Management Accounting Systems and Reporting in Innocent Drinks

This report discusses the management accounting systems and reporting used in Innocent Drinks, including cost accounting, inventory management, job costing, and price optimization. It also explores the benefits of these systems and their integration into organizational processes.

Management
Accounting

INTRODUCTION
Management Accounting refers to the use of different types of provisions so that the right
decisions can be taken by the managers after performing the required analysis and interpretation
of the financial data, facts as well as information (Abdel-Maksoud, Cheffi and Ghoudi, 2016). If
it is used effectively and efficiently by the management then it can help a lot in achieving the
desired short-term and long-term goals as well as objectives. It is the role of management
accountants to make sure that they can correctly use its methods. This can help a firm in
achievement of strategic advantage in the future time period. In this way it can grow
substantially in the market and can attain sustainable success. This report is based on Innocent
Drinks. It is a company which sells different types of drinks in the market. In this assignment,
focus will be made on management accounting systems, application of its techniques.
Additionally, the use of planning tools and comparison of ways in which companies use this data
to solve problems will be discussed as a part of this project.
TASK 1
P1: Management accounting systems
Management accounting- It is an important decision-making tool which is used
internally by the management. Different types of tools like budgeting, variance analysis, CVP
analysis and BEP are some of the main tools which are used under it.
Difference between Financial Accounting and Management Accounting-
Basis Financial Accounting Management Accounting
Information It makes use of only the
monetary information
available within a company.
It makes use of monetary as
well as non-monetary
information available within
the firm.
Users of information Internal as well as External
users use its information.
Only the internal users make
use of its information.
Reports It only makes use of
summarized reports.
It makes use of detailed
reports.
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Types of management accounting systems-
Cost accounting system- In this system, a detailed analysis of different types of costs of
the organization is done (Al-Mawali and et.al., 2018). In this way it can help the firms like
Innocent Drinks so that they are able to perform a specific analysis of their costs. This will lead
towards application of rectifying techniques so that these costs are reduced.
Essential requirements-
 Cost accounting system should help the management of companies to maintain the
records with the required accuracy. Therefore this can help the managers of Innocent
Drinks a lot because they will get the information which is up-to-date. When the
management of the company is able to ensure that it can maintain detailed records of the
costs then in this way it will be able to apply the techniques in a better way to reduce the
costs.
 Cost accounting system can help the managers of firms to reduce the costs effectively.
The managers of Innocent Drinks can be benefited from this and can maximize their
overall level of profits. This can be done by them when they are able to apply the
appropriate techniques to assess where the costs have increased so that they can be
reduced in an effective manner.
Inventory Management System- In this system, there are various methods like LIFO,
FIFO etc. which help the management of a company to properly manage the stock level
(Almasan and et.al., 2016). Records can be maintained by the managers if they are able to track
the inwards as well as outwards movement of the stock. In this way, Innocent Drinks can be
benefited because their managers will be able to manage the information related to the inventory
of the companies without problems and issues.
Essential requirements-
 Inventory management system must help the companies to make sure that they are able to
use the correct methods so that they are able to manage their stock well. In this way
Innocent Drinks can manage and maintain their inventory. In this system, the companies
are required to ensure that they maintain a computerized system to track and manage the
different types of stock items so that they are not mismanaged.
 Inventory management system should help the firms so that they are able to identify the
problems with their inventory valuation and can rectify it. This helps companies like
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Innocent Drinks. Therefore in this way they can ensure that profits can be enhanced
because the costs related with the inventory management can be reduced effectively
without facing problems.
Job Costing System- In this system, the companies which primarily deal in
manufacturing manage their job orders (Alsharari, 2018). Innocent Drinks can make use of it so
that they are able to ensure timely completion of orders.
Essential requirements-
 Job costing system must help the companies to manage their job orders. In this way it can
help Innocent Drinks. This can be done by maintaining a detailed record of the inwards
and outwards movement of the job orders in an effective manner which can thus be quite
helpful for the organizations.
