Management Accounting And Control Practices In Lean Manufacturing

Discuss about the Management Accounting and Control Practices in Lean Manufacturing.

No	Position Title	Sector Industry or Government	Position description Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Date listed	Website address	Search word(s) or phrases
1.	Management accountant	Industry – JCDecaux Australia	Main objective is to track, forecast, record and monitor expenses associated with capex	7^th April 2018	Jobsearch.gov.au	Positions for accountant
2.	Management accountant	Industry – Acqua Bathrooms	Report to the director and deliver the executive team with various business analyses and improvement for management decision making	26^th March 2018	Jobsearch.gov.au	Positions for accountant
3.	Senior management accountant	Industry – Maxxia	Able to implement the ongoing maintenance of forecasting, budgeting and reporting platform	26^th March	Applydirect.com.au	Management accountant
4	Management accountant	Industry – Metro trains	Enthusiastic management accountant to help in analysis and planning the financial aspects	5^th April	Applydirect.com.au	Management accountant
5.	Cost accountant	Industry – Junior first movers	Primary responsibility is to assist the management with the performance based reporting for finance that includes cost management, forecasting, pricing, and strategic financial planning	21^st March	Adzuna.com.au	Cost accountant
6.	Cost accountant	Industry – MPAU Finance	Budget vs actual costing analysis, Opex and Capex analysis and tracking, accurate annual forecasting and budgeting	25^th March	Adzuna.com.au	Cost accountant
7.	Cost accountant	Industry – Brandt	Ongoing analysis for the product costing for providing accurate and meaningful cost related information to all management level.	21^st March	adzuna.com.au	Cost accountant
8	Management accountant	Industry – Michael Page	Annual budgeting, maintenance of monthly performance report, providing strategic analysis	7^th April	Seek.com.au	Management accountant
9.	Management accountant	Industry – Gates Australia Pty Ltd	Reporting on Hyperion financial management system, supporting the budgeting procedure and forecasting monthly rolling, reporting on tax pack	6^th April	Seek.com.au	Management accountant
10.	Management accountant	Industry – Capstone recruitment group Pty Ltd	To provide well informed and timely advise to director regarding various aspects of branch functions and roles, budgeting and forecasting	6^th April	Seek.com.au	Management accountant

No	Position title	Position requirement	Cost or management accounting criteria required or position	Alignment with learning outcomes of ACCT 6004
1.	Management accountant	Main objective is to track, forecast, record and monitor expenses associated with capex	Able to provide accurate, pro-active financial advice to the management for supporting business growth and meeting the legal requirements	Learning outcomes 3,4,5 and 6
2.	Management accountant	Report to the director and deliver the executive team with various business analyses and improvement for management decision making	Pricing, assets valuation, cost management, budgetary system and forecasting	Learning outcomes 3,4,5 6 and 7
3.	Senior management accountant		Able to implement the ongoing maintenance of forecasting, budgeting and reporting platform	Learning outcomes 3,4,5 and 6
4.	Management Accountant – Infrastructure	Enthusiastic management accountant to help in analysis and planning the financial aspects	Tertiary qualification in accounting or management. Demonstrated experience in business partnering	Learning outcomes 3,4,5, 6 and 7
5.	Cost accountant	Primary responsibility is to assist the management with the performance based reporting for finance that includes cost management, forecasting, pricing, and strategic financial planning	Advanced skills for excel, job costing experience, management accounting experience, accounting or business degree	Learning outcomes 3,4,5 and 6
6.		Budget vs actual costing analysis, Opex and Capex analysis and tracking, accurate annual forecasting and budgeting	Must have 3-5 years experience in similar type of cost accountant role. Must be CPA/CA qualified and shall be experienced in manufacturing organization.	Learning outcomes 3,4,5 and 6
7.	Cost accountant	Ongoing analysis for the product costing for providing accurate and meaningful cost related information to all management level.	Must have minimum 3 years of experience and shall be progressively responsible along with a professional designation for accounting	Learning outcomes 3,4,5 and 6
8	Management accountant	Annual budgeting, maintenance of monthly performance report, providing strategic analysis	CA/CPA qualified, excellent knowledge of excel, exposure to ERP system	Learning outcomes 3,4,5 and 6
9.	Management accountant	Reporting on Hyperion financial management system, supporting the budgeting procedure and forecasting monthly rolling, reporting on tax pack	Must have a degree in accounting preferable CA/CPA and shall be highly proficient in Microsoft suite, particularly power point and excel	Learning outcomes 2,3,4,5 and 6
10	Management accountant	To provide well informed and timely advise to director regarding various aspects of branch functions and roles, budgeting and forecasting	Highly developed skills regarding organizational information and strong knowledge for assurance processes and procedures	Learning outcomes 2,3,4,5 and 6

