Look out, management accountants

Article Abstract:

The increasing pressure on companies to improve their cost management will inevitably affect management accountants in these organizations. This trend toward cost management has created new forms of cost management techniques. These include activity-based costing, treatment protocols, target costing, kaizen costing and harnessing the entrepreneurial spirit. These cost management techniques encourage the active participation of more individuals in the firm in the cost management process. Management accountants should not mistake these developments as a sign of their increasing importance in the corporation. Instead, they should see these as a sign that fewer management accountants will be needed in the future. The remaining accountants will have to settle for a supporting role and not a leadership role.

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The changing world of management accounting and financial management

Article Abstract:

Results of a 1997 study sponsored by the Institute of Management Accountants identified the changes that managerial accounting and financial management are expected to go through in the 10-year period. By 2007, there will be fewer management accountants although they will have the opportunity to take senior management positions. Moreover, they will act as internal consultants and strategists by offering strategies and recommendations for management decisionmaking. Given their skills and disciplines, they will also function as parts of cross-functional teams, allowing them to participate with different executives. Finally, they are envisioned to be skilled in information technology, such as the Internet, laptop computers and electronic data interchange.

Financial management

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Lean enterprises and the confrontation strategy

Article Abstract:

Very few companies are able to implement lean production strategies effectively because they fail to confront the three elements of the survival triplet concept. These elements, namely, price, functionality and quality, play a significant role in the performance of a product in the static and dynamic stages. They also enable companies to confront competition directly via target costing, cost management and creating the suitable organizational context. One company who managed to beat its competitors using lean production is Puma Inc..

Other Footwear Manufacturing, Production Management, Athletic Footwear ex Canvas, Footwear, except rubber, not elsewhere classified, Methods, Athletic shoes, Athletic shoe industry, Puma Inc.

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