LEAN ACCOUNTING: A RECENT DEVELOPMENT IN MANAGEMENT SCIENCE

P K Mishra

Siksha O Anusandhan University, Orissa, India, Pin-751030

E-mail: pkmishra1974@gmail.com

B B Pradhan

Siksha O Anusandhan University, Orissa, India, Pin-751030

E-mail: registrar@soauniversity.ac.in

Abstract

Over the last few years, lean principles have driven massive productivity improvements in
manufacturing operations around the world and thus, attracted the attention of researchers, managers
and academicians. So, the objective of this paper is to revisit the issue of lean accounting as a
replacement of the traditional accounting systems for cost accounting, management accounting, and
external financial reporting. Lean accounting refers to the changes required to a company's
accounting, control, measurement, and management processes to support lean manufacturing and lean
thinking. The principles of eliminating waste, replacing rather than duplicating, empowering workers,
customer pull versus company push, etc. are important tenets of lean accounting to help improve
companies’ global competitiveness.

Key Words: Lean Manufacturing, Lean Production, Lean Accounting

I. Introduction

In recent days globalized market, companies being associated with the pressure from fiercer
competition and the search for a competitive advantage, have been forced to rethink strategies to
manage their businesses as any bad move can offer significant risks to them. The review of the
existing literature infers that companies have been perceived that the management strategies adopted
are not appropriate for their reality. This has given rise to the need to analyse new managerial
practices and to implement a strategy that provides, among other objectives, cost reductions, increased
quality in products and greater flexibility to quickly meet market demands. At this juncture, ‘Lean’
operating principles began in corporate environments became popular as ‘Lean Manufacturing’ or
‘Lean Production’.
It is commonly believed that the lean accounting stemmed from lean manufacturing, which is
originally a Japanese methodology known as the Toyota Production System (TPS) designed by
Sakichi Toyoda in 1950s. But in 1988, a graduate student at MIT first coined the term ‘Lean’ in an
article describing the TPS. But Womack, Jones and Ross (1990) were responsible for translating TPS
to the western world, naming this model Lean Production. For them, lean production uses half of the
human efforts in factory, half of the space to manufacture, half of the investments in tools, half of the
engineering hours to develop a new product in half of the time, in addition to keep half of the required
inventory, resulting in less defects and increasing variety of products.
The core of the concept of lean manufacturing is placing small stockpiles of inventory in
strategic locations around the assembly line, instead of in centralized warehouses. These small

