One of the major benefits of having a systemized approach to costing is that you can save an extraordinary amount of time developing reports for a wide range of stakeholders.
As an example, our model wasn’t specifically designed to address the Government’s Cost of Teaching requirement but we have been able to create the required reports for 7 universities over 15 work-days with one person. That’s about 2 days per university, compare that to the time it would take to develop this report from scratch which would easily be multiple weeks to months for one institution. Something to ponder as the Government moves to mandatory annual reporting, particularly if they decide to change the format or reporting requirement over time.
In this article, I address a requirement released by the Australian Department of Education requesting certain universities to report their cost of teaching. Next year it will be mandatory for all universities. Read full article