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The Many Faces of Management Accounting
Management accounting is a vital subfield which provides information to management
employees in a company. It allows managers to make important, informed business
decisions on a daily basis while maintaining said information confidentially. By
using management information systems combined with a company’s own internal rules
and controls, management accountants create information which will be utilized in
future transactions- and never intending to be used as a record keeper of past transactions.
Cost, industrial, managerial, private, and corporate accountants are all entities
that perform some kind of management accounting. In each area, the work remains
relatively the same. However, professionals holding management accounting positions
are required to analyze and document financial information that is directly related
to their employers. They are responsible for performance evaluations, budgeting,
cost management, and asset management. Many times they are vital participants of
executive teams who are targeting new product development or strategic planning
for their company. Overall, they are responsible for evaluating financial information
that is required by corporate executives when making critical business decisions.
Management accountants have also been known to create financial reports for tax
authorities, creditors, stockholders, and even regulatory agencies. Cost accounting,
budgeting, planning, and financial analysis are also on a management accountants
“to do” list if they are employed as part of an accounting department.
Financejobz.com believes that management accounting is a growing field with much
potential for new hires. It is important to note, however, that most management
accounting positions are usually given to professionals with previous accounting
experience or through inner organization promotions. With the position supplying
vital information needed and used in a company’s decision making, skills close to
perfection are looked for when hiring.
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