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== Management Accounting ==
= Management Accounting =
The management accounting also known as managerial accounting. The managers in business organizations utilizes the information of accounting provisions for better decision making. The management accounting is the process that manages the flow of information for deciding matters related to organizations. This assist the management and performance of business operations by controlling functions.
== Meaning of Management Accounting ==
The simplest definition of management accounting is that it facilitates both the financial and non-financial decision-making within the organization by providing manager the valid information. In the words of “Institute of Management Accountants (IMA)” Management accounting is the process that partners in the management decision making. This formulates the business planning and the entire system of performance management. The managers utilize control and financial reports to assist the management. They are responsible for the implementation and execution of management accounting strategy within the organization.
The management accounting is managed by Management accountants who are also known as called managerial accountants. They dive deeper into the operations that occurs within the business. The decisions are made by considering the requirements of the organization. From this, data and estimates emerge. The management accounting also uses cost accounting process for translation information and data. These are used in knowledge which ultimately enables management accountant make better decision.
According to one of the biggest management accounting institute that has over 100,000 members defines management accounting as the process of analyzing information to create a proficient business strategy that can drive business towards the path of success. Moreover, management accounting as the practice is categorized in three major areas is affirmed by the Association of International Certified Professional Accountants (AICPA). These areas are as follows:
* '''Strategic Management''': The management accountant also play advance role to be the strategic partner of the business organization. It involves creation of strategies to manage business operations.
* '''Performance Management''': This is the process that involves practices associated with business decision-making and most importantly management of employee the performance in the organization.
* '''Risk Management''': The risk management is the process that contributes to development of practices and framework for early identification, measurement, and management of risks involved in the business operations. It helps businesses to achieve the goals and objectives of the organization without any obstructions.
== Benefits and Goals of Management Accounting ==
Management accounting has many goals and objectives the major one is to help the management team of the business organization. This assists the entire team in improving the quality of decisions. The objective of management accounting is to make it easier for the managerial team by providing them financial information. This enables them to execute multiple business activities and operations with maximum efficiency. Here is the list of all the advantages of management accounting:
* '''Decision Making''': This is the prime benefit of the complete management accounting process. This uses costing, statistics, economics, etc. in the form of accounting for the complete evaluation. All these things makes it easier for the managers to make more informed and justified decisions.
* '''Planning''': Management accounting is the ongoing process in an organization which doesn’t have any kind of restricted timelines. The management gets financial and other important information about the business on regular basis.
* '''Strategic Management''': There are no certain rules for the business organizations to have management accounting. The companies can structure the system according to the requirements of the company. Adding to that, if there is need for specific attention on the area then management accounting can be used for the in-depth study and evaluation.
* '''Identification of the Root Causes of Problems''': If something is not working well in the business organization then management accounting is the process that is put to the use. This helps in the accurate identification of the problem and the underlying cause for it.
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