Key Innovation In Management Accounting : Assignment
Added on -2020-07-23
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Key Innovation InManagement Accounting
LITERATURE REVIEWTo execute business there is need to be always updated with the changes in thetechnologies as well as techniques of making an accounting stability in the firm. As per theviews of Johnston and Marshall, (2016), There has been changes in the methods of recording thetransactions in the recent times. Hence, the traditional method was very complex and verydistressful such as recording entries of the transaction in books and thus it will be very difficultand time consuming for the accountants to analyser the record of each transactions of make auditof such accounts. In accordance with Heinicke Guenther and Widener, (2016), In the modern erathe transactions has been recorded in the various devices which in turn reflect promptness inanalysing such transactions as well as helpful in making the adequate auditing of the accounts.Hence, in context with the views of Renz, (2016), it can be said that the current changes helps inmaking the fruitful and authenticated analysis of the records such, data analysis, financialstatements' disclosure, capital structure of the business as well as lots of big calculations has beenmeasured by the accounting executives with the help of recording such data (The Impact ofManagement Accounting Innovations on Millennials Business, 2017). Pimentel and Major, (2016) has criticised that, as the increase in the use of suchtechnological methods which in turn reduced the theoretical and basic knowledge of people.Thus, it can be said that the innovations are replacing the accounting professionals from thevarious machines, devices and software. Hence, it can be analysed by Heizer, (2016) that, suchsoftware were made to make the prompt calculations and effective results in the end will bepresented on which the business decisions can be made and executed. Hence, currently theaccounting not only depends over recording transactions and analysing the profits or gains it hasthe huge change such as managers will be able to analyse the costs of an operation in theorganisation as well as innovations in the various fields of the accounts. In accordance with theviews of Sen, Bingol and Vayvay, (2017), The management accounting operates in various fieldsof the organisation such as purchasing of the material and manufacturing of the products,requirements of the time and laborious efforts as well as analysing the demands in the market.Hence, such records keeps the managers or professionals up to date with the requirements in themarket as well as the costs incurred while producing such units. Cassiman and Valentini, (2016)has evaluated that, with the helps such innovative software it will be very easy or soothing wayson which a managerial head can have records of all the operation departmental in the business as1
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