Management Accounting Issues & Solutions

This assignment analyzes five critical issues facing the profession of Management Accounting, such as communication, teamwork, analytical challenges, lack of strategic management skills, and adapting to global changes. It proposes solutions for each issue, emphasizing the importance of continuous learning, strong communication, and analytical capabilities for management accountants to thrive in a competitive business environment.

Profession in Management Accounting

TABLE OF CONTENTS
Assessing five issues and their solution in the context of Accounting & the Profession of
Management Accounting.......................................................................................................3
Stating strategies and development tools that are appropriate in relation to accounting
professional and helps in sustaining competitive advantage..................................................4
REFERENCES...........................................................................................................................6

Assessing five issues and their solution in the context of Accounting & the Profession of
Management Accounting
For assessing issues discussions have been made within a group. Moreover, at the
time of making evaluation of Australian company all the members within group are assigned
with or performing varied task. Hence, specifically five main issues are identified which in
turn has significant impact on the role of an accountant is:
Issues Influence of issue on the
role of an accountant
Solution of the issue
Communication In the absence of having
effectual communication,
accountant would not
become able to collect
suitable information.
For making improvement in
the communication skills
focus need to be placed on
attending conferences and
seminars. Moreover,
conferences and seminars
offer opportunity in relation
to speaking in front of large
group of people and thereby
build confidence level.
Team work In the context of
management accountant
profession team work is the
main aspect which
influences professionals and
their role.
For building team work
skills accountant needs to
make focus on developing
ability in relation to
understanding and avoiding
conflicts.
Analytical challenges Such challenge highly
influence accounting team
because their role is to
prepare reports by
evaluating data related to the
internal operations.
By reviewing and solving
past case studies as well as
accounting related issues
one can develop analytical
skills.
Lack of strategic
management and leadership
Now, management
accountants are treated as an
By taking part in role-play
activity and reviewing

skills internal consultant of
business unit so they must
have strategic management
and leadership skills.
Moreover, without having
such skills concerned
authorities would not
become able to co-ordinate
with several departments.
theories leadership skills can
be built as well as improved.
Changes in management
accountants role and tasks
(Zainuddin and Sulaiman,
2015)
This is the issue because
now for gaining competitive
position over other
companies are operating at
global level. Thus, issues are
facing by the accountant in
handling or managing
voluminous data set.
For dealing with the aspects
of globalization and
changing conditions
management accountants
need to make focus on
learning software which
helps in preparing report
from large data set.
All the above depicted issues or challenges have greater influence for accounting
profession. Moreover, in such profession, along with the technical and practical skills, some
other abilities are also needed for preparing reports as well as providing higher management
team with suitable framework for decision making.
Stating strategies and development tools that are appropriate in relation to accounting
professional and helps in sustaining competitive advantage
In the current times, employment conditions and aspects are changed pertaining to the
accounting profession. Now, Australian companies lay high level of emphasis on hiring or
appointing skilled accounting personnel over others. Further, for achieving success and
meeting business needs companies also make focus on procuring new accountants. Thus, for
gaining competitive edge over others newly graduate accountants need to undertake strategies
and policies for development. Hence, for building effective image in the competitive market
accountants need to develop skills in the several areas such as organization or leadership,
time management, intellectual, interpersonal and adaptability.

Inter-category analysis: Employer’s ranking (Mann-Whitney test)
N Mean ranks Sum of ranks
Employers Knowledge 95 79.61 7507.50
Skills 95 100.39 9537.50
Total 190
Rankings given by the educators (Mann-Whitney test)
N Mean ranks Sum of ranks
Educators Knowledge 127 130.47 16569.50
Skills 127 124.53 15815.50
Total 254
Tables derived through scholarly paper clearly present that no significant difference
take place in the knowledge and skills aspects from the perspective of educator. However,
some variations still exists in the thinking of employer and educators regarding accounting
profession. Findings of such article exhibits that employers believe graduates should learn
with the very high pace. On the other side, educators entail that no much reliance should be
placed on memorization. Hence, specifically for gaining success in the strategic and
competitive business environment management accountants need to develop written
communication, continuous learning and decision making skills.
Results of Mann-whitney u test clearly presents that an accountant must have both
knowledge and skills. Now, employers give high level of priority to the individuals who have
effectual decision making and analytical skills (Ali and et.al., 2015). Along with this,
prominent written communication skills are another main aspects that an accountant
professional must have for attaining success. Moreover, in this profession concerned
authority has to prepare and present written report to the higher management team. Thus,
focus needs to be placed on developing all the above depicted skills for gaining competitive
edge.

REFERENCES
Journals
Ali, M. I. and et.al., 2015. Perception of employers and educators in accounting education.
Procedia Economics and Finance. 35. pp.54-63.
Online
Zainuddin, N. Z. and Sulaiman, S., 2015. Challenges Faced by Management Accountants in
The 21st Century. [pdf]. Available through:
<https://ac.els-cdn.com/S2212567116301538/1-s2.0-S2212567116301538-main.pdf?
_tid=51876139-021c-4275-b263-
5a2974fa4518&acdnat=1524329744_68514267ce889bd4ad9f1b33f51cebc5>.