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stockpiles are known as kanban1, and the use of the kanban significantly lowers waste and enhances
productivity on the factory floor. Besides, the lean manufacturing seeks to provide optimum quality
by building in a method whereby each part is examined immediately after production, and if there is a
defect, the production line stops so that the problem can be detected at the earliest possible time.
Lean manufacturing is a strategy for achieving significant, continuous improvement in
performance through the elimination of all waste of time and resources in the total business process.
In a lean manufacturing system, suppliers deliver small batches on a daily basis, and machines are not
necessarily run at full capacity. The primary goal of lean manufacturing is to eliminate waste, i.e.,
anything that does not add value to the final product gets eliminated. In this respect, large inventories
are seen as a type of waste that carries with it a high cost. Another major focus of lean manufacturing
is to empower workers, and make production decisions at the lowest level possible. Thus, lean
manufacturing strategies can save crores of rupees and produce excellent results. The advantages of
lean manufacturing include lower lead times, reduced set up times, lower equipment expense, and of
course, increased profits.
It is with this backdrop, this paper is an attempt to revisit the issue of lean accounting as a
replacement of the traditional accounting systems for cost accounting, management accounting, and
external financial reporting. The rest of the paper is organized as follows: Section II introduces the
concept of lean accounting; Section III outlines the principal objectives of lean accounting; Section IV
highlights different dimensions of lean accounting; Section V points out various steps in the
implementation of the lean philosophy; Section VI discusses the benefits of implementing the lean
concept; Section VII figures out certain important obstacles in the successful of implementation of
lean accounting; and Section VIII concludes.
II. Lean Accounting
Lean accounting is the general term used for the changes required to a company’s accounting,
control, measurement, and management processes to support lean manufacturing and lean thinking.
The principles behind Lean were first described in the book Lean Thinking authored by James P.
Womack and Daniel T. Jones in 1997 where the terminology ‘Lean’ is used to describe a
process/production methodology. Lean aims to form an organisational culture where all employees
are focused on continuously reducing all types of waste present in a process, such as waiting time,
inventories, transportation, etc. The lean philosophy allows an organisation to make strong, stable
processes that will enable them to deliver exactly what the customer needs – quickly, efficiently and
with minimum cost implications.
Lean accounting provides better managerial accounting for decision-makers without disrupting
the financial accounting for tax reporting. Lean reporting can be the missing link between tangible
operational improvements and financial results. Lean principles can improve accounting’s own
operations by throughput, waste reduction and relevant metrics.
Lean accounting seeks to replace traditional accounting, providing timely and more relevant
management information. Traditional standard cost accounting was developed for mass production
where profitability is maximised when labour and machine utilisation are maximised. This paradigm
no longer applies in many modern manufacturing settings. In the modern multi-product, high
variability environment, profitability is maximised when the rate of flow through the production
process is maximised. In such highly flexible environments, organisations are now applying the
principles of lean management.
The most fundamental principles of lean accounting are to measure and motivate. Lean
accounting measures the positive gains through initiating lean alternatives in ways like reducing
inventory, reducing cycle time, or improving production floor moral and thereby increasing overall
capacity. On the other hand, lean accounting works to motivate companies to continue to promote
their lean initiatives rather than deliver numbers (as traditional accountings do) that are not
necessarily an accurate reflection of company’s profitability such as is the case with attempting to
meet machine efficiency quotas by producing an abundance of un-necessary inventory.

1
Kanban is a method for maintaining an orderly flow of material. Kanban cards are used to indicate material
order points, how much material is needed, from where the material is ordered, and to where it should be
delivered.
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 According to Womack and Jones (2004) there are five important lean principles: Precisely
determining the value of each specific product in the eyes of the end client; Identifying the value flow
of each product; Making the value flow continuously; Letting the customer pull value from the
manufacturer; and Seeking perfection. Based on these principles, the tools of lean accounting as
summarized by Maskell (1991) are exhibited in Figure-1.
Figure 1: Tools of Lean Accounting

The methodology adopted by the lean philosophy is very clear: decreasing lead time from the
time of the order until the order is delivered to the client. It allows the increase of financial flow and
the use of less capital in inventory for processes and finished materials. After material and
information are secured in terms of continuous flow and waste, that is, activities that do add value are
being eliminated during the production process, lean companies will be more flexible than companies
focusing in mass production, because this lean production process allow companies to act faster in
face of customers requirements, achieve better product quality, higher productivity and better
equipment and usage of productive space.
III. Objectives of Lean Accounting
The organisations planning transitions to lean environment, lean accounting is essential for
them. According to Maskell (1991), lean production cannot be measured by traditional measurement
systems, since it is not focused on mass production. Therefore, the main objectives of the lean
production are: measuring an organization's performance based on lean production concepts;
eliminating unnecessary accounting transactions; and replacing traditional costing with value flow
costing.
According to Katayama and Bennett (1999), when a company chooses to adopt a lean
philosophy, the main objective must be adopting a strategy that allows for cost reductions and
increase in market share. Nonetheless, if the company does not develop a set of financial and non-

