Degree in Economics, Finance and Management - Managerial Accounting Essay

Degree in Economics, Finance and Management - Managerial Accounting - Essay Example The roles they currently play have become increasingly huge and difficult. They are the center of the decision making in both business firms and organizations. They are currently solely responsible for setting up and keeping the financial policies as well as being responsible for management of information system. The support they provide is essential because they work together with other management colleagues to ensure that all matters financial are equitably managed. Basically the work of the management accountant is to forecast on the future by ensuring that the advice they give is for the interest of the future growth and stability of the enterprise. They look at how the business is progressing and offer an advice on how problems can be effectively managed and on how to adapt to modern changes in business trends in order to remain relevant in the market industry (Smith, 2005). To achieve this dreams the management accountant look at ways of reducing business costs both operational and production cost and how to set up more and implement more viable strategies. Their work is not limited to specific sections but it cuts across the organizations. Manager’s information need differ with regard to the nature of entities operations and their role within the organization. Much of information that touches on management accountancy is based on both qualitative and quantitative data. This emergence was first instigated by a perceived disconnect between the theory and the practice of management accounting, and more specific on the most common perception that the traditional wisdom of management accounting textbooks is not widely used in practice. However the belief was based on few published work. Yeshmin and Das, research that was carried out in 2009 in Bangladesh showed that managers of the financial institutions are more comfortable when they apply both variance and budgetary control analysis to measure their performance among the