Being more cost efficient and seizing opportunities in the era of rising fuel and food prices!

Course objective

The objective of this half-day workshop is to help accountants and non-financial managers deal with the rising costs at present and how do businesses tackle this scenario in their day-to-day operations. 

Intense competition and rising costs are twin nightmares every business hopes to avoid. The current explosion of oil and commodity prices marks the crystallization of these nightmares. It is believed that things are likely to remain this way for sometime to come.

Businesses now must quickly respond to protect their profits and cash flows before we step into 2009, with oil prices shooting upward to US$200 per barrel.  Rather than pondering on this issue, the management of an organisation should be seeking counter measures, before cash flows and profits evaporate further.

ACCA is very concerned about the impact of rising costs on businesses in general, particularly when it affects small and medium sized companies.  Given the recent hike in petrol price, ACCA is organizing a special event to brief businesses on ways and means to cope with this difficult situation.  Rising costs and strong competition, unfortunately, is here to stay.

Course Outline

1. Exploring the nature of costs

   · Types of costs
   · Cost-output relationships
   · Cost-revenue relationships

2. Managing costs – ideas and practices
   · Sources of costs
   · Economics of cost savings
   · How to implement cost savings

3. Questions & answers session

4. Review and conclusion

Target Audience: ALL
CPD Code: 080611KL1

Speaker’s Profile

Mr Kenny Tay

Kenny Tay FCCA is a Malaysian Chartered Accountant with many years of experience in the financial services environment. He started with the accountancy profession before progressing to the merchant banking industry and eventually moved on to management development and consulting services.  He had worked in the Asia Pacific region including Hong Kong and Australia for a number of years prior to becoming a consultant.  He is currently residing in Malaysia.

Presently, he is actively involved in management development, focusing on financial skills and business improvement programmes. The programmes he has designed and delivered cover credit risk management, customer collection and cash flow control, managing cost control initiatives and finance for non financial managers.

Among the clients he has been working with includes the major local and foreign banks, government linked corporations such as UEM World and Tenaga Nasional, professional bodies such as the ACCA and CIMA, statutory bodies such as LTAT, the Securities Commission and the EPF, as well as international companies like Phillip Morris, Toshiba and Kimberly Clark.