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Management Accounting - Assignment Example

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Management Accounting

Vision matched the idealism of TC's founders (students of a great drama teacher).
Vision also reinforced the mission "to entertain our audiences with plays produced from the Canadian and international repertoires, and to develop the theatrical community." Mission and vision are summarised in Principles that combine artistic excellence, financial stability, and organisational sustainability.
Objectives are clear, developed and refined with inputs from everyone (Board all the way to customers). Annual strategic and budget planning sessions inspire commitment to TC's purpose, core values, and vision. TC is in a creative business and has a system in place to get inputs from the creative/production side, including inputs to the budgets and planning system.
However, there is no clear answer to "how does TC create value for customers" beyond the sentimental ones (tradition, legacy, culture, etc.). TC has to think of a better answer to the question, because this would help solve its revenue-generation problem.
McCabe had an ambitious performance goal: increase subscribers threefold. Backed this up with performance standards, codes of conduct, and incentive systems to motivate, inform, and align staff with the organisation's objectives. Sales teams were given freedom to be creative within limits, and titles changed from "ticket clerks" to "customer service teams".
However, strategic boundaries seem incomplete. The case lacks details on defined market position, which affects the theatre's capacity to generate sufficient revenues to cover costs and wipe out deficits. TC has to define what business it is in, who competitors are, whether pricing strategies are competitive, and how to generate loyalty amongst customers.
Of course, there are idealistic supporters ready to contribute cash to bridge deficits, but unless TC develops a plan to widen its market base, it cannot sustain profitability.
And whilst it evaluates its current customer base, it needs to find ways to target new customers, new age groups (below the present 40 to 65 age group), develop the right pricing for each, and develop new materials to compete with other providers in the market (how can TC compete with video games, peer group activities, extreme activities, etc.). TC has to look to the future, instead of only learning from the past.
Related to this is the need to determine which amongst its existing customer groups (the 45-60 years age group is one generation!) are profitable, and whether it can increase their numbers or generate higher profits from those who can afford to pay more. TC may be too concerned with survival, but it has to learn to cut down its level of risks using its accounting system to identify where profitable and sustainable opportunities exist.
Interactive Controls (Monitoring, Key Uncertainties)
TC has internal control systems, a way of monitoring sales and expenses, getting the ...Show more

Summary

The management accounting control systems (MACS) of Theatre Calgary (TC) proposed by McCabe can be evaluated using Simons' levers of control theory. If the MACS address the driving levers of business strategy at TC, then the systems could be deemed sufficient…
Author : jkrajcik
Management Accounting Assignment essay example
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