Management accounting is the practical science of value creation within organisations in both the private and public sectors.
It combines accounting, finance and management with the leading edge techniques needed to drive successful businesses. Management accountants operate in financial and non-financial roles throughout organisations and carry out all their training and experience requirements within business itself, providing them with a unique insight into how their organisations operate.
Chartered Management Accountants are financially qualified business leaders
They operate within all areas of organisations, in both the private and public sectors, driving success and creating value through a combination of the application of leading edge techniques and an in-depth understanding of the businesses in which they operate. Whilst qualified in accounting and finance, their focus is commercial and forward looking, pre-empting and adapting to businesses’ changing needs.
Specifically they:
- Design, implement and manage (automated) integrated information systems that combine financial and non financial data to provide insightful (electronic) reports to assist in managing performance and inform decision making
- Design, implement and manage (automated) transaction processing activities, including financial accounting, payroll, purchasing and payments, often carried out in a shared service centre
- Design, improve, measure and manage end-to-end business processes and activities, often extending beyond the organisational boundaries, ensuring delivery of optimum efficiency and effectiveness in the use of resources
- Work as an analyst; consultant; relationship, project and change manager in support of the business; and as a business partner integrated into divisional and operational units and processes throughout the organisation, bringing commercial and strategic insight, innovative thinking and a collaborative approach
- Take responsibility for formulating and managing organisational policy, strategy and objectives, producing business plans, forecasts, scorecards, cost/benefit analysis and budgeting information as appropriate
- Design and implement excellence in corporate governance, including risk management, internal audit and controls, company secretarial, corporate social responsibility and board and stakeholder reporting
- Determine capital structure and acquire and manage funds. Carry out due diligence in mergers, acquisitions, business partnerships and joint ventures.
hmm... sounds like the type of consultant everybody hates in the organization. hehehe
ReplyDeleteyeah, management accountants can be consultants, or also can be part of the organization. :-)
ReplyDeletethe point is continuing education. :-)
thanks for the comment, law.