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Read Online or Download Accounting in the Lean Enterprise : Providing Simple, Practical, and Decision-Relevant Information PDF
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Additional info for Accounting in the Lean Enterprise : Providing Simple, Practical, and Decision-Relevant Information
Further, accounting information should be produced in the same lean manner as are products. There should be recognizable improvements in throughput time and on-time delivery of reports. Reports should be prepared as demanded by the customer, and the information should be no more or no less than satisfies customer demand, whoever the customer may be. Customer Value Accountants have two roles in providing customer value. First, they need to determine what their customer values and then provide that product in a timely and relevant manner.
If you produced the full 5,000 units, even though you didn’t have demand for all of them, your performance would be evaluated better because your variance would be zero and you met your budget! 1 Inventory Example The following represents the standard costs for your widgets: Direct materials per unit $5 Sales price per unit $25 Direct labor per unit $3 Monthly fixed costs $1,000 Assume monthly sales of 100 units and there is no beginning inventory. 0% $171 $0 $471 1,880/110 × 10 implementation of lean principles, the full absorption external reporting system moves fixed inventory costs off of the balance sheet and onto the profit and loss (P&L) statement, decreasing margins and net income.
At the end of this chapter, you should be able to do the following: ◾◾ Understand the motivation for implementing value stream costing. ◾◾ Plan and build a value stream statement. ◾◾ Evaluate the benefits of value stream income statements. Motivation Value stream costing is a relatively radical method of accounting for operations, in comparison to a traditional system of standard costing, heavy inventory tracking, and variance analyses. Thus, to be successful in the transition, companies must be convinced of value stream costing’s potential benefits, have value streams in place that make it feasible, be highly motivated to work through any initial challenges, and have the support of top management and the value stream teams.
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