Course 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.

Learning 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

Additional Required Materials

  • Level: Basic

  • Field of Study: Management Services - Technical

  • Who Should Attend: CPAs, CFOs and Controllers that are looking to improve profitability by streamlining expenses for either their own organization, or their clients.

  • Required Knowledge: Basic knowledge of budgeting

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 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, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and 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 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.