PACE Moments

Profitability Center of Excellence

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PACE Moments

PACE Moments and Leaders in Business, brought to you by the Profitability Analytics Center of Excellence, brings you experts and thought leaders who discuss the many aspects of corporate finance and analytics that will help organizations make better, more informed decisions. Follow us on LinkedIn https://tinyurl.com/23jeub23 and visit our website https://tinyurl.com/rc79n25b for more information.

4 NGÀY TRƯỚC

Plans, Budgets, Forecasts, and Causality

Many organizations treat plans, budgets, and forecasts as political tools rather than effective management instruments, often manipulating numbers to align with executive expectations rather than reality. In this podcast, Doug Hicks tells us about his experience as a controller and consultant and how it revealed that these processes frequently prioritize job security over decision-making, a trend exacerbated by non-causality-based predictive cost models that allow for superficial yet misleading results. However, by adopting causality-based models, organizations can ensure their financial planning reflects true operational economics, leading to more informed decisions, better performance tracking, and actionable insights. The PACE, Profitability Analytics Framework offers a solution by grounding plans, budgets, and forecasts in predictive, causality-driven methodologies, transforming them from empty rituals into valuable management tools. Learn more from www.profitability-analytics.org

5 phút
12 THG 2

PACE Moments: Leaders in Business with Benjamin Kofi Quansah

In this podcast we interviewed Benjamin Kofi Quansah about "Beyond the numbers: Leadership Values of High Impact Management Accountants."We asked him:1. What does it mean to go “beyond the numbers” as a management accountant, and why is it crucial in today’s business environment?2. In your experience, what leadership values are essential for management accountants to be truly impactful?3. How can management accountants influence organizational strategy while maintaining ethical standards?4. What role does communication play in the effectiveness of management accountants as leaders, and how can they improve this skill?5. What are some practical steps for transitioning from a technical accountant to a strategic leader in the field?6. Can you share examples of how high-impact management accountants have driven change or innovation in their organizations?Join Raef Lawson and Benjamin Kofi Quansah as they explore these questions. For more podcasts, visit our website or your favorite podcasting channel.

19 phút
19 THG 1

What’s More Important: The Data or The Model?

In this episode, Doug Hicks discusses how in profitability analytics, valid models that accurately reflect underlying economic realities are more critical than the accuracy of the data populating them, as flawed models lead to misleading results even with precise data. While both models and data are important, a valid model can provide reasonably accurate insights with estimated data, whereas an invalid model will generate erroneous outcomes regardless of data accuracy. To learn more, visit www.profitability-analytics.org.

5 phút
19 THG 1

Costing Menu or Recipe Ingredients?

In this podcast, Doug Hicks discusses how management accounting offers numerous methodologies, each addressing specific cost-related challenges, but no single approach provides a comprehensive solution. Instead of selecting one method from a menu of options, businesses should integrate the core principles of these methodologies into a tailored, causality-based cost model that accurately reflects their unique economic structure and supports informed decision-making. To learn more, visit www.profitability-analytics. org

6 phút
18 THG 1

Are You Playing Offense or Defense for Your Organization?

In this podcast, Larry White argues that management accounting should prioritize playing an "offensive" role within organizations, focusing on driving growth and profitability by developing new markets, customers, and revenue opportunities, rather than solely acting as a "defensive" function of oversight and control. By emphasizing better revenue management, more accurate managerial costing, and a comprehensive approach to investments, the author contends that accountants can become proactive contributors to organizational success rather than merely protectors against loss. Learn more about PACE at www.profitability-analytics.org.

4 phút
26/08/2024

The Importance of Models

In this podcast, Doug Hicks emphasizes the importance of using accurate and effective models in corporate finance to make better business decisions. It highlights that while people create models to understand complex phenomena, the quality of these models directly impacts decision-making. The discussion contrasts outdated models with modern economic cost models, arguing that businesses should use forward-looking, causality-based economic cost models rather than backward-looking cost accounting models. Such economic models, which accurately project costs and consider future impacts, are crucial for making informed and effective decisions in organizations. For more information, visit PACE at www.profitability-analytics.org

8 phút
08/08/2024

Observations on Pricing

Doug Hicks shares his observations from over five decades of working with small and mid-sized businesses on pricing strategies. Pricing remains a top 10 business topic, but many organizations still treat it simplistically, merely adding a markup to estimated costs. This often leads to unrealistic expectations and financial disappointments, as market conditions, not costs, determine the price. Many businesses also rely on outdated cost accounting systems that don't reflect true economic conditions, leading to flawed pricing decisions. By developing causality-based cost models, companies can more accurately assess costs and make strategic pricing decisions that optimize overall profitability. These models are particularly crucial for strategic pricing, enabling organizations to allocate fixed resources effectively and measure true value by considering investments. Furthermore, basing sales commissions on profitability or value added, rather than sales percentages, can prevent value erosion. Learn more by visiting PACE at www.profitability-analytics.org

9 phút
30/07/2024

Management Accounting Insights from 1923

In this podcast, Doug Hicks, a director at PACE, discusses a significant gap in accounting education: the lack of historical context for the ideas being taught. Hicks argues that without understanding the history and reasoning behind accounting practices, students may end up just memorizing rules without grasping their true purpose. Hicks concludes that management accounting, unlike financial accounting, should focus on understanding economic realities and adapting to specific situations rather than just following set rules. He calls for a new approach to teaching management accounting to better prepare accountants for modern economic challenges. He invites listeners to share their thoughts on this topic. For more information on this topic, visit www.profitability-analytics.org

8 phút

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PACE Moments and Leaders in Business, brought to you by the Profitability Analytics Center of Excellence, brings you experts and thought leaders who discuss the many aspects of corporate finance and analytics that will help organizations make better, more informed decisions. Follow us on LinkedIn https://tinyurl.com/23jeub23 and visit our website https://tinyurl.com/rc79n25b for more information.

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PACE Moments