In management accounting services, decision by the managers are usually depend upon the reports and accounts that gives the exact financial and statistical information of an organization. In the case of financial accounting where annual reports, management accounting reports monthly or weekly for organization`s internal expenses such as department managers, CEO, CCO and other high post officers, are required, but management accounting shows the exact amount of available cash, monthly sales, revenue generated, number of orders by the clients, bank statements & other statistics etc.
According to the research in an American institute, management accounting mostly fall in the following three categories:
Provides the upgraded environment to the management accountant as a strategic organization`s partner.
Provides the environment that will helpful in practicing of business decision making and managing the organization for better performance.
Provides environment where experts practices to identifying the risk factor for the organization and managing the objectives of the organization.
Some of the major differences between management and financial accounting are as follows:Shareholders, regulators in a company or an organization usually use public financial accountancy details while only managers use the internal accounting information within the company or an organization.The financial accounts information is usually historical while that of management accounts information is while financial accountancy information is historical, management accounting information is forward-biased.The financial accounts information is case based while that of management accounting is model based in order to form the general decisions of an organization.The financial accounting information is measured by reference to financial accounting standards while that of management accounting information is measured according to the requirements of mangers in an organization.In case of financial accounting, there is a complete focus on the organization as a whole while that of management accounting give complete details & information about the products, activities and other operations in an organization.
Some of the major skills of the management accountants are as follows:Analyze the information in a way that it will be useful for the business.Commutate the business strategy in a way that create wealth for the organization.Identify and manage risks.Apply different accounting formations to plan a budget for the organization.Apply different accounting formations to plan a budget for the organization.
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