Job websites where the positions were found are –

gov.au
com.au
com.au
com.au

All of the above positions for cost accountant or management accountant were found in various industries like health sector, construction sector and finance sector. None of the above mentioned positions were found for government sector.
Out of the 10 positions found above total 8 positions were for management accountant and rest 2 positions were for cost accountant. Therefore, out of the searched positions maximum were for management accountant post.
Common requirement were ability to perform annual budgeting, maintenance of monthly performance report, providing strategic analysis. Selection criteria for the posts were professional accountant degree and experience in similar posts. Common responsibilities were to assist the management with the performance based reporting for finance that includes cost management, forecasting, pricing, and strategic financial planning
Common requirement were ability to perform annual budgeting, maintenance of monthly performance report, providing strategic analysis. Selection criteria for the posts were professional accountant degree and experience in similar posts. Common responsibilities were to assist the management with the performance based reporting for finance that includes cost management, forecasting, pricing, and strategic financial planning and degree in preferably CA or CPA.

Cost and management skills

The most common cost and management accounting knowledge and skills required for the above mentioned positions are Annual budgeting, maintenance of monthly performance report, providing strategic analysis (Alviniussen & Jankensgard, 2015).
This knowledge is required as through the budget preparation and analysis the company can analyse the performance of the company and can compare it with the actual result. Further, the budget is the planned expenses and revenues that allows to allocate the funds for particular purposes (Eldenburg et al., 2016). This is further required as the financial reports and statements are important for analysing the financial health of the business. These are also crucial for obtaining finance, making proper business related decisions and setting goals. Cost accountant or management accountants are the persons who can make the necessary analysis with the available information and can assist is preparing the financial statement of the company.

Less common management and cost accounting skills

Preparation of Hyperion Financial Management was the less common skills required for the cost and management accounting posts.
This skill was least required as compared to the other as the Hyperion Financial management provides the financial reporting and consolidation that allows reporting and consolidating the financial results rapidly, reducing the compliance cost, meeting the requirements of global regulations and providing confidence with the numbers. However, the system is not very common and not used by many companies yet. Therefore, this skills requirement are still less as compared to the skills of Annual budgeting, maintenance of monthly performance report, providing strategic analysis

Challenges faced by management accountants

Management accounting is the function related to internal business that identifies the internal cost for the purpose of decision making. Production and manufacturing companies frequently use the management accounting for allocating the production cost to services or goods produced by the company (Brooks, 2015). However, the management accounting faces various challenges while performing their responsibilities. They are –

Facts – challenges involved with management accounting are associated with recording, collecting and reporting the financial information gathered from various departments or divisions. Further, the cost allocation requires information regarding. However, this information is required from various departments and it is not always possible to collect the exact information from all the required sources (Schuster, 2015).
Features – budgeting is the crucial tool used by the management accountant and it is used for planning the annual budget. However, this is challenging for the management accountants as they have to review the historical information for preparing the accurate budget for the upcoming financial years (Fullerton, Kennedy & Widener, 2013).
Time frame – while recording the financial information management accountant does not depend on the individual period of accounting. It is the continuous procedures that shall be managed properly by the employees and owners. Further, the financial information shall be separated carefully for ensuring that valid, timely and relevant information is considered for management reports (Hilton & Platt, 2013).

Specific topics under ACCT 6004

Various topics learnt under AACT 6004 are the as follows –
Explaining the importance and nature of management accounting and the current responsibilities and roles of management accountants
Analysing and identifying organizational and ethical issues
Identifying and categorizing the nature of different costs, cost behaviour and cost objectives
Applying techniques of cost accounting for calculating the cost object and analysing it
Applying cost information to planning, decision making and controlling
Critically evaluating qualitative and quantitative costing information for management decision making
Subject outcomes are entirely aligned with the job requirements as the learning outcomes of ACCT 6004 are completely based on the cost and management accounting and the above mentioned jobs are also found in respect of cost and management accounting.

As per my view the crucial requirement of cist management that have not been taught under the course of ACCT 6004 is the cost allocation process like traditional method or activity based costing. According to my knowledge, if the cost accountant or management accountant knows the allocation method of resources they will be in better position to allocate the cost appropriate manner. Therefore, it should have been covered under the subject ACCT 6004

Reference

Alviniussen, A., & Jankensgard, H. (2015). Enterprise risk budgeting: bringing risk management into the financial planning process.

Brooks, R. (2015). Financial management: core concepts. Pearson.

Eldenburg, L. G., Wolcott, S. K., Chen, L. H., & Cook, G. (2016). Cost management: Measuring, monitoring, and motivating performance. Wiley Global Education.

Fullerton, R. R., Kennedy, F. A., & Widener, S. K. (2013). Management accounting and control practices in a lean manufacturing environment. Accounting, Organizations and Society, 38(1), 50-71.

Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education.

Schuster, P. (2015). Cost and Management Accounting. In Transfer Prices and Management Accounting (pp. 1-4). Springer, Cham.

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