Essay On managerial Accounting
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Managerial Accounting can be defined as can be defined as the field of study that is found within accounting that is devoted to the information needed by a company's management. Managerial accounting usually covers several topics. Some of these topics include cost behavior, budgeting, product costing for the company's manufacturers, the quantities needed for decision-making, capital budgeting and transfer pricing (Geense, 2015).
The managers of companies usually use the provisions of the information about accounting so as to better themselves. This information usually helps the managers in decision-making processes on important matters of the organization. Through managerial accounting, the managers of a company can have aided management and control function performances. The major concern of managerial accounting is the provision of information to managers. Managerial accounting also includes various practices such as activity-based-costing (Geense, 2015).
Managerial accounting also includes various information. Examples of such information include information on the organization's cost of products and services, information on the company's budget, information on the company's reports and also any other information that is used to assist the managers of the organization in their planning activities as well as their control activities. Usually in companies, traditional managerial accounting systems are used to measure the efficiencies of the internal processes of the organization.
How Managerial Accounting Matters to My Career
Managerial Accounting matters in many different ways to my career as an Army Logistics Planner. The first way in which managerial accounting matters in my job is by helping as a planner to reduce the general expenses of the army. Through managerial accounting, I can be able to identify which sections of the organization use which amounts of money. Therefore, I can identify which sections on the organization that uses more money that the necessary amounts and help the organization to cut down on the excess expenses of that particular organization (Vitez, 2015).
The other way in which managerial accounting matters to my job is in the situation in which the company needs an improvement in its cash flows. This is especially attributed to the fact that managerial accounting involves the process of budgeting. The budgeting plans in many organizations are usually based on the financial history records of the company. This, therefore, means that as a planner through managerial accounting I can identify which places in the budget that need correction to boost the overall company’s cash flows (Vitez, 2015).
Also, managerial accounting matters in my job as an Army Logistics Planner in that it plays a major role in ensuring that the business decisions that I make for the army are wise. Through managerial accounting, the major decisions made in the army will not just be based on qualitative analysis, on business owners or on managers but will also be based upon the information on the organization's accounting. This, as a result, ensures that the best decisions are at all times made in the organization (Vitez, 2015).
Finally, managerial accounting also matters on mu job as a logistics planner for the army in that through it the company is capable of increasing its overall financial returns. Through managerial accounting, as a planner I can be able to prepare financial forecasts that relate to the demand for the consumers, potential sales or the effects of the price changes on the consumers. As a result, the investment in the business can only be focused on the sections of the economy that will most likely result in the highest financial returns (Vitez, 2015).
Skills Needed By Managers to Succeed In Businesses
For a business to be successful, the managers of that particular organization need to have certain required skills. The first major skill is managerial skills. The managers in an organization need managerial skills so as to coordinate the activities of the organization and to achieve the company's aims and goals. Good managerial skills will mean that the employees in the company are well organized and that the activities go according to plan in terms of delivery time and quality.
The other major skill that managers need to have for a business to be successful is sales and marketing skills. Every business is focused on the provision of products and services. Products and services of every business need to be known to the target customers. This is achieved through good marketing skills. Again so as to make the sales the companies need good salesmen and this is achieved through skilled sales managers.
Corporate Social Responsibility and Its Importance to Businesses
Corporate social responsibility (CSR) is a form of corporate self-regulation that has been integrated into a business model. The policy of CSR functions as a mechanism that is self-regulatory in which a business can monitor and ensure it's active compliance with the law spirit. Generally, Corporate Social Responsibility can be defined as a company's sense of responsibility that is directed towards the community and the environs in which it operates.
Corporate Social Responsibility is important to businesses in many ways. The first way is that CSR assists in cost savings within businesses. Through CSR, businesses can cut down their expenditures to only what is necessary, and this, therefore, reduce the overall costs. Also, CSR helps with brand differentiation, which makes a business unique (Forbes, 2015).
Also, CSR helps businesses with long-term thinking that ensures that businesses are operational even several years after their commencement. CSR also helps with consumer engagement, which helps businesses to retain customers and to understand their needs more. Finally, CSR also helps with the employee engagement, which improves the overall activities within the organization and therefore as a result the businesses experience better returns (Forbes, 2015).
Forbes. (2015, May 31). Six Reasons Companies Should Embrace CSR.
Geense, I. M. (2015, May 30). Managerial Accounting.
Vitez, O. (2015, May 31). The Advantages of Management Accounting.