There are two types of accountant and finance professional, those that ensure the appropriate controls and compliance are in place so that the numbers are accurate and consistent – let’s call this preserving value, and then there are those who are coming out from behind their desks, engaging with the business on meaningful problems, solving them, being a trusted sparring partner and financial mentor – let’s call this creating and capturing. How do we make sure we have the opportunity to be the latte?
Recognizing the shortcomings of conventional absorption cost accounting, Activity-Based Costing has emerged as a tool whereby product cost distortion, as computed in conventional absorption cost accounting, was to lessened the inaccuracies of ACA. ABC was designed to eliminate the large cost pools and unrealistic allocation methods associated with traditional costing methods. However, the ABC system uses a two- stage process for allocating resource costs first to activities then, in turn, allocating activity costs to cost objects which also creates the potential for significance errors.
Mark Stiving shares three innovative pricing concepts in this piece that all finance leaders will benefit from.
Steve and Dave review the Four Pillars of CFO Success and the competencies that make up each pillar.
A fellow finance professional asked me what are the key skills required to become a fantastic accountant. Rather focus on skills per se, I suggested he focus on mastering 3 disciplines. So, what are these disciplines and how do they help you become a fantastic accountant? and finance professional?