Strategic Management Accounting Course
- Duration:1 Day
- Cost:£539 + VAT
- Ref:CIMA181
Discover accounting for competitive advantage with our management accounting course
Who is it for
Senior managers with responsibility for or involvement in the development or implementation of competitive strategy
Financial managers with a close involvement in a different functional area (eg marketing accountants)
Finance staff providing supporting information for strategic decisionsWhat is it about
Finance can add value to strategic decisions, if it is appropriately linked in to the strategic goals and objectives of the firm at corporate and business unit levels. This course demonstrates how financial analysis, planning and control processes can be integrated into the competitive and corporate strategies of the business. Financial information systems and performance measures can be adapted in order to facilitate this. This course illustrates how.
The style of the course is highly participative and uses a combination of short illustrative examples and some real case studies. It provides an opportunity to apply the concepts to the delegate’s own business.
This course is recommended by the Institute of Chartered Accountants in England and Wales.
THIS COURSE IS RUN BY CIMA MASTERCOURSES
Course Overview
Accounting for a sustainable competitive advantage
- The need to identify the critical success factors of the competitive strategy of the business unit
- Identify the key strategic thrust of the business unit -links to the management accounting system
- This session aims to:
- illustrate the need to tailor financial information to the main competitive advantage which is being developed in the business plan
- analyse risks and opportunities of each such competitive strategy
- provide appropriate segmented accounting information
- The implications for financial planning and control systems
- This tailored and segmented information can only be efficiently and effectively produced from an appropriately structured FP & C system
- Key account management and profitability
- Evaluating and controlling strategic investment decisions
- Sustainable competitive advantages normally only result from high risk strategic investment decisions. Such decisions need to be rigorously evaluated and controlled
- Use of value chain analysis to identify performance improvement opportunities
- The concept of relative risk perception used in conjunction with competitive strengths and applied not only to competitors but also to suppliers and customers
- Design and implementation of tailored financial control systems
- How financial control systems must
- be relevant and linked to the specific competitive strategy
- contain financial and non-financial measures
- separate economic and managerial performance indicators
- Strategic management accounting for pricing decisions
What will I get out of it?
A practical insight into the way in which management accounting can add value to a business through a more positive and proactive involvement in the strategic decision making process.
An understanding of the way in which many financial techniques can be used strategically to enhance or evaluate competitive advantages.
8 CPD hours (for non-CIMA members)Accredited by
