How do you train and educate yourself and others on cost accounting reports and dashboards?

Cost accounting report example: Gross margin report. Make sure the product category align with FP&A . Usually revenue product categories and cost categories are different. Understand the data source and calculation. Often times the data source is not clearly understood to the stakeholders nor are the formulas

- Basic Knowledge of cost Accounting; - Understand the business model of the company; - Choose the software and get the training of that software; - Practice of using the software; - Update your skills on regular intervals.

First, understand that data and information are two different things. Cost accountants work with raw data and enter it into the system. Once done, they convert the same into information for other stakeholders to understand. Next, what purpose does the said report stand to serve? That needs to get highlighted and emphasised. Note that not everyone is well-equipped with the analysis. To this end, formulas and footnotes need to get mentioned for easy reference.

Simplicity with the ability to dive into detail is ideal. Dashboards can help. It the report is burdensome and difficult to understand then the users will not use the report. Listen to your users questions and needy answers from the data

Once the data gets converted into information, next up is design. Do not forget the visuals. #DataVisualisation is apt today. The information needs to be presentable and formatted in an eye-catching manner. Think of it as advertising your analysis or findings to the interested stakeholders. If possible, embrace and explore the myriad colour schemes for the hook and punch. #CostAccounting reports are analytical, numbers-heavy and lengthy. Using colours could elevate and make your findings more prompt and prevalent.

Create a data source document that includes formulas that they used and the data source of the report. Link the cost data needs to done separately. It can create a lot of confusion if it all done on the same document. Understand your data sources and how they are generated. For example : understand how the work in progress ( manufacturing in progress) is calculated. What is the criteria for an order to be considered work in progress? Often times systems will generate these balances based on legacy criteria. Perhaps the criteria has changed

This is the #backend or backbone of the cost accounting report and analysis. In this endeavour, ratios, benchmarks, and footnotes get highlighted and explicitly mentioned in detail. Better yet, embrace the power of #DataVisualisation to create trends and variances. Once done, compare these to prior years and the benchmark. Going further, one should explore #HorizontalAnalysis and #VerticalAnalysis for greater analytical depth.

Engaging with your audience involves soliciting insights into how they utilize the reports and dashboards, understanding their preferences, and identifying aspects they find valuable or confusing. This open dialogue fosters a collaborative environment where constructive input contributes to refining these tools. Moreover, the process extends beyond gathering feedback to monitoring and evaluating the impact and effectiveness of the reports and dashboards. Assessing their influence on performance, profitability, and efficiency provides valuable insights into their real-world outcomes.

Like the accounting domain itself, the reports and dashboard, too, are dynamic. There invariably is a better use and alternative out there. Also, one needs to assess what aspects and criteria are deemed most crucial in the dashboard and report. Better yet, what specific information are the stakeholders seeking? One must seek guidance and feedback from users to gauge if the dashboard conveys the requisite information and supports the required analysis. The process can also help evaluate the efficacy of the process, the filters and the contents itself. The word efficacy here shall get deemed to interpret and mean longevity, relevance and shareability.

1. **Basics:** Learn fundamental cost accounting concepts, including key metrics like cost variances and break-even points. 2. **Choose a Tool:** Familiarize yourself with a dashboard software like Power BI or Tableau. 3. **Sample Data Practice:** Upload sample data, create basic visualizations. 4. **Customization:** Tailor your dashboard to highlight key metrics. Use filters and drill-down features for in-depth analysis. 5. **Advanced Features:** Learn about dynamic updates, data linking, and alerts. 6. **Feedback:** Share dashboards with colleagues for feedback to refine utility. 7. **Stay Updated:** Enroll in courses, join forums, and regularly practice to enhance your dashboard skills