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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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Volume Variances: “Built-in” Or Something To Investigate?
We all know that overhead variances will occur when the amount of overhead applied to items produced differs from the amount that was budgeted to be applied to produced goods. The overhead that is...
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Do you know what to do?
I was watching tv the other day and a commercial for IBM came on and the tagline of the commercial was something like: Looking at data and knowing what to do with it-now that’s a different thing....
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Cost Accounting for Non-Manufacturing Companies-Really?
Recently I met with a new client to discuss cost accounting issues as they related to their business. This potential client was interested in what their products cost; what products were profitable;...
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What would you do?
I was looking around on LinkedIn today and the question about what do you do when you disagree with your CEO was trending. I know this is not completely relevant to costing alone, but I think it is...
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How much is that paint line in the window
One of the attendees at our recent cost forum brought a problem to the forum that I had not previously heard from forum participants. In this case the attendee had a process in his plant that was...
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Do You Have The Appropriate Costing Insights?
How many more times and ways can I, or we, sat it? When you have a thorough understanding and complete transparency of the costs involved to manufacture your product, it WILL result in so many...
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Mandatory Vacation? Yes Please!
I am quite busy during the tax season not only with my compliance work, but also with my consulting work. Usually after April 15th, I can focus on getting everything that I put off completed and then...
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Beware Of Sunken Costs
A sunk cost can be loosely defined as a cost that has already been incurred and CANNOT be recovered. In my world, a sunk cost can be defined as a particular insurance company’s decision to repair a car...
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Any ideas?
A few days ago I had lunch with an old friend that is now a CFO for a new product development company. During our conversation, we discussed a recent costing problem that had come to light. The problem...
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Lean Production & Moving Balls
It’s been just over a week since I returned from the National IMA Conference. As always, I attended many great presentations on technical and ethical topics, and everywhere in between. As you might...
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Teach Me How To Fall and How to Walk… In Cost Accounting
I have recently started to do Judo at the Bushido Kai America Judo Club. If you are not aware Judo is the second most popular sport in the world just behind Soccer. My husband is a black belt in Judo...
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Raw Material Prices Are So Volatile -What Do I Do?
Occasionally we run across a company whose raw material prices are subject to highly volatile price changes. In many cases the raw material is a commodity that due to world markets, seasonality or just...
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Should We Take On This Job?
Bill and I recently did a presentation for some cost accounting students at one of our local universities. We always enjoy the fresh perspective students offer and the opportunity to promote cost...
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Can Software Solve Your Costing Problems?
If you have ever heard any of us speak, or read our blogs about the most common costing mistakes, you will know that my answer to this question is NO! So many software companies claim that their...
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Assumptions. How Accurate Are They?
Have you ever heard the term that if you assume something you make an ….well, you get the picture, right? http://uncyclopedia.wikia.com/wiki/Assume In my experience, cost modeling often uses a lot of...
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How Well Do You Handle Change?
Another change that has occurred here at William Vaughan Company is that we recently acquired a small local accounting firm, previously known as, Miller, Gardner & Company. We have several...
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Turning the IMPOSSIBLE to IS POSSIBLE
I recently had a meeting with a new potential costing client and I know you are tired of hearing it, but the issues are eerily similar to those I have worked with before. Out-of-date systems, a...
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The Second Worst Cost Accounting System I Ever Saw
A year or so ago I wrote an article about the worst cost accounting system I ever saw. I came across this system years ago when I was first beginning my career in public accounting. It was related to a...
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Hope for the Best or Have a Game Plan?
I recently saw a billboard that said if you don’t have a disaster plan, to hope for the best! Man that really is true, unfortunately, I think that is a lot of people’s plan. Do you personally or your...
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