Improving Your Profits: Identifying Cost Cutting Opportunities (IYP2)

Overview

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Part of one's duty as a CPA working in industry is to safeguard the assets of the organization. Cost cutting is one way to preserve assets and maintain a company's competitive position in the industry. However, what keeps us from ridding our organizations of unnecessary costs? In this course, we will look at the factors that prevent our companies from being as streamlined as they could be. By using statistics and survey data, we will attempt to show how to better negotiate and navigate budgeting and contracting decisions. We will also discuss financial statement analysis techniques, benchmarking, and cash flow management in an effort to better cut costs and maintain the long-run viability of an organization.

Highlights

What keeps companies from becoming streamlined?
Behavioral biases Information processing biases
Emotional biases
How to deal with behavioral biases
Connecting behavioral biases to cost cutting
Creating a culture of cost cutting
Rules of thumb for cost cutting
Managing headcount Post-COVID common areas of excess cost
Budgeting techniques
Budget variances
Benchmarking Common size financial statements
Horizontal analysis
Negotiation and contracting techniques
Cash flow and the business cycle

Prerequisites

Basic knowledge of budgeting

Designed For

CPAs, CFOs, and Controllers looking to improve profitability by streamlining expenses for their own organization or for their clients

Objectives

List behavioral biases that prevent companies from being streamlined
Identify techniques that may be used to make cost cutting a part of the company's culture and business strategy
Describe techniques that may be used to discern whether additional headcount is necessary
Demonstrate vertical and horizontal financial statement analysis
List key considerations when benchmarking against competitors
Describe contracting and negotiation techniques
Discuss the business cycle and how cash flow management changes during each stage

Preparation

None

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Carl Shultz, Surgent McCoy

Leader Bios

Carl Shultz, Surgent McCoy

Carl F. Shultz

Carl Shultz is an MBA, CPA, and CGMA. He has extensive experience serving as a financial executive with Fortune 500 companies and Big Four public accounting firms, consulting for small to large companies and individuals, and leading a range of accounting and financial functions. Carl has played a key role in building new companies and key financial functions to improve net income, install controls, establish audit functions, and manage large complex projects to successful, timely completion on or under budget. Currently, Carl provides financial and tax preparation and planning to individuals and small businesses. He is the Managing Director of CFS Consulting, LTD, which also provides financial, internal control, and administrative consulting services. He is an adjunct professor of accounting at Rider University and Philadelphia University. Carl has lectured at professional seminars and to groups on financial accounting and tax matters. He is also a valued discussion leader for Surgent Professional Education, which offers CPA CPE courses throughout the United States. He has published in such professional journals as Taxation for Accountants, Taxation for Lawyers, and Controller's Quarterly. Carl is a graduate of La Salle University with a degree in accounting and has also earned an MBA degree from Drexel University in finance and accounting. Carl is a decorated veteran of the Vietnam War, where he served as an officer in the U.S. Army.

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