THE MANAGEMENT ACCOUNTING & STRATEGY CONFERENCE

Loading Events
« Events
  • This event has passed.

March 14 @ 9:00 am - March 18 @ 3:30 pm

| Ksh 59000

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
THE MANAGEMENT ACCOUNTING & STRATEGY CONFERENCE
Theme: Enhancing Strategic Decision Making Through Accounting Analytics and Reporting
Date: 14TH -18TH MARCH 2022
Venue: Sarova Whitesands Beach Resort & Spa Mombasa
Time: 09.00am-03.30pm
(This is one of the mandatory trainings for practicing certificate consideration)

Overview

Managerial accounting -also known as cost accounting or management accounting, is a branch of accounting that is concerned with the identification, measurement, analysis, and interpretation of accounting information so that it can be used to help managers make informed operational decisions. Unlike financial accounting, which is primarily concentrated on the coordination and reporting of the company’s financial transactions to outsiders, managerial accounting is focused on internal reporting to aid decision-making.

Management accountants need to analyze various events and operational metrics in order to translate data into useful information that can be leveraged by the company’s management in their decision-making process. They aim to provide detailed information regarding the company’s operations by analyzing each individual line of products, operating activity, facility, etc. Management accountants work for public companies, private businesses, and government agencies. These professionals may also be called cost accountants, managerial accountants, industrial accountants, private accountants, or corporate accountants. Preparing data for use within a company is one of the features that distinguishes a management accountant from other types of accounting jobs such as public accounting.

Typically, a management accountant records and crunches numbers for internal review to help companies budget and perform better. They may help the company choose and manage its investments along with other company managers. Management accountants are risk managers, budgeters, planners, strategists, and decision-makers. They do the work that helps the company’s owner, manager, or board of directors make decisions. A management accountant performs analysis to forecast, budget, and measure performance and plans, then presents them to senior management to assist in operational decision making.

A management accounting department is one of the company’s essential units, but most entrepreneurs don’t realize it due to its “under the radar” style of work. Management accountants are insiders who create internal analyses to guide the overall business strategy. By definition, their job is to prepare internal financial reports, records, and accounts to aid managers’ decision-making process in achieving short and long-term business goals. In other words, their job is to simplify complex financial data and turn them into actionable insights.

The most important job of the management accountant is to conduct a relevant cost analysis to determine the existing expenses and give suggestions for future activities. One question stands out here: How should budgets be spent? Before an organization takes any action, it needs to explore all possibilities and figure out the best tactic to increase the profit. This means management accountants ought to analyze different sales channels, products, services, and marketing activities to find the most profitable business model.

Management Accounting is crucial in detecting financial patterns and predicting future developments. It enables you to stay up to date with the latest industry trends, which means you can react in a timely manner and implement strategies that allow you to stay head and shoulders above competitors.

With the planning power of management accounting, businesses can also create long-term policies which make the whole team stay on the same track and works uniformly towards achieving business objectives. Data precision and accuracy are critical to the success of each organization. Without meaningful and actionable insights, businesses can hardly evaluate the current situation or plan future business moves. In such circumstances, management accounting becomes an anchor of modern business. Product production is often the most expensive segment of the business, so it’s crucial to be sure which option suits the needs of the business. Generally, there are two solutions – make products on your own or buy them from a third-party provider. In this case, management accountants are those who should cut the knot and tell you what to do.

Management accountants can evaluate the real cost of each solution and determine whether it’s more appropriate to produce items internally or buy them from the manufacturer. This may seem like a simple decision, but it’s extremely sensitive and has the power to make or break the business. Nothing is random when it comes to budgeting. On the contrary, budget-related decisions must comply with sales history and marketing database. This is where management accountants’ step in to analyze former activities and define investments for future actions. They create financial plans for each department, project, marketing campaign, new product, or any other undertaking.

Controlling is another important aspect of management accounting. Namely, it evaluates the work of all company units and makes conclusions related to the financial performance. That way, one gets to learn the reasons for both the loss and the profit generated by various departments. In such circumstances, it is much easier for senior executives to reduce operational costs. For instance, they can cut salaries in underperforming departments or reduce the number of employees. On the other hand, they can also invest in branches that prove to be highly profitable, thus increasing the total profitability of the business.

