Cost and management accounting are traditional tools that have been used for years to identify, measure, analyse, interpret and communicate financial and non-financial information to assist management in decision-making and overall control of the organization's operations.
However, there is an even more strategic tool called “strategic management accounting” which serves as a bridge between strategy formulation and implementation by providing decision-makers with the information and analysis they need to make informed choices that align with the organisation's strategic objectives and enhance its competitive position in the market.
Join Constance Kawelenga CA(SA) on 22 May 2024 from 10:00 a.m. to 12:00 p.m. for an exploration of fundamental concepts and techniques in cost and management accounting, focusing on optimising resource allocation, cost control, and performance evaluation.
Learning objectives
By attending this webinar, you will gain the following competencies:
To clearly define and explain the scope of cost, management, and strategic management accounting and show how these distinct disciplines are different from each other
To clarify how these disciplines, though different, relate and feed into each other to ultimately achieve the strategic purposes of organisations
To highlight the roles that each of these disciplines play within organisations
To examine the tools and techniques applied by each of these disciplines
To emphasise the importance of applying all of these tools in order for an organization to maintain its competitive advantage and strategic intent
Content
The webinar will cover the following topics:
Fundamentals of Cost and Management Accounting
Definition and scope of Cost, Management Accounting and Strategic Management Accounting
Cost Accounting
Management Accounting
Strategic Management Accounting
Key principles and techniques of cost and management accounting
Key Principles
Cost Classification
Cost Control
Cost Allocation
Techniques of cost and management accounting
Use of Costing Methods
Cost-Volume-Profit (CVP) Analysis
Decision-Making Techniques
Performance Measurement
Budgeting
Variance Analysis
Inventory Valuation
Capital Budgeting
Activity-Based Costing (ABC
Overview of cost classification and behaviour
Cost Classification:
By Nature:
By Function:
By Traceability
By Variability
Cost Behaviour
Variable Costs
Fixed Costs
Semi-variable Costs
Step Costs
Mixed Costs
Cost-volume-profit (CVP) analysis
Breakdown of key components in CVP analysis
Costs
Variable Costs
Fixed Costs
Volume
Profit
Key metrics derived from CVP analysis
Break-even Point
Contribution Margin:
Contribution Margin Ratio
Profit-Volume (P/V) Ratio
Strategic Management Accounting Framework
Understanding the role of Strategic Management Accounting in strategic decision-making
Cost Analysis
Performance Measurement
Strategic Planning
Resource Allocation
Risk Management
Competitor Analysis
Decision Support
Components of Strategic Management Accounting Framework
Strategic Planning
Value Chain Analysis
Key Performance Indicators (KPIs)
Cost Management
Benchmarking
Risk Management
Performance Evaluation and Control
Strategic Investment Analysis
Strategic Costing
Strategic Pricing
Strategic cost management vs. traditional cost management
Traditional Cost Management
Focus
Methods
Strategic Cost Management
Focus
Methods
Key Differences
Scope
Integration with Strategy
Emphasis on Value
Linking SMA with organizational goals and strategies
Understanding Organizational Goals
Integration of Financial and Non-Financial Metrics
Performance Measurement and Key Performance Indicators (KPIs)
Cost-Volume-Profit (CVP) Analysis
Resource Allocation
Scenario Planning and Sensitivity Analysis
Continuous Monitoring and Feedback
Costing Methods for Strategic Decision-Making
Activity-Based Costing (ABC) and its relevance in Strategic Management Accounting
Accurate Costing
Cost Transparency
Resource Allocation
Product Profitability Analysis
Strategic Decision Making
Performance Evaluation and Incentive Alignment
Target costing and life cycle costing
Target costing
Definition
Process
Application
Life Cycle Costing
Definition
Process
Application
Implementing costing methods to support strategic objectives
Understand Strategic Objectives
Identify Key Cost Drivers
Select Appropriate Costing Methods
Activity-Based Costing (ABC)
Target Costing
Life Cycle Costing
Marginal Costing
Integrate Costing with Performance Measurement Objectives
Cost Optimization and Scenario Analysis
Cross-Functional Collaboration
Continuous Monitoring and Adaptation
Case studies and examples illustrating the application of costing methods
Job order costing
Process costing
Marginal costing
Performance Measurement and Control
Designing performance measurement systems for strategic alignment
Understand Strategic Objectives
Identify Key Performance Indicators (KPIs)
Cascade KPIs
Balance Leading and Lagging Indicators
Ensure Alignment
Establish Targets and Benchmarks
Choose Appropriate Metrics
Implement a Balanced Scorecard Approach
Regularly Review and Adjust
Communicate and Cascade Goals
Key performance indicators (KPIs) in Strategic Management Accounting
Return on Investment (ROI)
Profitability Ratios
Market Share
Customer Lifetime Value (CLV)
Cost-to-Income Ratio
Customer Satisfaction and Retention
Employee Productivity and Satisfaction
Strategic Initiative Success
Cash Flow Metrics
Risk Metrics
Balanced Scorecard approach
Financial Perspective
Customer Perspective
Internal Processes Perspective
Learning and Growth Perspective
Behavioural implications of performance measurement
Goal Setting
Motivation
Accountability
Incentives
Decision Making
Organizational Culture
Ethical Behaviour
Techniques for performance evaluation and improvement
Key Performance Indicators (KPIs)
Benchmarking
Balanced Scorecard
SWOT Analysis
Activity-Based Costing (ABC)
Continuous Improvement Processes
Strategic Reviews and Audits
Employee Training and Development
Performance Incentives
Technology Adoption
Obtaining your CPD certificate
This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA.
All attendees are issued with a CPD certificate available in an online profile.
About the presenter
Constance Kawelenga CA(SA)
Constance Kawelenga is a chartered accountant with a broad proficiency in finance, taxation and auditing. She has attained a diverse range of experience - from Big 4 audit experience, commercial multinational exposure, to running an audit and consulting boutique over the past 8 years.
In 2013, Constance founded the Zuva Group of entities, focusing on audit, financial management, taxation, secretarial, business mentorship as well as business valuations.
Who should attend?
The following persons will benefit from attending this webinar:
Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA.
Accounting officers.
Financial analysts.
Bookkeepers.
Trainee accountants.
Price
R 450.00 - Online admission - Individual.
Group Price 1 - From R184 per person (up to 5 users)
Group Price 2 - From R121 per person (up to 10 users)
Group Price 3 - From R109 per person (over 11 users)
Steps to register for the event:
If you already have a profile, login and register for the webinar.
If you don’t have a profile, create a free profile then login and register for the webinar.
Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series).
Click here to find out about the Technical Resource Centre & CPD Subscription options.
Additional material
By attending this webinar you will be provided with:
A summarised slide presentation.
Reference documents and/or course material where available.
You can ask questions during the webinar and you will also have access to the presenter after the webinar.
Corporate training solutions
At SA Accounting Academy, we recognise the evolving needs of businesses in today's dynamic environment. Beyond our standard webinar offerings, we provide tailored corporate training solutions designed to empower your team with the latest in accounting and professional skills. Whether you're looking for online sessions or face-to-face training, our programs are crafted to ensure a comprehensive and engaging learning experience.
Drawing inspiration from modern training methodologies, our corporate solutions are interactive, adaptable, and focused on real-world applications. We prioritise hands-on learning, ensuring your team can immediately apply their newfound knowledge in practical scenarios.
Interested in a bespoke corporate training experience? Reach out to us at [email protected] or call 010 593 0466. Together, let's design a training program that elevates your team's capabilities and aligns with your organisational goals.
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