Generating New Cost Management Insights
In the government world, financial managers are concerned about budget. While operational teams and resource managers focus on how to utilize the budget in the best possible way. Alta Via reconciles these different views sourcing from the same consistent data set to provide feedback on budget requirements and requests.
Improving Federal Costing for Better Decisions
Specific federal costing issues are addressed and outlined in Improving Federal Costing for Better Decisions by the IMA’s Strategic Cost Management Task Force.
This 30-page report is intended to help agency financial and operational executives and managers, the Office of Management and Budget (OMB), and congressional appropriations and authorization committees understand the nature of the deficiencies in the cost information they are currently using, understand how it impairs effective decision making, and provide the language and framework for creating the knowledge, guidance, and processes to produce effective cost information for internal decision making
The four key issues and recommendations discussed in the report include:
A Critical Gap in Managerial Accounting
The most critical gap found in both the public and private sectors stemmed from no definitive guidance on costing for internal management decision making. It may surprise many federal executives and managers to learn that this gap exists in the costing community and that finance professionals who need or want to develop their costing information would greatly benefit from understanding Management Accounting Principles and to fully comprehend the risks if ignored.