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110 - Gary Cokins - Financial Transparency
Manage episode 386302992 series 3489234
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Episode 110 features Gary Cokins, an expert in enterprise and corporate performance management. Gary emphasizes the importance of embracing accounting and finance practices that move beyond traditional methods to focus on financial transparency, risk management, and the strategic implementation of activity-based costing.
The conversation explores misconceptions in accounting methods, differentiating tax accounting, external financial reporting, and internal management accounting. Gary advocates using the latter with emphasis on logical cause-and-effect relationships. The key method discussed is activity-based costing, breaking down overhead into cost pools with cause-and-effect relationships, illustrated through examples like a restaurant bill-splitting analogy.
Real-life examples showcase the strategic and operational benefits of progressive accounting methods. The discussion also highlights the importance of measuring customer profitability, challenging the belief that the largest customer in sales is the most profitable. Overall, the episode emphasizes the value of activity-based costing in achieving accurate and insightful financial information for better decision-making.
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