Financial Management: Approaches, Principles, and Role of Management Accountant

Financial Management

Table of Contents
Introduction......................................................................................................................................3
1. Different formal and informal approaches used to support effective-decision making in Tesco 4
2. Analyze the key financial management principles required by organizations to achieve
effective financial strategies for long term financial sustainability.................................................6
3. Evaluate the role of management accountants and their value as part of an integrated system. .8
4. Evaluate the use of accounting control systems and their value as part of an integrated
business system................................................................................................................................9
5. Evaluate the ways in which financial decision-making is important for supporting long term
financial sustainability...................................................................................................................10
CONCLUSION..............................................................................................................................12
References......................................................................................................................................13

Introduction
Organizations are always determined by the level of choice. The dynamics range from critical
options to custom administration and operational options. Business dynamics concern the choice
of decisions or agreements to achieve business objectives. Vulnerable dynamics are identified
here as the interaction through which options are selected and subsequently go through execution
to achieve business objectives. "Successful choices are the result of an orderly interaction, with
obvious components, which are curate into a group of unique measures." Accountants have key
tasks in place to accomplish everything through the dynamic cycle of success.
Meanwhile, many driving agencies have embraced the open doors brought about by
improvements in frameworks and compactness to change their money and accounting (F&A)
skills. These opportunities have enabled organizations to be more productive in their operations
and more powerful in how they support dynamics across the industry. Typically, it may be the
accountant's job to provide data to executives for dynamic assistance or to move the financial
plan after the option is approved for execution. However, the role of the administrative curator is
all through a strong dynamic interaction.

1. Formal and informal approaches in decision making
In the organization, executives use various types of approaches that influence the industry or help
senior management make a strong choice that will help achieve corporate goals and objectives.
There are two types of approach followed by the Tesco director and they are discussed below:
Formal approach:
Structure approach: This approach will be used to identify the packing order within an
association, it will include all activities, skills and who will describe their work. It totally
depends on how a company operates in its internal capabilities. It also examines the different
types of design for the company such as division, structure, capacity and geology. Basically,
regional design is used in those materials that have specific specific units, geological
construction means that the company has commercial activities in a few areas. Along with this,
the useful construction depended on various functions (Bannered, 2015). The director of Tesco
Plc can accept this mobile application in order to garner a successful way for dynamic
interaction. It also supports the manager in achieving his corporate objectives and goals.
System approach: In this approach, the association focuses on independent or intuitive exercises
that are beneficial to the organization. Includes administrative evidence of internal and external
factors influencing society. Basically the framework approach used to assess the market
segments that affect the efficiency or productivity of an organization. The Tesco Ple director can
then adopt the framework approach to analyze the components affecting the industry and also
help build a dynamic operational cycling mode. It also helps the society to achieve its corporate
aims and objectives.
Process approach: this approach involves the various exercises necessary to perform the
functional or utilitarian function. Using the approach is a framework in which they track every
progress to a fruitful conclusion. With the help of this, the society improves visibility along with
productivity or suitability. It is done through consciousness in or out of their circle. The
administrator then has to inspect the parts and then create the device as directed by it. A Tesco
director can follow this approach to achieve the commission and their goals, which contributes to
the expansion of efficiency or benefits.