The PACE Profits+ Conference is NEXT WEEK!
Profitability Analytics Center of Excellence
A non-profit community of professionals helping companies use analytical models to enhance organizational value.
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Register TODAY for PACE Profits+ Virtual Conference!
PACE Profits+ Virtual Conference is NEXT WEEK - June 20, 2024 from 8:00am - 5:00pm. There's an amazing line-up of exciting speakers and a 1.5 hour technology showcase EXPO where you can converse with experience software and consulting professionals about your next or current project.
Learn more about the speakers and presentations here https://tinyurl.com/32ued8pj
Attend the conference to advance your knowledge and support PACE. $99 for the entire day plus access to recordings afterward. If you are having difficulties with payment, please contact us for help. If you are a member, contact us to see if you qualify for a coupon code.
Why Attend?
Thank you to our conference sponsors for 2024:
Gold Sponsors:
Silver Sponsors:
Supporters:
Meet our Speakers
Replay
"Financial and Management Accounting: A Symbiotic Relationship."
Want to know how the U.S. Patents and Trademark Office calculates profitability and fee prices on a quarterly basis?
Lim Vermeer a consultant for the USPTO joined Sander den Hartog, CEO of CostPerform, and PACE for the webinar "Financial and Management Accounting: A Symbiotic Relationship."
It's widely understood that profitability modeling should be rooted in cause-and-effect analysis.
Similarly, financial accounting typically offers a snapshot of the present rather than facilitating scenario analysis or "what-if" scenarios.
Consequently, conventional wisdom has advised against conflating financial accounting with management accounting.
领英推荐
However, in this webinar, Sander challenged this theoretical dogma and demonstrated how CostPerform assists many of their clients in establishing a tangible link between financial accounting and management accounting within their cost and profitability modeling processes.
CostPerform is a valued GOLD sponsor for the Profits+ 2024 Virtual Conference and will be joining us for a different presentation during the conference.
Link to replay https://youtu.be/o7PHxWmLKUg
Article:
The Importance of Principles and the “N=1” Problem by Doug Hicks
Summary: The article discusses the "n=1" problem, originally a concept in science referring to the limitation of drawing generalizations from a single example. In the context of management accounting, this problem arises from practitioners’ narrow perspectives, often restricted to their specific experiences. Most financial accountants and operating managers view management accounting through limited scopes, equating it with cost accounting or short-term performance tools, which constrains their understanding of its broader applications.
Various methodologies like Grenzplankostenrechnung (GPK), Activity-Based Costing (ABC), throughput costing, and lean accounting have emerged to address perceived issues within management accounting, but they are influenced by the n=1 problem—limited to the developers' experiences and perspectives.
The article advocates for a fundamental shift towards emphasizing core principles of management accounting rather than specific methodologies. It introduces the PACE Profitability Analytics Framework, which integrates essential principles for a holistic view. This framework focuses on causality in modeling revenues, investments, and costs, modifying traditional financial definitions to reflect economic reality better, and aligning with organizational strategy.
To thrive in a competitive global environment, management accountants must transcend the n=1 problem by understanding and applying these foundational principles. This approach promises a broader, more adaptable comprehension of management accounting beyond conventional limitations.
Link to the full article https://www.profitability-analytics.org/forum/profitability-analytics/the-importance-of-principles-and-the-n-1-problem
Podcast:
Leaders in Business with Asif Masani
Lofty but attainable goals for helping new graduates of finance! In this podcast we interviewed Asif Masani who is a Financial Planning and Analysis Manager for Coursera in India.
We talked about:
?? How the Profitability Analytics Framework supports his work and FP&A
?? Trends that Asif sees for FP&A going forward and how it might evolve?? His new book "All About FP&A"
?? How he is working toward his personal goal of helping 1 million people learn about and master FP&A
Asif gave an amazing description of the PACE Profitability Analytics framework and how each aspect applies to FP&A and his work. And he told us about his multi-step plan to help a million people learn about and master FP&A.These steps included:
?? Writing the book "All About FP&A", targeting new graduates of finance that are looking for a career path and introducing them to FP&A as an exciting option (get the link in Comments)
?? Creating a newsletter (which now has over 85,000 subscribers)
?? Providing live coaching and training on weekendsPlease tell us what you think in comments and hit the like/repost buttons to share the podcast with your followers.
Spotify: https://tinyurl.com/5be5nnxz ??
Google: https://tinyurl.com/4cvrbjse ?
Apple: https://tinyurl.com/2p86a5nr ?
YouTube: https://youtu.be/FTkna6zmP5I ?
For more podcasts, visit our podcast page https://www.profitability-analytics.org/pacepodcasts
?If you want to see more PACE content, please check out our LinkedIn PACE Channel , website , X account (formerly known as Twitter) , and Podcasts on Spotify , Google , Apple Podcasts and YouTube .?To learn even more, read our eBooks on:
The Profitability Analytics Center of Excellence (PACE) is a?non-profit community of volunteer professionals?dedicated to helping organizations make better, more informed business decisions through the use of data analytics employing integrated, causal models.?Focusing exclusively on how to enable better managerial decision-making within organizations through the use of such models, PACE is the go-to source for people looking for independent and impartial (vendor and methodology neutral) information in this area. Find many more articles at www.profitability-analytics.org . Become a member today (no cost to join).
Founder Saurabh System Development Network, Customized Solution for Costing, Controlling Solution for all size of organizations
5 个月Looking forward to this year as well for more insights.
Associate Professor Of Accounting at Eastern Kentucky University
5 个月Looking forward to the conference.
Join this premier event on financial internal decision support information- principles, modeling, decision making, & tools. ?No organization does it better!!!!
Owner at Kimat Designs
5 个月I cannot believe it's next week! Looking forward to the conference. The Doug Hicks, CPA article is very thought provoking as well!
President - Society of Product Cost Engineering & Analytics (SPCEA) Sr. Leader | Consultant | Board Member specializing in cost and quality optimization of electronic assemblies and semiconductors.
5 个月Great summary of the conference, the "why attend" videos and the speaker carousel. Looking forward to participating.