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Course Outline
Introduction to Cost Centers and Costing Fundamentals
- Purpose and structure of cost centers
- Cost classification: fixed, variable, direct, indirect
- Mapping organizational units to cost centers
Cost Driver Identification and Allocation Routines
- Selecting and defining cost drivers
- Allocation methods and frequency
- Maintaining allocation rules and schedules
Bills of Materials (BOM) and Component Costing
- BOM structures and cost rollup principles
- Handling multi-level BOMs and phantom assemblies
- Component substitution and cost impact analysis
Standard Costing, Variances and Reconciliation
- Establishing standard costs and updates
- Recording and analysing material and overhead variances
- Period-end reconciliation and corrective actions
Activity-Based Costing and Advanced Allocation Techniques
- Designing activity pools and cost assignments
- Calculating activity rates and unit costs
- Comparing ABC with traditional allocation approaches
Product Costing Workflows and Cost Rollups
- End-to-end costing for finished goods and services
- Interfacing costing with procurement and production records
- Simulating cost scenarios and what-if analyses
Controls, Auditability and Compliance
- Implementing access controls and change governance
- Audit trails for cost adjustments and revaluations
- Regulatory and reporting considerations
Performance, Optimization and Cost Reduction Strategies
- Identifying high-impact cost drivers and hotspots
- Process improvements and cost-to-serve analysis
- Continuous monitoring and KPI design for cost centers
Summary and Next Steps
Requirements
- An understanding of managerial accounting principles
- Familiarity with bills of materials and production processes
- Experience with ERP or financial systems at an operational level
Audience
- Cost accountants and financial analysts
- Product costing and supply chain specialists
- ERP functional consultants and system integrators
14 Hours
Testimonials (5)
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
i like that it was easy to understand - not too technical
Kirthanya Pillay - Woolworths Financial Services
Course - FinOps Certified Practitioner (FOCP) Preparation
he was informative, shared a lot of material to reference
Siphokazi Mnyebeleza
Course - FinOps For Engineers
Personal service and orientated to my needs
ANN - New Vitality Clinic
Course - GnuCash for Business Accounting
The lecturer is very knowledgeable and can substantiate theories with his own personal experiences.
