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Performance Management Lloyd Bank

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Added on  2020-04-29

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Performance management 9 RUNNING HEAD: Performance management [Type the company name] Performance management Lloyd bank Introduction 2 The objective of management accounting: 2 Assistance in Planning and Formulation of Future Policies 2 Serves as methods for correspondence 2 Measuring performance 3 Decision making 3 Internal reporting 4 Trends in management accounting: 4 Six sigma approach 4 Total quality management 5 Nature of management accounting: 7 Sources of information: 8 Internal sources: 8 External sources: 8 References 10 Introduction Lloyd bank is a financial services organization with huge base

Performance Management Lloyd Bank

   Added on 2020-04-29

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RUNNING HEAD: Performance management [TYPE THE COMPANY NAME]PerformancemanagementLloyd bank
Performance Management Lloyd Bank_1
Performance management1Table of ContentsIntroduction...........................................................................................................................................2The objective of management accounting:...........................................................................................2Assistance in Planning and Formulation of Future Policies................................................................2Serves as methods for correspondence.............................................................................................2Measuring performance....................................................................................................................3Decision making.................................................................................................................................3Internal reporting..............................................................................................................................4Trends in management accounting:......................................................................................................4Six Sigma approach............................................................................................................................4Total quality management.................................................................................................................5Nature of management accounting:......................................................................................................7Sources of information:.........................................................................................................................8Internal sources:................................................................................................................................8External sources:...............................................................................................................................8References...........................................................................................................................................10
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Performance management2IntroductionLloyds Banking Group is a financial services organization with huge base of customers with presence all over the world. It is famous in the high street with highest volume of business revenue. The following reports are analysing about the objective of management accounting in bank performance management. The objective of management accounting:The objectives of management accounting helps the bank in finding out the role and use of management accounting in the organization. The following objectives are significant for Lloyd bank:Assistance in Planning and Formulation of Future Policies:Management accounting helps Lloyd Banking Group in managing and deciding in advance about the planning that needs to be initiated to deal with financial matters. It involves estimating on basis of given information, defining goals, creating policies and defining the alternative course of actions and determining the activities of programmes which are to be commenced. Planning will help Lloyd group in maintaining the performance as well (Macintosh & Quattrone, 2010). The forecasting done is based on the information that has been collected from the market survey and past financial performance of the bank. It is important to collect the data from the reliable source that will help to ensure that the proper financial planning can be implemented. Serves as methods for correspondence: Management accounting gives a method to Lloyd group to take administrative decisions related to the performance of the finance department. It can also help the bank to properly analyse the bank’s annual report. In the year2016 the underlying profit was calculated to be 7.9 billion pound with the strong capital
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Performance management3generation of c.190 bps. The statutory profit before the tax was more than 4.2 billion pound (Lloydsbankinggroup.com, 2017). These figures of the report helps to deal with the overall system of management accounting for the finance department of the Lloyd bank (Hilton, 2011). At later stages, it keeps all customer of bank educated about the plans that have been settled upon and their parts in theseplans.Management accounting helps Lloyd group of the bank in communicating the financial plans and facts about the company to the desired stakeholders of the company. With the record of the financial data, it is possible for the bank to understand the progress with the help of the data. They can also communicate with the financial stakeholders about the matters related to the financial performance. The management team of Lloyd bank needs assistance for taking conclusions and for estimating performance.Measuring performance: Management accounting practices in Lloyd measures two kinds of execution. Firstly it Lloyd assists its employee execution and the second is aptitude assessment. The actual execution is measured in terms of plans decided with the established plans and a report of deviation from the standard plans. This deviation should be tracked to the management for the successful basic control and also to show the competence of the procedures used. The two sorts of performance evaluation in management are utilized to influence corrective activities with a specific end goal to enhance execution. Decision making: The most significant objective of managerial accounting is to furnish administration and proprietorship with the capacity to Lloyd bank and making them settle on information-driven choices. Lloyd bank is settling on numerous choices consistently (Baldvinsdottir, Mitchell &
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