Total Credits: 8 including 8 Accounting - Technical
This seminar will explore the five essential components of a successful cost model which applies to any organization. Armed with the knowledge of these components, the Cost Accounting team from William Vaughn Company will utilize case studies to provide examples of how you can effectively implement each step and validate your results. In addition, we will identify the most common errors that often result in failure at each step, helping you avoid them. Once you can generate accurate costing data, this information has a wide range of uses in both short-term and long-term decision making processes. We will cover some of the decisions that can be made and what factors to consider in making them.
*An understanding of what is meant by a "valid cost model"
*An understanding of how to break down the product costing process into a step-by-step process that ensures accurate results
*An awareness of the most common costing errors and how to avoid them
*An understanding of the many methods of cost accounting and why there is never a "one size fits all" approach
*An understanding of how to methodically approach questions such as:
*The five essential steps to developing an accurate cost model
*The detailed choices that can be made within each step
*How to validate your cost model once you have completed it
*Signs to look for in your own business that might indicate your costing methodology needs to be updated
*The ten most common mistakes that cost accountants make in developing a costing model
*Actual case studies with examples covering each step inclusive of the problems that each can present
*Knowing what data is relevant and how to structure short-term and long-term decisions for the ultimate profitability of the company
Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
Why Guess Mastering the Fundamentals of an Accurate Cost System_Handout_9.19.2017 (18.26 MB) | 66 Pages | Available after Purchase |
Bill Horst is a Partner who started with William Vaughan Company in 1976. He served as the Managing Partner from 1995 to 2015. Having over 30 years' experience, Bill has developed a specific expertise in a variety of manufacturing processes and accounting systems, as well as manufacturing cost reporting systems. His highly diversified public accounting experience and focus in the manufacturing industry has allowed him to develop skills which can be very useful to a manufacturing company with inventory or costing issues to be addressed.
Prior to joining William Vaughan Company, Bill spent nearly 10 years with a Fortune 500 company. Several those years were spent in manufacturing supervision with some time also spent in inventory control as a shift accountant implementing a new inventory control system on the production floor. As a cost estimator, he worked on new product development and the associated costing. He had extensive experience with the development of a new standard cost system as an assistant to the cost supervisor who had designed and was implementing the new system. Bill worked as an industrial engineer doing time studies and developing work measurement standards all for the standard cost systems and the hourly payroll production incentive program. During his time with the budget department, he developed annual budgets and measured and reported on monthly variances to the department supervisor. Through his experience with that company, he developed a strong understanding of manufacturing cost systems.
Bill is a graduate of The University of Toledo and is the Finance Chairman for the University of Toledo Foundation. He is a member of American Institute and Ohio Society of Certified Public Accountants. He has served as President on the board for both the NW Ohio and SE Michigan Better Business Bureau, and the Northwest Ohio Kidney Foundation.
Tara West, CPA, CMA, is a tax and consulting manager who has been with the William Vaughan Company since January 2005. Tara graduated from Bowling Green State University with a Bachelor’s Degree with specializations in Accounting, Human Resource Management, Purchasing and Supply Chain Management and she received her CPA license in 2007. Tara is a member of the AICPA and the Ohio Society of CPAs. She also serves as the secretary for the Toledo Chapter of The Institute of Management Accountants. Tara's certifications also include CMA, Certified Management Accountant. She is experienced in transportation industries and service-oriented companies and is highly experienced in preparing financial models to analyze cash flow and various business decisions. Tara plays an internal part in various consulting projects, including business analysis, reviewing costing structures, operation reviews, and LIFO analysis. Tara is also involved in our blog writing, if you search some key costing terms you might even come across some of her posts. In her spare time, Tara volunteers with Operation CPA through the Ohio Society of CPAs which offers free tax preparation to military families.
CPAs and accounting professionals who would like a better understanding of costing models, and how to obtain accurate data to increase profitability.
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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