All great strategies have 3 key elements, i.e., goals, actions, and metrics. No matter the strategy’s scope and complexity or even the company’s size, great strategies include these three elements. So, successful strategic planning accounts for all three. In general sense, there are five key elements of strategic planning, which include definition of vision, crafting of values, determination of desired outcomes, declaration of explicit accountability and establishment of leading KPIs. A comprehensive strategic plan addresses 4 critical questions: Where do I want to take my business? Where are we right now? How will we get there? How will I know if I’m succeeding? Everyone reading the strategic plan should be able to answer these questions. This includes employees, business partners, investors, or other stakeholders.

While certainly not dead, strategic planning has long since fallen from its pedestal. But even now, few people fully understand the reasonstrategic planning is not strategic thinking. Indeed, strategic planning often spoils strategic thinking, causing managers to confuse real vision with the manipulation of numbers. And this confusion lies at the heart of the issue: the most successful strategies are visions, not plans.

It is against this backdrop that ICPAK has organized this Management Accounting & Strategy Conference to focus on the following key topics:

  1. Overview of the three pillars of management accounting: Planning, Controlling and Decision Making
  2. Importance of Management Accounting
  3. Basic understanding of accounting terminology, general ledgers, and charts of accounts
  4. Key techniques in Management Accounting:
  • Margin analysis
  • Constraint analysis
  • Capital budgeting
  • Inventory valuation and product costing
  • Trend analysis and forecasting
  1. Managerial decision-making using accounting reports and financial statements, including balance sheet, income, and cash flow statements
  2. Automation of budgeting process and the related internal controls processes: An overview of key functionalities from various ERPs and IFMIS
  3. Financial Analysis: Business health and performance assessment via financial ratio analysis.
  4. Horizontal and vertical financial analysis: Performance, profitability, investment, capital gearing, liquidity, and solvency Ratios
  5. Key accounting concepts and formulas: Accounting costs, Expenses, Revenues, Profit and Loss (P&L), Break-even Analysis (BEA), Assets and Liabilities, Stocks, Shares, Bonds, Earnings, Dividends, Shareholder’s Equity.
  6. Key accounting concepts and formulas: Cash Flow, Debt, Debt Collection Period, Earnings per Share (EPS), EBITDA, Depreciation, and amortization.
  7. Overview of the strategic planning process, milestones, and key stakeholders
  8. Understanding the 5 key elements of strategic planning:
  • Defining of vision
  • Crafting of values
  • Determination of desired outcomes
  • Declaration of explicit accountability
  • Establishment of leading KPIs
  1. Review of different strategic planning templates
  2. Incorporating external factors, environmental analysis, and risk assessment to the strategic plan
  3. Discission of the most common strategic planning pitfalls
  4. Sustainability considerations during the strategic planning process for organisations during a crisis: The case for or against long term strategic plans

Financial Commitment:

Category   Charges
Associate Members KShs 54,000 per Delegate
Full Members KShs. 59,000 per Delegate
Non-Member KShs. 64,000 per Delegate

Note: Delegates are required to make their own travel and accommodation arrangements. Conference charges cater for training fee, training materials, certificate and meals during the event.

Online Booking:

We call on Conference participants to note that booking is available only online at www.icpak.com/events and will close two hours before the training session.

Delegates are reminded to note that online booking for training sessions is MANDATORY.   This is available either online at www.icpak.com/events  or on the ICPAK Live – A smart phone based application that is available from google store.

National Industrial Training Authority (NITA) Reimbursement:

The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)

Details

Start:
March 14 @ 9:00 am
End:
March 18 @ 3:30 pm
Cost:
Ksh 59000

Organizer

ICPAK

Other

Target
Public and Private Sector
CPD Hours
20
Associates Member Cost
Ksh 54,000
Full Member Cost
Ksh 59,000
Non Member Cost
Ksh 64,000
Event Type
Conference
Status
Closed

Venue

Sarova Whitesands Beach Resort & Spa Mombasa
Mombasa,
+ Google Map
Phone:
+254 727 531006
Jul 07

Online Anti-Money Laundering And Counter-Terrorism Financing Certification

Book Now!
Jul 07
Jul 11

EXECUTIVE LEADERSHIP SUMMIT

Book Now!
Jul 14

Financial Reporting Workshop – Western Branch

Book Now!
Jul 07

Financial Reporting: IFRS 16 Leases

Book Now!
Jul 07
Jul 07

FINANCIAL REPORTING: IFRS 9 Impairment and Credit Losses Video

Book Now!

There are no upcoming events at this time.

Jul 07

Internal Audit Reporting Test

Book Now!
Jul 07

RISK MANAGEMENT

Book Now!
Jul 07

HANDLING TAX CONTROVERSY

Book Now!

Download



About ICPAK

ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

Member Of:

Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000
Email: icpak@icpak.com

TOP