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HI5017 Managerial Accounting

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HI5017 Managerial Accounting

Introduction

Woolworths Limited is one of the largest organization that established that operated mainly in Australia and New Zealand. The organization is associated with retail industry and it considers time driven activity based costing in order to develop its financial statements. The TDABC is somewhat different from traditional costing system and activity based costing. The method is helpful to reduce a number difficulties to create financial statements. The cash flow statement and tax expense can be made more effectively by using it. The report is going to focus on the ways Woolworths can use TDABC and its suitability with the organisation.

Description of Woolworths Limited

 

Woolworths Limited was established in 1924 and its headquarter is situated in Bella Vista, New South Wales, Australia. It is the second largest organisation in Australia based on its revenue generation after Wesfarmers. It is also the second largest organisation by revenue in the New Zealand. The number of employees associated with this organisation is more 21000. Apart from this, in Australia, Woolworths Limited is the largest liquor retailer, gaming poker machine operator and hotel owner. In the year of 2008, the organisation became the 19th largest retailer in the world. However, the organisation is not associated with the Woolworth brands in the United States or in the United Kingdom. In the financial year of 2016, the organization was experienced a loss of $1.235 billion which is the largest compared to last 20 financial report ("Woolworths Group: Quality Brands and Trusted Retailing", 2018). The organization has different division related to its products such as supermarket, petrol, liquor, general merchandise, home improvement, hotels and gambling. The Woolworths Limited is owned 75 percent of Australian Leisure & Hospitality Group that operates more than 12650 poker machines throughout Australia and by doing so, the organisation became largest poker machine operator in Australia. Woolworths Limited earns approximately $1.2 billion revenue by operating poker machines. The hotels associated with Woolworths Limited created loyalty card scheme for the customers in order to provide incentives to frequent gamblers and arrange then free food and drinks. In current scenario, the organisation  is focused on implementing TDABC in the organisation in order to make the financial statement more efficiently and reduce any drawbacks in it.

Description of TDABC and its features

 

Time Driven Activity Based Costing or TDABC is the cost accounting system that is considered by many organizations in present scenario. The organization can get different facilities while using this cost accounting system in order to create financial statements and other financial calculations.

The TDABC model is simpler than the traditional model used in calculation of cost accounting by different organisations. The equivalence method is used in this procs that is established in “resource group”, which focuses on the time required to perform the activities. An organisation can create its financial statements by conducting different financial calculation easily and it consumes less time compared to traditional cost accounting system. The TDABC is the strategic model of cost and profitability which is more faster, inexpensive and can be created with more ease (Öker & Adıgüzel, (2016).

Usage of TDABC in an organisation can enable the integration of detailed transactional data. Those information can be available in ERP system and customers relationship management system of an organisation. Those information are essential for an organisation to create its financial statement moreaccourately. Usage of those information are emphasised by using TDABC and an organisation can associate those while calculating for financial statements. The TDABC model is based on transaction of money specific to the  orders made by an individual. The model can be used to associate the orders of the customers, suppliers, distributors and other stakeholders in order to make calculation to make financial statements.

An organisation can get different opportunities while using this model for its financial calculations. The efficiencies of the processes associated with the organisation can be measured more efficiently.Apart from this, an organisation can find out the opportunities related to its capacity management by using TDABC efficiently. Those information can be used to create the financial statements more accurately. The TDABC is helpful to gather those information from different sources of the organisation easily that enable the accounting calculation moe structured and effective.

The TDABCishelpful forthe orgnaiations to forecast the demand of the resources for future usage. The correct forecast of the resources can be helpful for the organisation to enhance the level of productivity (McLaughlin et al. 2014). Different resources such as human resource, technological resource, raw materials and more can be forecasted by using this method and an organisation can make its budget according to its demand of the resources for the future usage. Apart from this, the right budget can be helpful for the organisation to estimate the requirements for different activities related to the business operations. The correct forecast is helpful in this process and an organisation can make its budgets effectively by focusing on different small requirements of the business.

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