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Course Outline
Introduction to Cost Centers and Costing Fundamentals
- Purpose and structure of cost centers
- Cost classification: fixed, variable, direct, indirect
- Mapping organizational units to cost centers
Creating and Configuring Cost Centers
- Defining new cost centers and cost center groups
- Assigning responsibilities, hierarchies, and control parameters
- Maintaining master data and lifecycle management
Cost Driver Identification and Allocation Routines
- Selecting and defining cost drivers
- Allocation methods and frequency
- Maintaining allocation rules and schedules
Machine Hours and Labor Hours Integration
- Defining machine hours and operator labor hours
- Capturing runtime metrics and operational logs
- Integrating hours with cost centers for accurate cost absorption
Bills of Materials (BOM) and Component Costing
- BOM structures and cost rollup principles
- Handling multi-level BOMs and phantom assemblies
- Component substitution and cost impact analysis
Standard Costing, Variances and Reconciliation
- Establishing standard costs and updates
- Recording and analysing material and overhead variances
- Period-end reconciliation and corrective actions
Activity-Based Costing and Advanced Allocation Techniques
- Designing activity pools and cost assignments
- Calculating activity rates and unit costs
- Comparing ABC with traditional allocation approaches
Absorption Costing and Cost Rollups
- Absorbing machine hours, labor hours, and overheads into product cost
- End-to-end costing for finished goods and services
- Simulating cost scenarios and what-if analyses
Controls, Auditability and Compliance
- Implementing access controls and change governance
- Audit trails for cost adjustments and revaluations
- Regulatory and reporting considerations
Performance, Optimization and Cost Reduction Strategies
- Identifying high-impact cost drivers and hotspots
- Process improvements and cost-to-serve analysis
- Continuous monitoring and KPI design for cost centers
Summary and Next Steps
Requirements
- An understanding of managerial accounting principles
- Familiarity with bills of materials and production processes
- Experience with ERP or financial systems at an operational level
Audience
- Cost accountants and financial analysts
- Product costing and supply chain specialists
- ERP functional consultants and system integrators
14 Hours
Delivery Options
Private Group Training
Our identity is rooted in delivering exactly what our clients need.
- Pre-course call with your trainer
- Customisation of the learning experience to achieve your goals -
- Bespoke outlines
- Practical hands-on exercises containing data / scenarios recognisable to the learners
- Training scheduled on a date of your choice
- Delivered online, onsite/classroom or hybrid by experts sharing real world experience
Private Group Prices RRP from €4560 online delivery, based on a group of 2 delegates, €1440 per additional delegate (excludes any certification / exam costs). We recommend a maximum group size of 12 for most learning events.
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Public Training
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Testimonials (5)
Experience of the trainer and his way of conveying the content
Roggli Marc - Bechtle Schweiz AG
Course - FinOps
The trainer did not leave a single minute unexploited! He was up a storm throughout every lesson and provided much material for whatever he dealt with.
Elpida - Unemployed
Course - Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)
Personal service and orientated to my needs
ANN - New Vitality Clinic
Course - GnuCash for Business Accounting
I genuinely enjoyed the real examples of the trainer.
Joana Gomes
Course - Compliance and the Management of Compliance Risk
I was benefit from the interesting and clear ideas and suggestions.
