Explain How Do Managerial Accountants Support Strategic Decisions

825 Words4 Pages
How do managerial accountants support strategic decisions? Management accounting involves collaborating in management decisions, arranging planning to performance systems, and providing competence in financial reporting and control to help in the formation and implementation of an organization's strategy. Managerial accountants look at a variety of events that happen in and around a business while considering the needs of the business. Once completed data and estimate surface, cost accounting brings the estimates and data into knowledge that will eventually be used to guide decision-making. In managerial accounting, managers use the collected information to get better informed before any decisions are made within their organizations. After strategies are set and plans are made, management's primary task is to take steps to ensure the plans are carried out, or if need be, that the plans are modified. This is a critical control part of management. Since management involves directing the activities of others, a major part of the control function is making sure other people do what should be done. I work for a company that has a process in place called Project Momentum, each year the leadership team comes together and reviews gathered…show more content…
Communicate the strategy through presentations, workshops, meetings, newsletters, and updates. Strategies must be adaptable and flexible so they can respond to changes in both the internal and external environments. Strategy meetings should be held regularly throughout the year, where initiatives and direction are assessed for performance and strategic relevance. A business should also put their strategy under full review at least once a year to check it against changes in the competitive environments. Strategy should be the pillar against which they assess priorities, actions and
Show More
Related

  • Team Building Conclusion

    9173 Words  | 37 Pages

    data to solve a problem in the workplace is a widely-valued talent in a business setting. One of the keys to being an effective problem solver is developing the solution to the problem in a reasonable timeframe. It is also important to be able to explain how the solution to a problem was solved in both a logical and systematic manner. Soft versus Hard Skills Perhaps the easiest way to differentiate between soft and hard skills can be described in this

    Read More

  • Enron Corporation: The Agency Theory Of Corporate Governance

    9980 Words  | 40 Pages

    They confirms that agents will, nevertheless, act with realistic self interest: as employee directors of a company, they will like to maximize their monetary reward, job stability and other perks, and they will do no more than seek to pacify the shareholders. Nevertheless, they need to be monitored and controlled to ensure that their principal’s best interests are served. This theory is the basis for most of today’s corporate governance activity. Corporate governance

    Read More

More about Explain How Do Managerial Accountants Support Strategic Decisions

Open Document