 Job costing system needs to help firms in finding out and resolving the different issues
related to job orders. Managers of Innocent Drinks can use it effectively to sort out their
issues. This can be done by ensuring that the managers are able to find out the problems
in the management of job orders and use ways through which they can solve them.
Price Optimization System- In this system, help is provided to companies in optimizing
the level of price (Bento, Mertins and White, 2018). Thus the managers of Innocent Drinks can
make its use to set a right price in the company for raising the level of profits.
Essential requirements-
 This system should help in forecasting the demand level of goods and services and setting
prices accordingly. Thus in this way help is provided to management of Innocent Drinks.
This can be done through the use of statistical and mathematical models and techniques
through which an effective forecast of the demand level can be made.
 This system must help the organizations so that they are able to set a right price and
maximize their profits. Thus the managers of Innocent Drinks are benefited from it. This
can be done by identifying the best price which can be set for the goods through which
higher-level of profits can be targeted.
P2: Management Accounting Reporting
There are different types of reports which are used in Management Accounting by the
managers of a particular company (Bisogno and Vaia, 2017). It requires high-level of skill and
expertise for the managers to be able to prepare them. These reports are as follows-
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Accounts Receivables Ageing Reports-
These reports are quite useful from the point of view of the organizations because they
help them to identify and arrange their debtors. In the context of Innocent Drinks there may be
various debtors of the organization. The company needs to make sure that it manages them
effectively and efficiently. This can be done by maintaining a record of the trade receivables and
identifying those debtors who have not paid their dues since a long time.
Performance Reports-
These reports are primarily used by the companies so that they are able to assess the
overall performance of their core departments (Butterfield, 2016). For Innocent Drinks, they are
useful so that they are able to make a thorough assessment of the variances and deviations.
Thereafter, quick rectifying actions may be taken so that the performance is improved. Thus this
can be helpful in setting targets and achieving them and the productivity of employees will
improve because they will achieve their full potential. Also the organization can use these reports
for the sake of comparison with their competitors so that weaknesses can be identified and the
work is done for the purpose of facilitating improvement.
Budget Reports-
These reports may be used by the firms so that the budgets prepared such Cash Budget,
Production Budget, Master Budget etc. can be summarized and the information which has been
obtained from them is analysed and interpreted. This helps in making recommendations and
valid judgements. In the context of Innocent Drinks, they can be useful for the managers so that
they can take accurate decisions for the future time period. This will enable them to forecast and
plan the expenses related to the firm and the incomes which are going to be earned in the future
time period.
Cost Reports-
In an organization, there are several departments (Endenich and Trapp, 2020). These are
Production, Finance, HR, Marketing, Sales etc. It is required from the companies that they are
able to identify their department-wise costs and overall costs. These costs may be fixed, semi-
variable and variable in nature. Apart from this there are overheads which are required to be
absorbed. In this way, this is going to benefit the companies like Innocent Drinks so that they are
able to use these reports for reducing costs as well as the overheads which are incurred.
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M1: Benefits of management accounting systems
Cost Accounting System can help the companies like Innocent Drinks in determining the
costs and applying correct techniques to reduce them. Inventory Management System can help
the firms to identify their stock level and managing the stocks correctly. Job Costing System can
help the companies to identify their job orders and to ensure their proper management. Price
Optimization System can be useful for the organizations to select the right prices to be used so
that the profits can be maximized.
D1: Integration of management accounting systems and management accounting reports in the
organizational processes
This integration can be done by companies like Innocent Drinks so that they are able to
improve the functioning easily and sort out the issues. In Finance, they can be used for taking
decisions. In HR, they are useful in identifying the efficiency of employees. In Marketing, they
can be used for identification of costs associated with it. In Production, they are useful in making
sure that they identify the techniques through which costs and overheads can be controlled.
