Professionals at the UK’s National Health Service are using principles that date back to cost accounting’s roots as they employ a data-centric approach to improving patient care and efficiency in treatment.
Small and midsize companies in emerging countries must pay special attention to modernising their cost management.
Alasdair Macnab, FCMA, CGMA, has reengineered the Balanced Scorecard to create a system for measuring the HR and financial costs of meeting strategic objectives. Macnab explains the approach and how it can be used to make good decisions about allocating scarce resources.