Transforming Cost Accounting to Profit Management - Cost Accounting is Aiming too Short

Over the past 10 to 15 years a host of paradigms such as Activity Based Costing (ABC, Activity Based Management (ABM), Business Process Reengineering (BPR) and Process Improvement (PI) have shifted the focus to what we now call the "middle line reduction". This paper will attempt to integrate the two parts of the equation viz. revenues (top line) in addition to costs (middle line) to create profit (bottom line) generating value to stakeholders.