TASK 2
P3: Calculation of costs
There are different types of techniques used for calculating costs which can be incurred
within an organization (Endenich, Trapp and Brandau, 2017). These are explained as follows-
Marginal costing-
It is a technique which is used in the companies so that treatment of different types of
costs can be done easily (Frick, Birt and Waters, 2020). In it, variable cost is charged to the units
of cost and fixed cost is written off against the contribution. This can be used by the managers of
Innocent Drinks so that they are able to identify their profitability level.
Advantages-
 The technique of Marginal Costing is quite simple to understand which helps the
managers of Innocent Drinks. By using the managers can make conclusion and
judgements easily as it not very complex in nature and can be applied very easily.
 This technique provides more clarity to the managers in the determination of the level of
profits. The management of the company is able to provide clear information which can
be used in the correct manner by making use of this method.
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Disadvantages-
 Marginal Costing technique does not allows the segregation of costs which creates a
disadvantage for the managers of Innocent Drinks. It can result in the creation of
inaccuracy.
 In this technique it becomes quite difficult to identify the degree of variability of the
semi-variable costs. Creation of this type of variability can lead towards taking of wrong
decisions by the managers.
Absorption costing-
This a method which is used within the companies so that they are able to identify the
overall costs by taking into account direct as well as indirect costs (Hariyati, Tjahjadi and
Soewarno, 2019). Thus in this way the managers of Innocent Drinks can be benefited. Thus the
managers should use it for determining the level of profits.
Advantages-
 Using the technique of absorption costing the managers of Innocent Drinks can determine
the different types of production costs. It takes into account overheads as well which
helps in determining the total costs being incurred.
 The technique of absorption costing can be used so that the managers of Innocent Drinks
can accurately track the profits. This can help them in doing comparisons with the other
companies and getting a strategic advantage over them.
Disadvantages-
 As this technique relies a lot on different types of assumptions therefore if they are not
accurate the profits or losses can be skewed. This creates a disadvantage for Innocent
Drinks. This can lead towards showing wrong data in the financial records.
 This technique cannot be used for improving the operational efficiency. This is
disadvantageous for the management of Innocent Drinks. This is so because this can lead
towards creation of problems and issues.
Justification- Both of these techniques are used by Innocent Drinks so that they are able
to determine the profits in the organization. By using them managers are able to perform the
correct analysis and interpretation which helps them in growing substantially in the future time
period and achieving the desired outcomes.
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Marginal costing
April (£) May (£)
Sales 56000 70000
Less: Marginal cost of sales
Variable manufacturing cost 30000 30000
Closing stock 10000 15000
Opening stock 10000
Total marginal cost of sales 20000 25000
Contribution 36000 45000
Less: Fixed cost
Fixed manufacturing cost 18000 18000
Fixed non manufacturing cost 5000 5000
Net profit 13000 22000
Absorption costing
April (£) May (£)
Sales 56000 70000
Less: Cost of sales
Variable manufacturing cost 30000 30000
Fixed manufacturing cost 18000 18000
Closing stock 16000 24000
Opening stock 16000
Total cost of sales 32000 40000
Gross profit 24000 30000
Less: Fixed non manufacturing cost 5000 5000
Net profit 19000 25000
Reconciliation statement
April (£) May (£)
Profit/loss under marginal cost 13000 22000
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Add/Less: Closing stock 6000 3000
Profit/loss 19000 25000
Profit/loss under absorption cost 19000 25000
Working note:
Calculation of closing stock under marginal costing
April (£) May (£)
Total variable manufacturing cost 30000 30000
Total produced units 6000 6000
Per unit cost 5 5
Closing stock 10000 15000
April (£) May (£)
Calculation of opening stock under marginal costing
Opening stock units 0 2000
Per unit cost 5 5
Opening stock 0 10000
April (£) May (£)
Calculation of closing stock under absorption costing
Variable manufacturing cost 5 5
Fixed manufacturing cost (per unit) 3 3
Total absorption cost per unit 8 8
Closing stock 16000 24000
April (£) May (£)
