About the Topic:
Lean is a practical methodology of applying objective techniques in any process so that the work can be performed with minimum non-value adding activities. Lean is one of the initiatives that many major businesses have progressively adopted over the years to remain competitive in a globalized market.
Lean thinking focuses on eliminating non-value added activities i.e. waste in the processes such as waiting time, motion time, set-up time, and WIP inventory to improve customer satisfaction.
Lean Accounting is the general term used for the changes required to a company’s accounting, control, measurement, and management processes to support lean manufacturing and lean thinking. Companies embarking on lean manufacturing soon discover that their accounting processes are at odds with the lean changes they are making. The reason is that traditional accounting methods were designed to support traditional manufacturing based on mass-production thinking. Lean manufacturing breaks the rules of mass production and hence traditional accounting and management methods are no longer suitable.
Contents of the Topic:
- Limitations of traditional accounting in lean manufacturing
- Lean Accounting Tools & Techniques
- Value Stream Measurements & Box Scores
- Value-Based Costing and Pricing
Benefits of the Topic:
- Learn Lean Accounting methodology
- Be able to identify and measure value streams for a given process
- Be able to measure and present the real benefits of Lean implementation
- Be able to provide relevant financial information to support decision making in Lean manufacturing
- Be able to reconcile lean accounting reports with traditional financial performance reporting
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