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financial metrics to support this cost reduction strategy, the result will be frustration for not achieving
good results and the erroneous feeling of increased costs.
Ohno (1997) states that the main wastes are overproduction, delays, transport, over-processing,
inventory, motion and production of defective products. Thus, the total waste elimination or reduction
is the top lean production goal. This involves changes in quality and operations management
practices, used to improve or manage production processes.
The lean accounting, also called value stream management accounting 2 has, in general, several
objectives to achieve: Preparing clear and relevant value stream profit and loss reports; Development
of value stream managers to understand financial reports; A co-ordinated set of performance measures
and indicators for value stream managers; Cell and value stream measures that link to corporate
strategy and management reporting; Phased reduction of financial transactions including inventory,
supplier payments, work orders, purchase orders and so on; Application of lean principles to the
finance function to reduce complexity and waste; Involvement of value stream managers in the
financial planning and budgeting processes; Training of value stream managers, and others, in
financial decision making tools; the last but not the least, is the application of advanced lean
accounting tools at the value stream level, including target costing and sales, operational and financial
planning.
IV. Dimensions of Lean Accounting
Orest Fiume, CFO of Wiremold, outlined four major dimensions of lean accounting. These
include manufacturing practices, performance measurements, accounting practices, and investment
management.
(a) Manufacturing Practices
Fiume advocated that manufacturing practices should move from batch production and push
scheduling to flow production and pull scheduling. The principal thrust for such lean transformation is
the absolute elimination of waste, which requires a new mindset. Fiume suggested that work be
categorized into activities that add value, and activities that don’t add value, strictly from the
customer’s perspective. Financial people often struggle with impacting and measuring productivity,
which is defined in lean terms as the relationship between quantity of output and quantity of resources
consumed. Productivity is usually measured in terms of sales, material, labour and overhead costs, all
of which are multiples of quantity times price. Fiume explained that changing the ‘quantity’ of all
these multiples requires physical changes, and stated that no amount of financial manipulation can
create productivity gains.
(b) Performance Measurements
In a lean environment, performance measurements should reflect the lean strategy.
Measurements should be simple and easy to understand, mostly non-financial, measure the process,
not the people, and must be timely. Fiume suggested certain measurements that include customer
service, lead and cycle time, and defect reduction.
(c) Accounting Practices
There are three major accounting practice areas, viz., accounting processes, cost management,
and financial control. Fiume stressed that accounting processes must focus on the process, not the
results, and emphasized on the elimination of non-value added processes with lean accounting, with
the added benefit of less complex tasks and fewer people needed to perform those tasks. He argued
that cost accounting is really cost management, which includes cost planning, control, and accounting.
Introducing the concept of Quality Function Deployment (QFD), he supported the involvement of the
customer on the front end of new product development. He further suggested the value added pricing
as the best lean practice.
He also suggested diverting the focus from cost accounting methods, to move from profitability
of individual products to product groups, and shift from standard cost and variance analysis to prime

2
A value stream includes all the value-added activities involved in providing specific products and services to
customers thereby identifying the areas of waste, bottlenecks, and opportunities to more effectively manage
capacity.
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costs and segregation of assignable and allocated costs. All these new practices happen to bring
efficiency in the accounting processes.
(d) Investment Management
Lean management seeks to radically restructure the organisation into Value Streams (rather
than functional departments), with the aim of greatly streamlining business processes (for
manufacturing or services), to improve customer service, whilst also improving efficiency and
profitability. Thus, the final dimension of lean accounting is investment management, and it includes
more than just a capital plan. Fiume emphasized on the importance of people investment, allocating
resources consistent with company strategy and priorities, and on using multiple criteria to evaluate
lean management performances. However, he advised “Remember, the objective is not to achieve
standard performance, but to be better today than you were yesterday”.
V. Implementing Lean Accounting
Lean accounting is a system that improves the quality and flow of information within a Lean
organisation. Its objective is to improve the decision making process within the Lean organisation.
Thus, several things are provided by the lean accounting: Relevant information necessary to evaluate
past performance; Relevant information necessary to guide future decisions; A relationship between
information, financial and non-financial, and the activities within a Lean organization; Flexibility
based on the requirements of the product/service lines and the organization as a whole; An
opportunity for input from stake holders(e.g. customers, employees, vendors) that contribute to the
goal of Lean Thinking, continuous improvement of processes; and an emphasis on the measurement
of processes that affect outcomes.
Because of these perceived benefits organisations now are moving to the lean accounting
environment. In this process it is very important that the path to lean accounting be aligned with the
progress toward a lean operating environment, which also generally takes months or years to achieve.
The following steps describe a possible transition path.
Step 1: Evaluate Where You Are and Where You Want to Be
Step 2: Establish Implementation Principles
Step 3: Establish Production-Oriented Metrics and Business Case Methodology
Step 4: Establish the Lean Operating Environment and Eliminate Most Inventories
Step 5: Identify Value Streams
Step 6: Eliminate Variance Reporting and Back flush All Labour and Materials
Step 7: Eliminate Inventory Tracking and Assign Costs Directly to Cost of
Goods Sold as Incurred
Step 8: Establish Customer-Oriented Target Costs
Step 9: Link in Suppliers and Automate Accounts Payable
Step 10: Link in Customers and Automate Accounts Receivable
The lean accounting principles were developed to support manufacturing companies, and most
of the implementation of lean accounting has been within manufacturing organizations. But recently
the lean methods are moving into other industries like financial services, healthcare, government, and
education. However, the literature is very thin on the case studies on the implementation of the lean
principles. Despite, there are few interesting points that have been pointed out by researchers and
experts from their studies suggesting a comparative picture of lean and traditional organisations (see
Table-1)

