Management Accounting – Slice and Dice

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The Certified General Accountants Executive program has been an excellent source of learning and information for me since the program commenced in September, 2007.During the weekend of March 15-16, 2008 my classmates and I met in Ottawa to discuss and review the latest in Management Accounting techniques. Management Accounting, with its focus on budgets and variance analysis, has always played a pivotal role in controlling a business. The establishment of a Strategic Plan, followed by a rigorous Budget process, followed by a monthly variance analysis of actual results to a benchmark (budget or forecast) can provide management with excellent tools to identify and correct problems or “variances” throughout the year. Variance follow up and action is critical but this process can be time consuming and often intensive, which has led to “management by exception” as a way of highlighting the significant issues. The entire planning and controlling process is obviously very important, and therefore companies should take care to ensure that they have what is required to do this properly including; staffing, information systems, and a rigorous and disciplined review process.

Edelkoort | Smethurst | Schein CPAs LLP is located in Burlington Ontario servicing the Golden Horseshoe and Greater Toronto Area and beyond. The firm is fully licensed with CPA Ontario to provide assurance, tax and accounting services as well as registered as tax preparers with the Canada Revenue Agency (CRA) & Internal Revenue Service (IRS). The firm is also registered as an IRS Certified Acceptance Agent.

All blog posts published on this site are for informational purposes only and do not constitute professional advice. Readers should contact a professional to discuss their individual situation. Neither the author or the accounting firm shall accept any liability for any reliance placed on the information posted.

2016-10-14T13:27:05+00:00

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