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Strategic Management Accounting

   

Added on  2019-12-03

10 Pages2623 Words127 Views
Strategic ManagementAccounting
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Table of ContentsINTRODUCTION ..........................................................................................................................1Skills required by the management account and performance pillars introduced by CIMA's aswell as benefits of stakeholders value v/s shareholders value....................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
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INTRODUCTION Strategic management accounting consists of the effective management of accountingdata about the business or its competitors. Through this, company is able to monitor and developeffective business strategy which makes contribution in the achievement of organizational goalsand objectives (Seibert and Macagnan, 2015). Management accountant provides assistance to thecompany in making further financial and investment decisions. The present report will discussthe skills required by the management accountant to perform their activities more efficiently.Besides this, it develops understanding regarding CIMA's three pillars approach such asenterprise, financial and performance. Further, it depicts the shareholders value v/s stakeholders’value. Skills required by the management account and performance pillars introduced by CIMA's aswell as benefits of stakeholders value v/s shareholders valueAs management accountant perform for the public and private companies as well as forthe government agencies. Thus, management accountant of each and every organization needs topossess several skills and abilities to perform their business operations more effectively andefficiently. They provide assistance to the manager of an organization in relation to makinginvestment decisions. Thus, management account must possess the risk assessment skills whichhelp organization in making decision about the expansion. Besides this, management accountanthave to prepare the budget which facilitates optimum allocation of the financial resources. Further, they have to frame cost effective financial strategies and policies which helpscompany in achieving success in the dynamic business environment. Therefore, managementaccountant of an organization needs to have effective decision making skills and abilities (Vidal,Berman and Van Buren, 2015). Along with it, they require to build effective supervision skillsbecause they have to supervise the work of the lower level accountants. These skills and abilitiesprovides assistance to accountant in making proper analysis of the data and preparing theappropriate budget. Accountant of an organization also identify the trend in regards to furtherinvestment program. Therefore, they required to have good analytical skills which help them infunding of activities. Along with it, they require to have the knowledge regarding the tax rules and policies inrelation to the concerned country. In addition to this, they require high level of computer skillsbecause they have to deal with the large numerical values. Communication skills are also1
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