Table 1: Traditional Organisation vs. Lean Organisation

CONCEPT TRADITIONAL LEAN ORGANISATION

ORGANISATION
Inventory An asset, as defined by accounting A waste – ties up capital and

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 terminology increases processing lead-time
Ideal EOQ and Batch size Very large – run large batch sizes ONE – continuous efforts are made
to make up for process downtime to reduce downtime to zero
People Utilization All people must be busy at all Because work is performed based
times directly upon customer demand,
people might not be busy
Process Utilization Use high-speed processes and run Processes need to only be designed
them all the time to keep up with demand
Work scheduling Build products to forecast Build products to demand
Labour Costs Variable Fixed
Work Groups Traditional (Functional) Cross-Functional Team
Departments
Accounting By Traditional Financial “Through-Put” Accounting
accounting Standards Board
(FASB) Guidelines
Quality Inspect/Sort work at end of process Processes, Products and Services
to make sure we find all errors are designed to eliminate errors
VI. Advantages of Implementing Lean Accounting
The advantages of implementing lean accounting environments can be classified into three
broad categories, viz., operational, administrative and strategic improvements. The operational
improvements include reduction in lead/cycle time, increase in productivity, reduction in work-in-
progress inventory, improvement in quality and reduction in space utilization. Second, the
administrative improvements include reduction in order processing errors, streamlining of customer
service functions, reduction of paperwork in office areas, reduced staffing demands, allowing the
same number of office staff to handle larger numbers of orders, documentation and streamlining of
processing steps enables the out-sourcing of non-critical functions, allowing the company to focus
their efforts on customers’ needs, and reduction of turnover and the resulting attrition costs. Last, the
strategic improvements include increase in sales volume and revenue with no increase in labour or
overhead costs, and improvement in cash flows. Lean accounting increases sales because it provides
better information for decision making.
VII. Obstacles to Successful Implementation of Lean Accounting
Lean accounting transforms the accounting office with two major concepts: eliminating waste
and errors, and motivating accountants to become change agents. The goal of lean accounting is to
improve the company's profitability by actively engaging all employees in cost-cutting and
improvement operations. This goal has its own lacunas.
The greatest problem with lean accounting is the amount of time accountants must spend in
building the information systems necessary to collect financial information. Accountants may struggle
when implementing lean accounting because this accounting tool creates a stronger focus on
management accounting rather than financial accounting. While financial information operates within
the confines of a set accounting period, such as weekly or monthly, management accounting is a
never-ending flow of financial information. Additionally, lean accounting dismisses the traditional
costing methods for goods and services by using performance measurements, cost and value streams,
benchmarking and simplified internal controls. Each new lean accounting concept requires new
processes to be implemented in the accounting department. These processes are in addition to the
traditional financial accounting functions of the accounting department. Accountants must now play
an active management role in creating and monitoring lean accounting processes instead of sitting in
an office waiting for the financial information to arrive at their desk. Thus, implementation of the lean
accounting is time consuming.
Second, the implementation and working in lean environment requires much information which
on the one hand, increases information costs and makes information processing difficult, on the other.
Lean accounting requires more information about the company's production process, giving
accountants a more thorough understanding of business operations. It also forces change by increasing
the value added to consumer goods and services. Accountants must take this information and
understand how it should be reported to executive management so business decisions can be made to
improve the value-added process and eliminate production errors. Lean accounting information adds
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to the overall financial accounting process by increasing the amount of internal accounting
