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Modern Management Accounting Methods

   

Added on  2021-05-31

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Management Accounting
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Management Accounting 1Introduction The report is based on one of the modern management accounting methods that are Balanced Scorecard model. Balanced scorecard model is used by numerous companies for effective evaluation of the performance of the company. Being a newly appointed consultant in the management consultancy firm you need to evaluate the current budgeting system of the client’s firm. The client of the management consultancy is Toyota Corporation. CEO of the Toyota Company currently attended a seminar of private companies that were related to the concept of the balanced scorecard. The company is prepared to evaluate the suitability of the balanced scorecard model to the Toyota Corporation. The suitability of the BSC model can only be understood by the CEO of the company when they know about the details related to the concept and its features. Along with this, the CEO should beaware of the fact that the BSC is different from traditional performance measurement systems. This report will help the CEO of the Toyota Company to understand the concept and the benefitsof the model which will contribute to understand the suitability of the model to the Toyota Corporation.
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Management Accounting 2ContentsIntroduction......................................................................................................................................1About Toyota corporation................................................................................................................3A vision of Toyota.......................................................................................................................3Balanced Scorecard.........................................................................................................................4Features of Balanced Scorecard.......................................................................................................7Comparison of balanced scorecard model with traditional performance measurement systems....8Suitability for Toyota Corporation................................................................................................10Conclusion.....................................................................................................................................13References......................................................................................................................................14
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Management Accounting 3About Toyota corporation Toyota Motor Corporation is well-known Japanese multination automotive manufacturer with the headquarters in Toyota, Aichi, Japan. The company has provided its contribution towards a prosperous society through the manufacture of automobiles, operating its business with the aim of the vehicle sales and production. The company believes in diversity due to which the companymanufacture and sell different types of product across the globe (Toyota, 2018). Vision of Toyota Toyota vision is to lead the way to the future of the mobility with the motive to enriching the lives of the people across the work with safety and responsibility. The company is committed towards the quality, constant innovation and all the respect for the plant (Toyota, 2018). The aim for which the company work is to exceed expectations with a smile. As of the year 2017, the company is known as the world’s 2nd largest automotive manufacturer (Toyota, 2018). The company was world’s leading automobile manufacturer who manufacturers more than 10 millionvehicles every year. This was done by the company since 2012 and at that time only the company reported production of its 200-million vehicles (Toyota, 2018).
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