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Out-Of-Date Costing Systems: Don’t You Want to Get Better?
Our most recent cost assignment involved a meeting with a client that had a very large manufacturing operation. During the first hour of the discussion, we learned that they were very sophisticated in...
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The Acid Test
I recently met with a potential client and his cost accountant to talk about their concerns related to their costing system. This was small, but successful company that had been around for many years....
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Top 11 Most Common Costing Issues: Issue #2
Once again, this common costing mistake comes from our experience working with clients and from those who attend our cost forums. I would rank this issue near the top of all the issues. If not number...
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Feeling Like a Failure? A Costing Failure?
My last blog post was about Company A who was just beginning to recognize the pain points in their costing methodology. Today’s blog post is about Company B who I have learned over the last week...
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Breaking the Costing Accounting System Mold
A short while ago I had a meeting with a new client to discuss how we might most effectively implement a costing system for their operation. We talked about several cost methods and how they might...
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Two cost systems = One Reconciliation
One of the participants at our most recent cost forum started a discussion about how to reconcile two costing systems based on two different premises, and the difficulty of accomplishing that task. In...
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Cost Accounting as a Profession
I am constantly amazed by the broad diversity of costing systems that are in use in American businesses today. Different industries, different products, different regions of the country all give rise...
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Is a Central Body a Must for Cost Accounting Professional Growth?
When you think of cost accounting as a profession, you quickly realize it is not really recognized like you would a lawyer, nurse, teacher, etc. I believe one of the items of importance related to the...
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Recognition of Cost Accounting as a Profession: Standard #2
The creation of professional standards The creation of professional standards will likely be the most difficult part of the entire process of recognizing cost accounting as a profession. This is true...
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Recognition of Cost Accounting As a Profession: Standard #3
Professional Recognition Virtually all professions that I can think of have some method of recognizing professional proficiency achievements of their members. Examples include recognition in the form...
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Recognition of Cost Accounting As a Profession: Standard #4
The creation of an oversight board. Another component that occurs frequently in other professional organizations is the creation of an oversight board as part of the overall entity controlling the...
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Recognition of Cost Accounting As a Profession: Standard #5
Continuing educational requirements for the profession of cost accounting. In my opinion, progressive professional accountants are constantly being encouraged and/or required to maintain and expand...
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