information prepared by accountants.
Third, another important problem with the lean accounting is the fundamental changes it creates
in traditional accounting systems. Most accountants are educated in traditional costing methods and
may find the change to lean accounting difficult to implement. Moreover, lean accounting is a
relatively new concept, with few examples of other companies' successful implementations. Hiring
new employees may also be difficult because few new hires will have experience in lean accounting.
So the lean organization may be required to spend too much time and money on training for
successful lean implementation.
Last but the least, it is highly difficult to expand lean implementation to the supply chain
management. Supply chain process pre-supposes the just-in-time delivery of materials and
minimization of inventories. So the lean organizations advocating for high quality products and
services need to bring suppliers into the improvement efforts. If critical suppliers cannot deliver on
time and/or deliver in smaller quantities, the benefits of Lean will be greatly diminished or even non-
existent. The development of a lean supply chain is probably one of the most difficult aspects of
implementing Lean.
In view of the aforesaid obstacles, the solution lies in developing skills of management – not to
reject lean accounting and continue to rely on terribly wrong and misleading accounting information
simply because it is safe. The appropriate response from accounting is not to reject lean accounting in
order to protect the organization from itself. Rather, it is to embark on a serious training and education
mission - to accept it as accountants’ responsibility to raise the level of financial management
knowledge and thinking to the point at which the inherently superior information from lean
accounting can become the engine for superior management decision making.
VIII. Conclusion
The objective of this paper is to revisit the issue of lean accounting as a replacement of the
traditional accounting systems for cost accounting, management accounting, and external financial
reporting. Lean accounting refers to the changes required to a company's accounting, control,
measurement, and management processes to support lean manufacturing and lean thinking. Lean
accounting concepts designed to better reflect the financial performance of a company that has
implemented lean manufacturing processes. Lean accounting leads to better decision-making by
producing accurate, understandable and actionable cost and profitability information. Lean accounting
saves time and money by eliminating much of the waste associated with traditional accounting and
control systems. It motivates lean improvement over the longer-term by providing measurement and
reporting information that is thoroughly lean-focused. Lean accounting enables companies to make
more money by identifying the potential financial benefits of lean improvement and developing
strategies to realize that profit. Lean accounting methods such as Target costing and Sales,
Operations, and Financial Planning (SOFP) provides short-term and long-term focuses on customer
value through the value stream, and the team-based continuous improvement required to grow the
business, eliminate cost and improve efficiency. Despite the far reaching benefits, even the
supporters of lean philosophy have acknowledged some potential shortcomings of the lean accounting
system. For starters, there is the challenge of accurately pricing individual products and determining
profitability when performance is analyses by value stream, rather than by product. Besides, the
requirement of too much of time and money, too many information, non-adaptability on the part of
the traditional accountants and others are certain obstacles hinders the successful implementation of
the lean accounting system. However, if practiced too rigorously, a lean approach could emphasize
speed and quality almost to the exclusion of cost concerns. Thus, lean is becoming the next ‘quality’
practice area, and many large manufacturers are demanding that suppliers adopt lean practices. Lean
organizations are able to be more responsive to market trends, deliver products and services faster,
and provide products and services less expensively than their non-lean counterparts. The outlook,
therefore, is that specific case studies should be made at company levels to establish the agreed body
of knowledge that lean is becoming the standard approach to accounting, control and measurement.
This would enlighten the companies thereby adding more value for the stake-holders.
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