Calculation of opening stock under absorption costing
Opening stock units 0 2000
Per unit cost 8 8
Closing stock 0 16000
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Calculation of Break even point
Solution:
Variable cost 49
Fixed cost 140000
Selling price 60
Contribution: Selling price-variable cost per unit
Contribution 11
Break even point (In units): Fixed cost/contribution
BEP (In units) 12727.27
Break even point (In revenues): Fixed cost/PV ratio
PV ratio: Contribution/sales*100
PV ratio 18.33
BEP (In revenues) 763636.36
Margin of safety (In units): Budgeted saels (In units)-
BEP (In units)
Budgeted sales 20000
BEP 12727.27
Margin of safety (In units) 7272.73
Margin of safety (In revenues): Budgeted sales (In
revenues)-BEP (In revenues)
Budgeted sales (In revenues) 1200000
BEP (In revenues) 763636.36
Margin of safety (In revenues) 436363.64
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M2: Accurate application of techniques
Both the techniques of marginal and absorption costing can be applied by Innocent
Drinks in their organizational processes and provide the company a chance to improve the
functioning. If the firm is able to use both of them in the correct manner then it will surely go
ahead of its competitors and will achieve success. Thus for the managers of Innocent Drinks the
right application of these techniques is crucial so that they can make the right judgement and
make correct recommendations for the management which an be followed.
D2: Producing of financial reports for application and interpretation of data
The reports like Income Statement, Cash Flow Statement, Fund Flow Statement and
Balance Sheet are useful for the management. The managers of Innocent Drinks should correctly
use them by maintaining the accuracy level. In this way they will be able to provide the required
information to the managers for taking decisions. From the findings of these reports the right
recommendations can be made by the management to improve the way things are conducted in
the organization so that they are able to bring the required improvements. Thus in this way they
will be able to create a roadmap which the company can follow for attaining sustainable success.
TASK 3
P4: Advantages and Disadvantages of Planning tools for Budgetary Control
Zero-based budgeting-
It is a method which is used commonly in budgeting (Kosov and et.al., 2016). In it the
forecasted expenses and incomes have no base and have to be justified for a completely new
period. The managers of Innocent Drinks can make its use so that they are able to properly apply
it in the right context to get the desired outcomes.
Advantages-
 The use of this method facilitates the systematic evaluation of the operations and
programmes. This creates advantage for Innocent Drinks.
 The different types of functions of a company are covered under this method of
budgeting. This is advantageous for Innocent Drinks.
 With the use of this method the managers can make sure that they prepare the budget
with a fresh base. Thus in Innocent Drinks this can create an advantage.
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 When this technique is used it can result in higher accuracy and efficiency in the
preparation of the budget. In the context of Innocent Drinks, this can lead towards an
advantage.
Disadvantages-
 This method can lead towards creation of problems related to implementation. In the
context of Innocent Drinks this is a disadvantage.
 This method is not very useful for the managers when it comes to decision-making. For
Innocent Drinks, this is disadvantageous.
 Preparation of budget using this method can result in consumption of more time. Thus in
the context of Innocent Drinks, this can lead towards a disadvantage.
 This budget can be quite expensive to prepare for the companies. Therefore this creates a
disadvantage for the management of Innocent Drinks.
Incremental budgeting-
It is a method in which the budget of current year can be prepared by making some
modifications to the last year budget (Libby and Salterio, 2019). For the managers of Innocent
Drinks, it is quite useful because it is very easy to apply in the organizational processes.
Advantages-
 This technique is very simple to understand (Mazarak and Fomina, 2016). Thus this
makes it easier to analyse how it works. For Innocent Drinks, this creates an advantage
because it will be easier to use it.
 Using this method leads towards creation of consistency and operational stability within
the organization. In the context of Innocent Drinks, this is an advantage.
 By making use of this method the management of the organization can ensure that the
funding level remains highly stable. For Innocent Drinks, this can lead towards an
advantage.
