Management accounting and financial accounting are two aspects of accounting which can be seen in the day to day activities of finance. Where financial accounting deals with the reporting and accounting of the financial information in compliance of the accounting standards, laws and other regulations, the management accounting has more to do with the cost management and accounting, planning and cost control measures (Heminway, 2017). In this the simulation of past data is done to get the trend analysis and when the same is being used on the future planning numbers, we get the actual strategies to be implemented and actual targets to be achieved. There are many management accounting planning and strategic tools based on which the scenario analysis is being done and future course of action is planned. However, with the change in the business conditions, the management accounting as a whole has also experienced paradigm shift in past few years. Similarly, the expectations from and the role of the management accountant has also changed drastically considering the change in nature and scope of work. From just numbers, it has moved to consulting and analytics role. Sone of the major reasons which are attributable to this change in the management accounting and its forms are:
The management accountant’s role has changed in the modern business scenario as now several other business parameters needs to be considered while planning and analysis like customer behaviour and traits, the change in market conditions, the learning curve, the technology being used in market and latest one and knowledge and expertise of personnel. The management accounting in all the companies need to be aligned with the global practices to achieve efficiency.
Balanced Scorecard: It is the strategic performance management tool which lists down all the goals and objectives to be achieved in various areas along with the course of action to be taken. It is the report which is being used by the managers to monitor and measure the performance of the employees and the achievement of the goals and set objectives. This is used for tracking performance and in recent times has evolved to be one of the dynamic management tools to be used in the organization (Erik & Jan, 2017). Since the end targets and the deadlines are mentioned, it helps in easier measurement of actual performance, find the deviation and then list down the areas of improvement. The two people which introduced this tool in 1992 are Dr. Robert Kaplan and Dr. David Norton. Some of the major advantages of using it are mentioned below:
Arnott, D., Lizama, F., & Song, Y. (2017). Patterns of business intelligence systems use in organizations. Decision Support Systems, 97, 58-68.
Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research, 31(1), 1-9.
Dumay, J., & Baard, V. (2017). An introduction to interventionist research in accounting. The Routledge Companion to Qualitative Accounting Research Methods, 265. Retrieved from https://books.google.co.in/books?hl=en&lr=&id=PzQlDwAAQBAJ&oi=fnd&pg=PA265&dq=Dumay,+J.,+%26+Baard,+V.+(2017).+An+introduction+to+interventionist+research+in+accounting.+The+Routledge+Companion+to+Qualitative+Accounting+Research+Methods,+265.&ots=ta1isTHB
Erik, H., & Jan, B. (2017). Supply chain management and activity-based costing: Current status and directions for the future. International Journal of Physical Distribution & Logistics Management, 47(8), 712-735.
Heminway, J. (2017). Shareholder Wealth Maximization as a Function of Statutes, Decisional Law, and Organic Documents. SSRN, 1-35.
Linden, B., & Freeman, R. (2017). Profit and Other Values: Thick Evaluation in Decision Making. Business Ethics Quarterly, 27(3), 353-379. Retrieved from https://doi.org/10.1017/beq.2017.1
Meroño-Cerdán, A., Lopez-Nicolas, C., & Molina-Castillo, F. (2017). Risk aversion, innovation and performance in family firms. Economics of Innovation and new technology, 1-15.
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