Management Accounting, Chartered Institute Of Management Accountants Essay

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Introduction of management accountant
Roles are different for management and Management accountant. Same person could do both, but the roles will completely differ. Thus, Management accountants support all the decisions made by the managers. They can mix up their roles that they have daily across the departments and multiple functions. In addition, it includes working for branches of companies that are located in other countries and preparing non-financial and financial work. Achieving an organisations strategic goals are vital, all the decisions made by management accountants has a huge impact to help them achieve their goal. Management accountant used to only provide, process and collect information during the year 1950.
For management accounting, Chartered Institute of Management Accountants (CIMA) is one of the world’s major professional bodies. Today’s management accountant’s role are as follows: formulating business strategy, conducting internal business audits, monitoring financial control, monitor spending and to explain the impact of the financial outcome of business decisions and the landscape of competitors.
Skill-set of today’s management accounting are as follows: communication, planning, risk, analysis and strategy. Communication is vital as it is used to explain quantitative information to non-financial managers. For planning and budget; accounting technique is applied. Risk is managed and identified. Business strategy is formulated to create value and

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