Management Accounting Report: Aston Martin Case Study Analysis

This report delves into the world of management accounting, focusing on its application within the context of Aston Martin. It begins by defining management accounting and its role in organizational decision-making, contrasting it with financial accounting. The report then explores various management accounting systems, including inventory management, price optimization, job costing, and cost accounting systems. It details the components and applications of each system, emphasizing their importance for internal business processes. Furthermore, the report examines different types of management accounting reports, such as budget reports, accounts receivable aging reports, performance reports, and cost managerial accounting reports, highlighting their significance in assessing financial performance and supporting strategic decisions. The report also discusses the benefits of management accounting systems and how planning tools aid in solving financial problems, contributing to an organization's sustainable success. Finally, the report uses Aston Martin as a case study throughout the analysis.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
PART A.......................................................................................................................................1
Different Types of management accounting system ..................................................................2
Management Accounting Reports ..............................................................................................4
Benefits of management accounting system and their application ............................................5
Management accounting system and management accounting reporting is integrated within
organisational processes..............................................................................................................6
PART B.......................................................................................................................................7
Annex (A)....................................................................................................................................7
Annex (B)....................................................................................................................................7
ACTIVITY 2....................................................................................................................................8
Part A:..............................................................................................................................................8
Advantages and disadvantages of different types of planning tools...........................................8
Budgetary Control:......................................................................................................................9
Part B:............................................................................................................................................13
A comparison of how organisations are adapting management accounting systems to respond
to financial problems.................................................................................................................13
An analysis of how in responding to financial problems, management accounting can lead
organisation to sustainable success...........................................................................................14
An evaluation of how planning tools for accounting help to solve problems and support
organisations with sustainable success......................................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Management Accounting is a process of develop management reports and accounts that
provide accurate and timely financial and statical information required by managers to make day
to day and short term decisions (Yazdifar and et.al., 2012). It is internal process of an
organisation to identifying, measuring, analysing, interpreting and communicating information
with manager regarding to organisational goals and objectives. On the basis of these information
top management take effective and efficient decision regarding to future growth and success. It is
also known as managerial accounting and cost accounting. Management accountants are looking
around the world which events happen related to business activities. They are considering which
technology and systems needed for business. The aim of the project to present role and function
of management accounts department by line manager. There is selected company Aston Martin,
which is British independent manufacturer of luxury sports cars and grand tourers. It was
established in 1931 by Lionel martin and Robert Bamford. In the present report consist of
different management accounting system which is applied on different systems, management
accounting reports for present performance of company. There is producing a portfolio to
calculate costs through different techniques of cost analysis. In addition for financial stability and
performance apply planning tools and solving financial problems. Apart from identify merits and
demerits of planning tools and compare with other company for apply management accounting
system.
ACTIVITY 1
PART A
Management Accounting
Management accounting includes the financial and accounting tasks for operate a
business as per requirement. It is a internal process which is conducted by accountants such as
monitor costs, sales, spending and budgets, conduct audits, identify past trends and predict future
needs and assist company leaders with financial decisions. It is different from financial
accounting because in managerial accounting financial reports are preparing for managers and
top management and in financial accounting accounts and reports are prepared to present
external and internal stakeholders (Takeda and Boyns, 2014).
Management Accounting System
1

Management accounting system consists as the internal system that is used by business to
evaluate and measure its processes for the management of a company. It is focused on following
the costs associated with the production of goods and services in a business. The system can
provide appropriate information to management for provide help in decision making process
(McLean, McGovern and Davie, 2015) .
Different Types of management accounting system
There is mentioned different types of management accounting system which is used by
organisation, as follows -
Inventory management system -
Inventory management system tracks goods through the whole supply chain or the part of
it a business operates in. That covers everything from production to retail, every moment of each
stocks and parts, from warehouse to shipping. In addition, a business can observe all small
moving parts which is related to operations and it will allow to make better decisions and
investments. In the system work different inventory manager, they are focused on different parts
of the supply chain which is starting from ordering and ending in sales. There is wide variation in
scope, inventory management system also vary widely in cost. For this system used technology
because with the help of software monitoring and maintenance of stocked products in Aston
Martin. In inventory management includes assets of company, raw materials, supplies and
finished products. Hardware tools are used for read bar code labels, handled barcode scanners.
Price Optimization system -
Price optimization is the use of mathematical analysis which is used by company for
determine response of customers regarding to different prices for their products and services. The
system also used to measure the prices that the company determines will best meet its objectives
like maximizing operating profit (Bromiley and et.al, 2015) . It is the use of formal methods to
show structure of price that optimize a goal like profit and customer acquisition targets. Price
optimization is important component of overall price management which is important for
profitability. Now a days it has become increasingly important because sales of products after
that track price, it is created competitive market. In the context of Aston martin apply the system
for know difference prices of their cars according to customer interest.
Job Costing system -
2

