Management Accounting Accenture

   

Added on  2020-10-05

15 Pages2828 Words347 Views
Management Accounting
Management Accounting Accenture_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Nature of Budgets of Accenture............................................................................................11.2 Budget Centres of Accenture................................................................................................2Source: (Cost Center vs Profit Center,2018)...................................................................................41.3 Budget Period of Accenture..................................................................................................41.4 Budget Committee of Accenture...........................................................................................5Budget manual of Accenture.......................................................................................................7Budgetary process stages............................................................................................................8Variance analysis of budget of Accenture..................................................................................9Types of operational budgets....................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONManagement accounting is the process of preparation of monthly or weekly reports andbooks of accounts which provide precise and timely financial information so that managers canmake daily or short term decisions. Accenture is a UK based global management consultation,technology services and outsourcing, with clients over 120 countries. It requires a goodmanagement in accounting to ensure smooth performance.This report will cover nature of budgets, their centres, periods, committee and manual. Itwill analyse the stages of budgetary process, variance analysis and different types of operationalbudgets that Accenture prepares (Hall, 2016).TASK 11.1 Nature of Budgets of AccentureBudgets are blueprints of plans that are to be followed for a period of time for thepurpose of achieving a goal of Accenture. It is usually expressed in financial terms and helpswith management accounting of company. It shows planned expenditure that may occur orincome may be generated for that time period. Budget of Accenture is planned and created by using program cost development andstrategy with standards and policy and implementation. This creates a formulation and helps increating a budget for the company to ensure better financial performance management.Budgets are financial in nature. It is prepared priory on the basis of future plans whichhave to be put into action. It shows the capital that has to be employed during the particularperiod. It helps in coordination of various activities of company so as to perform an efficientmanner. It provides a way of measuring and controlling performances and take necessarycorrective actions, wherever required(Strategic Management,2018). Accenture uses budget tools, model development and its implementation while preparingbudgets. They use rapid web based budget system development and deployment. Budgetforecasting and 'what if' analysis is also done by the company.Assessment of previous year budgets is been done and gaps are identified. They findtheir areas of strengths and weaknesses and conduct feedback sessions and analysis to createfuture budget needs and focus areas.
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1.2 Budget Centres of AccentureBudget centre is an area of an organisation, in which, the manager is responsible forpreparing budgets. The budgets will be compared with actual performance of Accenture underthe budgetary control process.The budget centre can be a department, section, function, individual or cost centre. It canbe a combination of all of the above as well. Each budget centre is required to create and presentregular financial statements, so that manager of each centre is aware of budgeted and actualperformance of Accenture(Budgets and cost centers example,2018).Following are the different types of budget centres:Cost CentreIllustration 1: Budgeting systemSource: (Strategic Management.2018)
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