 Use of this technique can result in reduction in the internal rivalry in the organizations.
Thus for Innocent Drinks, this can create an advantage.
Disadvantages-
 Use of this technique for preparing the budgets of the organization can lead to creation of
more expenses and will thus create problems and issues for the management. In the
context of Innocent Drinks, this can also reduce the profits.
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 Using this technique for the purpose of preparation of budgets does not leads to
innovation in the organization. In the context of Innocent Drinks, it creates a
disadvantage for its managers.
 When this technique is used in the organizations, it can lead towards unnecessary
spending which can thus put an impact on their overall profitability. In Innocent Drinks,
this can create a disadvantage.
 The use of this method can lead to discouraging of innovation. Thus, in the context of
Innocent Drinks this can lead towards a disadvantage.
Variance analysis-
The use of variance analysis can be done by the organizations so that they are able to
identify the problems associated with different functional departments like Production, Finance,
HR, Marketing, Sales etc. For the management of Innocent Drinks this can lead towards the right
use of methods for improving the system to attain maximum productivity.
Advantages-
 The use of this technique of budgeting helps in measuring the level of performance
(Piontkewicz and et.al., 2016). This is an advantage for Innocent Drinks.
 This technique facilitates the use of Responsibility Accounting so that the managers of
the respective departments can be held accountable for variances (Qian, Burritt and
Monroe, 2018). This creates an advantage for Innocent Drinks.
 By making the use of this technique the variances in the different departments in the
organization can be identified easily. Thus in this way an advantage is created for
Innocent Drinks.
 When this method is used in the organizations it can lead towards facilitation of
improvement in the level of performance. Therefore, in this way this creates an advantage
for the management of Innocent Drinks.
Disadvantages-
 If wrong calculations are used in it then this can lead towards wrong results. This is
disadvantageous for Innocent Drinks.
 If wrong standards are set for the purpose of comparison after the results have been
obtained then this will provide wrong conclusions. This creates disadvantage for the
management of Innocent Drinks.
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 If there is lack of accuracy in setting the standards then problems and issues can be
created due to it. Thus in this way a disadvantage is created for the management of
Innocent Drinks.
 Sometimes wrong techniques may be used by the management of the organization to
evaluate and compare the performance. In Innocent Drinks, a disadvantage can be created
due to it.
Justification- Innocent Drinks should make use of Variance Analysis as through it can
not only measure the performance but also identify the different types of variances and
deviations. Thus rectifying actions can be taken by the managers to resolve the problems and
issues and to make sure that the company earns higher-level of profits.
M3: Analysis of planning tools
The planning tools of budgetary control are very useful because they can help the
managers in improving the overall performance. Thus in the context of Innocent Drinks it is
recommended that it makes the use of any one of these tools so that it is able to raise the overall
efficiency and effectiveness and thereby enhance the level of profits.
TASK 4
P5: Comparison of organizations for adaption to management accounting systems to respond to
financial problems
Financial problem- Financial problem refers to the constraints which the firm is facing
in its funds and resources and thus is not able to achieve some of its goals and objectives due to it
(Samuelsson and et.al., 2016). Like other companies, Innocent Drinks also faces certain financial
problems. These problems are-
 Excessive overhead expenditure- The company has been incurring excessive overhead
expenditure. This is creating problems for it because this is affecting its financial
position because of a decrease in the level of profits.
 Lack of efficiency of staff members- The firm's staff members are not displaying full
efficiency towards their work. This is creating problems as the job orders are not being
fulfilled on time. This creates issues for it because it impacts overall output.
Comparison of organizations-
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Financial problem-
Asda- Asda is facing the financial problem of mismanagement of job orders. This is
affecting the timely completion of orders of the organization.
Aldi- Aldi is facing the financial problem of lack of growth in profits. This is affecting
the firm as it leads towards low profitability for it.
Management accounting system used-
Asda- Asda can use Job Order Costing System because it will help it in managing the
orders and also will properly track the inwards and outwards movement of the orders.
