4 part request.
1) 100 words elaborating on the videos below.
The Institute of Management Accountants (IMA) has a series of YouTube Videos on Trends in Management Accounting. We will continue to review and discuss some of these trends to learn about developments in this field for discussions in this course.
Listen to the following two videos in the IMA series:
Required:
Comment and expand on a topic discussed in the video and provide a real world example from the news or your own experience. In addition, make some concluding remarks about the seven changes discussed in this series.
Presence during both weeks of the module and a minimum of three postings are expected, one original posting and two responses to colleagues. Minimum required participation does not guarantee a perfect score.
ALL RIGHTS RESERVED CONTENT
7 Trends in Management Accounting – Trend 6. Authored by: IMA. Located at:https://youtu.be/prHH8zuxrFI. License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting – Trend 7. Authored by: IMA. Located at:https://youtu.be/W5IaDO_N3B8. License: All Rights Reserved. License Terms: Standard YouTube License
2) 50 WORDS Respond to post 1
My company has embraced trend 6 in the series, internal chargebacks for IT services and shared services. We have instituted charge backs for our IT, Accounting and HR Departments, all cost centers. After the housing market crashed, the company needed to better understand how to function more effectively. As a result of this analysis, what Cokins said in the video was true: if something is free, people will abuse it. The amount of waste for “special projects” (aka people not wanting to do the job themselves) was astounding. This led to set prices for services for normal, everyday things. IT would charge a flat rate to set up an office at the corporate office and another flat rate for ordering and setting up a property’s office. The Accounting department would bill back a charge for creating monthly financials and another depending on the number of invoices it paid for corporate or a property. They would also “bid” on special projects that Vice Presidents or Regional Manager may need. Finally, the HR department billed back each department every time an employee was hired or for payroll generated (based on the number of employees in a department).
Because of this practice, all departments have become more efficient and employees better understand their guidelines and roles.
Institute of Management Accountants. (2014, April 10). 7 Trends in Management Accounting – Trend 6 [Video file]. Retrieved
3) 50 WORDS Respond to post 2:
Managing information technology and shared service as a business enables an organization to cut down costs and focus on its goals. Shared service eliminates the back office tasks that make a company incur extra costs and centralizes all the activities on common point hence eliminating redundancy. The main driver for shared service is technology because of its ease of use, it does not require periodic training of employees and customers so that they can understand how to perform different tasks. An example of shared service is the use of mobile application in banking services which enables users to register new accounts, check their bank balances, deposit and withdraw money efficiently from their accounts using their phones. This process streamlines services offered by the bank and creates room for better decision making due to accuracy in transactions. The application also eliminate all back end employees because operations are automated and shared service team assistance is only required on instances where verification is required.
In conclusion, the seven changes are aimed in making the business process faster and more efficient. Business analytics helps in making informed decisions, managing information technology and shared service as business reduces business operation costs, the need for better skills and competency with behavioral cost management enables business operations to be accurate, visible and usable, the use of regression and correlation enables an organization to predict and make the right decision in order to avoid negative returns.
4) 100 WORDS. Discuss what three areas you learned in this course that you will use going forward. These are the categories to select from:
Prepare a flexible budget and evaluate the information
Identify budgeting issues
Explain and compute performance measures.
Explain behavioral change management.
Understand and apply cost behavior
Prepare a behavioral income statement
Formulate alternate profitability scenarios.
Explain customer profitability.
Explain enterprise and corporate performance management.
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