A job costing system is the process of predication information about the costs which is
related to specific production or service job. All products costs are provided to a customer under
a contract because it is important to submit and it is shown where cost reimbursed. The
information used by customer to measure accuracy of company system, which should be able to
quote prices that allow for a reasonable profit. The information used for appoint invariable costs
to manufactured goods. A job costing system analysed three types information which is
important for company -
 Direct Materials – The job costing system can track cost of materials which are used for
scrapped during the course of the job. When business is constructing line so they can
develop custom made machine and the cost sheet used in the construction for predict and
charged to the job (Malinić and Todorović, 2012).
 Direct Labour – The job costing system must be track the cost of the labour used on a
job. It is directly related to job with a time card, time sheet and also with networked time
clock application on computer. The particular information automatically recorded
through internet in smart phone.
 Overhead – The job costing system allotted overhead costs like depreciation, building
rent and production equipment. At the end of every accounting period the total amount in
each cost pool is assigned to the various open jobs which is based on allocation
methodology.
This term mostly used in manufacturing industry for allocate costs of individual
construction projects at a company. With the proper system to do job cost accounting the end
result is the ability to accurately report on profitability per project.
Cost accounting system -
Cost accounting is a method which aims to getting costs of a company of production after
assessing the input costs of each step of production as well as fixed costs such as depreciation of
capital equipment. It is a framework which is used companies to predict the cost of their products
for the analysis of profitability and also cost control, valuation of stock (Thomas, 2016). The
company Aston Martin can use two cost accounting system which is following as -
Job Order Costing – It is a cost accounting system that helps in evaluate manufacturing
costs of each job. It is important for company because the system related with production of
unique products and special orders.
3

Process Costing – This system evaluate manufacturing cost of each process and it is
involved different types of departments and cost flow.
Management Accounting Reports
Accounting reports is a statement prepared to analyse the various aspects of business
accounting. system. It helps to display the financial stability of business at the end of a certain
period. It consists of information related to company's performance. All business transactions,
invoices, income statement, balance sheets etc are recorded in order to evaluate organisation
growth. Whether the company is large or small it is compulsion to develop accounting statement.
These helps provides base to financial statement (Grabner and Moers, 2013). Accuracy of these
reports is a key element if data entered in them is not accurate true picture of actual position of
business can not be estimated. Let's study different types of accounting reports in detail:-
Budget Reports- Budgets are set by the managers in order to keep control on
expenditure and estimation of profits. These are planned and prepared in advance to determine
how much money is required to perform certain activity. The size of budget differ according to
the size business. It helps in important decision making regarding cost cutting, how much of
negotiating is required with suppliers and vendors, and what more is needed for the achievement
of organisational goals. Managers can be guided about certain policies that needs to be
incorporated. Aston martin first correct errors if occurred any and then they estimate their
predictions by creating two columns each showing actual and budgeted figures. gives It's the
responsibility of employees to keep everything under set budget. The budget reports are
compared with previous to analyse company's performance.
Accounts receivables aging reports- These are the reports that are prepared when the
business depend too much on credit transactions. When the customer does does not make
payment in cash an invoice is generated as written verification which creates a duty for the
purchaser to pay due amount within the specified time period. It consist a list of customer
invoices, memos. Information about customers and their due payment can be identifies through
this. Date and amounts which customer has to pay is specified in columns (Boiral, 2016). There
are software available that few companies use to generate this data. Aston martin issue invoice
to all it's creditors consisting every single detail about items he purchased, on date he bought
goods, his name, address and other terms and conditions. It helps the customers in evaluation of
bad debts.
4

Performance reports- Such reports are created to analyse the overall performance level
of organisation including the employees working in it. Measuring how the work is being carrying
out is essential. Important decisions are taken about promotions of employees and strategies
needed for increasing the productivity of organisation. These reports helps in the identification of
defects and causes of lack of performance. Assessment of various alternatives to understand
advantages and disadvantages associated with them can be determined. Success ratio of project is
visible by preparing performance reports. Aston martin uses this report to take decisions
regarding continuation of projects and also to estimate reward that needs to be given an
employee based on his performance. Deep functioning of this company is assessed through this
report (Aksoylu and Aykan, 2013).
Cost managerial accounting report- Costs shows the expenditure made on running the
business. These are compared with revenue generated from incurring it. This report comprises
the detailed information about price and the amounts on which they are sold. Profits are
estimated with the help of this. It includes labour cost on hourly basis, overhead cost, direct cost,
indirect cost and inventory cost. Aston martin calculate the profits generated and the amount
incurred in the manufacturing of cars. These helps to give company true picture of production
processes and how company can reduce cost of cars to gain competitive advantage over it's
competitors.
Benefits of management accounting system and their application
Representing the financial position of business is main purpose of management
accounting system. Various benefits linked to this are as follows:-
Job costing system- Figures represents the cost occurred on producing and
manufacturing of products. It is essential to understand the such costs of organisation. Managers
are in stable position to take decisions about matters which are not aware of with the help of this
system. Aston martin uses this system to estimate the cost incurred on manufacturing the cars.
Aston martin gain knowledge about the elements which led to the profitability and growth of
company and also provides information about those which are not contributing positively
towards organisation. Such elements needs to be withdrawn from business (Kober,
Subraamanniam and Watson, 2012).
Price optimisation system- This system evaluates the behaviour of customers to
changing prices. It is used by the companies to determine the pricing structure. Mathematical
5