Aldi- Aldi can make use of Price Optimization System so that it can forecast the prices
according to the demand of goods and make sure that it is able to earn higher-level of profits in
the future time period.
Application of the system-
Asda- Job Order Costing System can be applied in the organizational context by making
sure that the job orders are managed properly and a track record is maintained.
Aldi- Price Optimization System can be applied in the company by forecasting the price
changes in the future in the market. Selection of right price should be done after analysing the
trends.
Techniques used by Asda and Aldi to solve financial problems-
 KPIs- KPIs refer to Key Performance Indicators (Upping and Oliver, 2016). They can be
used by firms so that they are able to measure their performance and take corrective
actions if it does not meets standards. Asda uses it for setting standards for overheads and
identifying the deviations and variances incurred from them. Thus in this way the
company can rectify this problem.
 Benchmarking- Benchmarking refers to improvement of performance by identification
and application of best practices (Benchmarking, 2018). In the context of Aldi, this can
help it by finding out solution for the problem of lack of growth of profits. By setting a
benchmark for the prices the company can set a right price and target maximization of
profits.
Therefore, learning from the examples of Asda and Aldi the managers of Innocent Drinks
can find out the right techniques so as to ensure that the financial problems can be solved
effectively and efficiently. They can make the use of Cost accounting system so that the problem
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related with overheads can be solved. Also the use of Job costing system can be used so that the
job orders are properly managed leading towards higher efficiency and effectiveness.
The use of management accounting systems will be made as under by the management of
Innocent Drinks-
Cost accounting system- The management of Innocent Drinks can make the use of
provisions of cost accounting system so that there is a better segregation of the various overheads
according to the departments. Therefore in this manner they will be able to resolve the problem
of overheads in an effective manner.
Job costing system- Through the use of job costing system, provisions have to be used
so that the managers are able to manage their job costs in a proper manner. Thus the managers of
Innocent Drinks will be able to make sure that they make use of its techniques so that the
problem related with job orders is resolved by managing them in a proper manner.
These systems are very much helpful for the organizations because through them they are
easily able to detect the different types of problems which they face. They can therefore ensure
that they can apply a range of different types of management accounting systems to solve them
in the right manner. For example in this case, the management of Innocent Drinks are able to
ensure that they can use Cost Accounting system by applying it in the overall system of the
organization. This can be done by keeping a proper track record of the costs of the firm,
segregating overheads properly and using methods to reduce the costs. Further, Job costing
system can be applied in the system of the firm by ensuring that the job costs are properly
identified and suitable steps are taken to reduce excessive job costs.
M4: Analysis of response to financial problems
By learning from the examples of companies like Asda and Aldi which are big retail
sector players and the techniques which are used by them to address their financial problems a
medium-sized firm like Innocent Drinks an learn a lot. Its managers can learn the methods which
have been used by them so that they are able to address their financial problems. In this way the
company can make sure that they are successful in the future time period.
D3: Evaluation of planning tools
If the planning tools are used in the correct manner by the management of Innocent
Drinks then they will raise the bar of work done in the company. They will facilitate doing
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comparison with the competitors which are there in the market and will also make sure that the
right decisions are taken for achieving growth in business by the managers. For this to happen
there needs to be a successful integration of these tools in the processes of the organization.
CONCLUSION
From the above report, it can be concluded that management accounting is a technique
which is helpful for the managers in doing the required analysis and interpretation from the
financial data available with them. Using it as a base they can take decisions which are impactful
and this will lead towards achievement of targets and outcomes which are intended by the firm in
the short-term and long-term period of time. It has certain systems which can be used by the
firms. Its reports are detailed and offer valuable insights on the internal systems of a company.
The technique of marginal and absorption costing is useful so that the organization is able to
determine the costs. Planning tools for budgetary control help the management in doing the
necessary planning. Companies can make use of different types of techniques so as to solve their
different types of financial problems easily.
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