control
- Standard Costs & Variance Analysis
- Relevant Costs for Decision Making
- Financial Statement Analysis
The Process
This workshop will be highly interactive & participatory. Your seminar leader will present, guide and facilitate learning, using a range of methods including discussions, case studies, real world examples and exercises. Where appropriate, these will include real issues brought to the workshop by delegates. Lessons learned from the seminar will be applied to your own organization.
The Benefits
- The improved appreciation for the accounting approach to planning
- Reduced inter-functional territorial battles
- Higher productivity during the decision making process
- Increased skill set in all phases of accounting
- Greater ability to use managerial accounting information to control positive outcomes
The Results
By successfully completing this course, delegates will be able to:
- Define managerial accounting & its impact on the organization
- Make better decisions through the results calculated
- Maintain better control of all costs
- Plan more accurately using managerial accounting
- Describe policies and company components that affect managerial accounting
The Core Competencies
Delegates will gain in the following competencies as a result of the program:
- Using financial information for guiding decisions
- Understand how to optimize decisions through make vs. buy analysis
- Be able to develop & critique plans that create results
- Control variances to industry standards
- Become comfortable conversing on accounting subjects
The Conference Content
Managerial Accounting: a perspective
- The role of Managerial Accounting
- Financial vs. Managerial Accounting
- Cost Accounting vs. Managerial Accounting
- The work of management
- The Organization aspects of Managerial Accounting
- Using Managerial Accounting for planning, decision-making & control
Cost Concepts, Terms & Classifications
- Diff cost s 4 diff purposes
- Cost classifications
- Cost by function
- Product vs. period costs
- FC, VC & Mixed costs
- Costs for planning, control & decision making
Cost Behavior Patterns
- Analysis of cost behavior
- Fixed Costs-committed vs. discretionary
- Variable costs
- Semi-variable costs
- The Contribution Margin approach
- Comparing Gross Profit to The Contribution Margin
Cost-Volume-Profit & Break Even
- Cost-Volume-Profit & Break Even defined
- Cost-Volume-Profit analysis
- Target income calculations
- Margin of safety calculations
- Sales mix analysis
- Break Even analysis
Standard Costs
- Responsibility accounting defined
- Responsibility centers
- Standard costs & Variance Analysis
- Fixed overhead variances
- VA for factory overhead
- Absorption vs. direct costing
Relevant Costs
- Relevant costs defined
- Decision-making approaches
- Make vs. buy decisions
- Sell vs. process decision
- Lease vs. buy decision
- Adding or dropping a line decision
Capital Budgeting
- Capital Budgeting decisions defined
- Capital Budgeting techniques demonstrated
- Mutually exclusive projects
- Capital rationing & decision making
- Investment decisions
- Decision-making tools
Performance Evaluation
- Division evaluation
- Return On Investment (ROI)
- Profit planning
- Residual income (RI)
- Controlling results using ROI
- Controlling results using RI
Financial Statement Analysis
- Ratio overview
- Liquidity ratios
- Activity ratios
- Leverage ratios
- Profitability ratios
- Market ratios
Statement of Cash Flows
- P&L to Cash flow analysis
- Accrual basis of accounting
- Operations section explored
- Investing section explored
- Financing section explored
- Cash Flow statement to Balance Sheet connection
Course Location
About PetroTech
Knowledge
The adage that “knowledge” is power holds very true in this industry. In order to maximize results we are constantly updating and upgrading ourselves. This commitment to ongoing skills development is one of the reasons we are success, the belief that there is a “better way to do things” is what motivates us each and every day. By aligning with us you are going to benefit from our years of expertise in real world scenarios. Classroom learning is great but there is no substitute to real world experience which is what we are bringing to the table.
Quality
Billionaire investor Warren Buffett said “price is what you pay but quality is what you get” and that expression is very true. With use we understand that your time is very valuable and you only want the best and most current industry related knowledge which is what we bring to the table. Instead of giving you massive amounts of inaccurate or outdated information you get precisely what you want, the most current knowledge so you can make truly informed decisions that will directly impact productivity and your bottom line. When results are what you are looking for then the choice is clear, we are your partners in success.
Innovation
Technology has revolutionized the way knowledge is disseminated in throughout the world, what use to take months or even years to reach the masses can be done in a few hours ! In order to remain relevant and viable we need to embrace innovations. The challenge with innovation is knowing when to implement it and what type of return you can expect from it. Instead of risking your time and resources we have the answers for you, Since we are at the vanguard of the industry whenever there is a fruitful innovation we will be there providing you with the information needed to make the right decision.
Respect
We understand you may have unique need so we provide a tailored made (bespoke for our U.K. friends) approach that will address your questions in the most conducive manner possible. Respect to us means putting your interests, your needs at the forefront of our mind. You will see how genuine we are and that you not just “some customer” you are our partner in success just as much as we are your partner in success. We firmly believe in the “golden rule”, treat others with graciousness, courtesy and respect. Come experience the difference that quality and respect makes and you will truly be amazed.
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