Financial Skills In Rationalizing Expenses
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INTRODUCTION
Finance is the management of funds and various activities including borrowing, investing, budgeting, saving, lending, and forecasting. It is essential to have adequate finances to enable operations, generate profits, sustain through adverse economic conditions, facilitate business expansion, and attain long-term goals. Our industry experts have created these Finance Training courses to provide individuals with comprehensive knowledge of foundational to advanced concepts of banking, bookkeeping, finance management, and financial analysis.
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COURSE OBJECTIVES
At the end of this course you will be able to:
- Acquaint the modern changes that affect cost accounting and its reflections on cost accounting system, its contents, goals through cost reduction and expenditures rationalization
- Gain cost measurement skills according to the contemporary used methods in measuring production and services cost
- Understand costs-saving importance for decision-making, and presentation of the variable areas
- Develop the cost accountant performance like planning, control, and cost reduction and expenditure rationalization
- Acquire skills of expenditures rationalization, cost reduction and measure some of the cost elements
- Learn the requirements of the internal accounting standards, with perception for some of the tackled identified cost elements problems
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COURSE AUDIENCE
This course is made for
- The training course is designed for Directors, managers, and executives of financial services and accountants in cost departments.
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COURSE OUTLINE
DAY 1
Variables and Functioning Dimension of Cost Accounting
Cost accounting system nature
Characteristics and objectives of cost system
Costs measurements and indicators
Costs accounting methods and measuring procedures
Disclosure methods of costs information
DAY 2
Variable Reflected on Cost Accounting Function and Expenditures Rationalization
Developing cost system framework
Cost framework and its contents
Cost loading theory
Cost calculation methods
Measurements methods and procedures
Cost reduction areas of and expenditures rationalizations
The modern accounting methods to measure production costs
Accounting of activity
Accounting of product life cycle
Accounting of achievement
Accounting of targeted costs
Case study
DAY 3
Cost Accounting Performance Development Fields
Fields of developing cost accounting performance
Activities analysis
Cost analysis
Cost planning
Cost control
Cost reduction
Costs reports development
Requirements for developing cost reports
Modernized aspects of cost reports
Quality cost report
Damaged production cost reports
Follow-up reports of equipment and machinery operation
Cases and practical models of cost reports preparation process
DAY 4
Cost Decisions Activation for Expenditures Rationalization and Costs Reduction
The convenient cost concepts for analysis and decision making
Cost analysis methods
Study the cost behavior and its reflections
Convenient costs for decision making
Use differential cost analysis for decision-making
Use similar cost analysis in decision-making
The purchasing cost reduction decisions
Fighting of extravagance decisions.
Preventive maintenance decisions
Compensation restructuring and incentives decisions
Cost excellence decisions
Product redesigning decisions
Differentiation decisions between modern technologies alternatives
DAY 5
Develop Cost Accountant Performance for Expenditures Rationalization
Measuring cost according to the international accounting standards
Inventory costs (standards 2)
Fixed assets acquisition costs (standard 16)
Loan cost (standard 23)
Case study
Cost measurement problems according to the international accounting standards
Depreciation of the fixed assets (16)
Costs of maintenance and fixing
The financing lease (17)
Purchasing and stoking (2)
Other varied problems
Case study
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