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Management Accounting And The Cost Of Quality
- How external statutory compliance financial reporting for government regulatory agencies and the investment community is different from internal management accounting for insights to make better decisions.
- The fundamentals to calculating costs including complying with costing’s causality principle – having cause-and-effect relationships between incurred expenses (e.g., salaries, wages, supplies) and the output costs (e.g., product costs) that consume the expenses.
- How cost “attributes” (e.g., the 4 COQ classifications; value-add versus nonvalue-add) can be attached to costs providing “the color of money”.
- How lean accounting leverages management accounting.
- Barriers and obstacles that prevent CFOs and accountants from reporting COQ.
Overview of the webinar
Managing quality is an imperative for any organization to remain competitive. Measurements of quality are essential, however supplementing that information with financial information further adds to success in managing quality.
Ultimately the language of money is what executives and managers rely on to make better decisions.
Unfortunately, most financial reporting neglects to report quality information such as the costs of quality (COQ).
In this presentation the basics of management accounting will be described including measuring profits and costs of products, standard service-lines, distribution channels, and customers. The presentation will then expand on how this basic information can be leveraged to report and display how end-to-end business processes can be reported as prevention, appraisal, internal failure, and external failure. These are the COQ’s components to report the costs of conformance and costs of nonconformance. Each of the four can be decomposed into elements for each of them.
The presentation will describe how the lean management community applies lean accounting principles with value stream maps to aid in focusing waste reduction and throughput cycle time reduction.
Attendees to this course will feel like they have added being a consultant to their set of skills.
Who should attend?
- CxOs
- CFOs
- Financial officers and controllers
- Managerial and cost accountants
- Financial and business analysts
- Budget managers
- Strategic planners
- Marketing and sales managers
- Supply chain analysts
- Risk managers
- CIO and information technology staff
- Board of Directors
Why should you attend?
Many organizations struggle answering these types of questions:
- Do we know how to measure our cost of quality (COQ)?
- If we did measure our cost of quality, what decisions and actions would we take with the COQ information?
- How might we integrate cost of quality reporting with our other total quality management information (e.g., ISO 9000)?
Faculty - Mr.José Mora
Jose Ignacio Mora is a Principal Consultant specializing in Manufacturing Engineering and Quality Systems. For over 30 years he has worked in the medical device and life sciences industry specializing in manufacturing, process development, tooling, and quality systems. Prior to working full-time as a consulting partner for Atzari Consulting, Jose´ served as Director of Manufacturing Engineering at Boston Scientific and as Quality Systems Manager at Stryker Orthopedics, where he introduced process performance, problem-solving, and quality system methodologies. During that time he prepared a white paper on the application of lean manufacturing methods to the creation and management of controlled documents and a template for strategic deployment.
Jose´ led the launch of manufacturing at a start-up urology products company as Director of Manufacturing for UroSurge, Inc. at the University of Iowa’s business incubator park in Coralville, IA, creating a world-class medical device manufacturing operation, with JIT, kanban systems, visual workplace, and lean manufacturing practices.