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Cost Accounting: The Missing Component of Supply Chain Management

One of the first questions I ask our Warehouse Management students is, “Do you know how much you spend?”, and our Production Planning Management students, “Do you know the cost of producing one of your products?” After five years of training, I can count on one hand how many students have been able to answer these questions, who tell me right away that their company does not use accounting.

The reason students fail to answer this question is that their company has what is called financial and financial management. Investment management focuses on historical and comparative data management for continuous operations and long-term planning. The purpose of managerial accounting is to gather financial information for use in making financial decisions.

Accounting focuses on the collection of financial information that will be used in the preparation of financial statements that meet the needs of investors, creditors, and other users of financial information. These terms include income statement, cash flow statement, savings plan, and cash flow statement. Although these financial reports are useful for management and external users, additional reports, schedules, and analyzes are necessary for management to use in planning and monitoring operations.

Management and accounting are focused on the company’s performance and cannot provide the detail necessary to know the cost of goods and services. The best they can do is give averages. In addition, accounting provides detailed information on the amount of money needed to improve the current situation and plan for the future. Managers use this information to decide how to allocate resources to the most efficient and profitable areas of the business.

Cost accounting helps managers better allocate costs such as raw materials, labor, and other plant resources to the resources they are using instead of accounting them for total sales. Without accounting, capital expenditures such as capital expenditures in physical products, employee expansion, depreciation, taxes, insurance, utilities, maintenance and repair of machinery, equipment maintenance, inventory, production time, and operating expenses are often lumped together to create more money. a value that is added to an object as a mark of superiority. The actual cost of a product is never known which means the company charges for some products and not enough for others.

Accounting principles are designed to help manufacturers manage the many costs involved in manufacturing and supplying control equipment. The information generated by the accounting system provides a basis for determining the correct cost of goods and services, and helps managers plan and control operations.

Viewing Product Costs and Prices

Accounting methods provide methods for determining the value of assets that help prepare financial statements and other reports necessary for business management. An accounting system should be developed to allow the determination of unit cost and total cost of goods. Unit cost information is also useful in making important marketing decisions such as determining the selling price of a product, meeting competition, bidding for contracts, and evaluating profitability.

Planning and Control

One of the most important aspects of accounting is the preparation of reports that management can use to plan and manage operations. Planning is the process of establishing the company’s goals or objectives and determining the means by which they will be achieved. Effective planning is driven by clear goals for the manufacturing process and a manufacturing process that will help and guide the company to achieve its goals.

Accounting information enhances the planning process by providing historical information that serves as a basis for future projections. Managers can analyze data to estimate future revenue and operating results and make decisions about acquiring additional space, any changes in marketing strategies, and availability of funds.

Effective management is achieved by assigning responsibility for every detail of the production plan through the establishment of an investment center. All managers must be clear about their responsibilities in terms of efficiency, operations, production, and costs. The key to effective control involves using accounting and financial centers to measure and compare results and take appropriate action.

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