Improving Your Profits - Identifying Cost Cutting Opportunities

OL1220  |  On Demand Course  |  Update  |  Self-Study

Description

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.

Credits

Number of Credits Type of Credits
2.00 Management Services

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

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 or not 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

Notes

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Prices

Member (Early Bird)
$79.00
Non-Member (Early Bird)
$109.00
Member
$79.00
Non-Member
$109.00
Your Price: $109.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

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Instructors

David Peters

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry.

David was the first-ever Chief Financial Officer at Compare.com – a position he held for over three years. He is a national CPE instructor/discussion leader for the AICPA, Kaplan, and Surgent, and he was a recipient of Surgent's Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for business and industry topics for the South Carolina Association of CPAs and was a recipient of The American College of Financial Services' 2019 NextGen Financial Services Professional Award.

He holds four master's degrees and is currently pursuing his Ph.D. in financial planning. He contributes regularly to various CPA publications, including NCACPA's Interim Report, SCACPA's CPA Report, and VSCPA's Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia. Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory services offered through Carroll Financial Associates, Inc., a Registered Investment Adviser. Carroll Financial and Cetera Advisor Networks, LLC are under separate ownership and are not affiliated with any other named entity.

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