analysis to forecast response of potential buyers is main function of this system. Prices should
neither be too high nor too low. Aston martin uses this model to set prices of it's cars. It follows
premium pricing strategy as it's customers are of upper class (Yigitbasioglu and Velcu, 2012).
Inventory management system- This system is used to keep a record of stock
availability. Managing ,tracking and predicting the requirement of goods can be be maintained
by the managers with the help of this system. Aston martin company keeps a track of the location
of it's expensive cars their production and spare parts by effectively maintaining this system.
Cost accounting- Investments made by firm on different project and return on them can
be evaluated with the help of accounting management. This system helps to calculate the
profitability and growth of the organisation by successfully maintaining inventory valuation and
cost occurred on each stage of production. Aston martin uses this system for the benefits it
provides to the company (Van Dooren, Bouckaert and Halligan, 2015).
Management accounting system and management accounting reporting is integrated within
organisational processes
Budget Report – These types of report are helping in Aston martin process because with
the help of this report estimate future expenses and incomes so according to that prepare budget.
Upcoming risks are deducted from budget and create fund for financial problems.
Cost managerial accounting report – It will integrated with company because it shows
actual cost structure of company which is related to production. There is included different types
of cost to present actual value of each cars such as over head cost, direct cost and indirect cost.
Performance report – The performance report integrated with Aston martin to present
performance of individual and organisation. The report prepare on the basis of performance and
how many targets achieve by organisation. For appraise of employees the company has provided
reward system to employees like bonus, gift voucher etc.
Accounting receivable agin report – It will help to organisational process and presents
financial condition of company because in this report presents net cash in flow and out flow of
Aston Martin. On the basis of this report the company can take effective decision in the manner
of future growth (Grossi and Steccolini, 2014).
6

PART B
Annex (A)
Budget 2019 2020 2021
Cost
Centre
Budgeted
production
overhead
costs in £)
Basis of
production
(overhead
absorption)
Cost
per
Hour Hours Cost Hours Cost Hours Cost
A 66000 22000 3 24200 72600 26620 79860 27500 82500
B 75000 15000 5 16500 82500 18150 90750 19500 97500
C 83600 41800 2 45980 91960 50578
10115
6 51500
10300
0
Annex (B)
(a) Labour hour: -
Product X = £6000*1 = £6000
Product Y = £8000*2 = £16000
Labour hour = £2,64,000
------------
22,000
= £12 per hour.
Overhead absorption on labour hour: -
X Y
Overhead absorption = 1*12 = 2*12
= 12 = 24
Total Overheads = £6000*12 = £8000*24
= £72,000 = £192,000
(b) Using ABC approach: -
Machine hour per period:
Product X = £6000*4 = £24,000
7

Product Y = £8000*2 = £16,000
Cost driven rate: -
Production set up = £179,000 = 2893 per set up.
60
Order handling = £30,000 = 416.666 = 417 per order
72
Machine cost = £55,000 = 1.375 per order
40,000
Overhead using ABC approach: -
X
Set up = 15*2983 = 44,745
Order = 12*417 = 5004
Machine cost = 24000*1.375 = 33,000
Total 82749
Y
Set up = 45*2983 = 134,235
Order = 60*417 = 25,020
Machine cost = 16000*1.375 = 22,000
Total 181,255
ACTIVITY 2
Part A:
Advantages and disadvantages of different types of planning tools
Budget:
It is a formal document which is usually based upon the expenses or incomes related to
future plan strategies or objectives. In other words, budget is basically used for planning and
performance measurement of specific purpose in accounting manner. It also involves in spending
for fixed assets, training of the employees, targeting and making bonus plan and control the
operations within the budget scenario (Ramljak and Rogošić, 2012). In addition to this, the main
use of budget is as a performance of baseline for the actual results of accounts. It can be prepared
by the electronic spreadsheet, business software which use to make more great structure and
8

remove computational errors. In context of Aston Martin makes budget by electronic spreadsheet
because it is the very easiest way for company to achieve good result in a effective manner.
Budgetary Control:
Budgetary control is the process of analysing the different results with budgeted figures
for the future period and actual performance for evaluation variances in the industry. It also helps
in planning and co-ordination and also provide controlling method in the organization. In short it
is known as the end-result of the company. It also focuses on controlling cost which involves in
the preparation of budget , responsibilities for making budget list by achieving maximum profit
for the firm in as per business concern. In addition to Aston Martin, it uses many systems but in
order to control budget it uses budgetary reports which helps the company in making good
commodities and services in a effective manner. It also helps in controlling or planning all
selling product from the company. Therefore, it is very essential aspect for an organization in
order to save time and cost of the company (Goodman and et.al, 2013).
Zero Base Budget:
It identifies the method of budgeting where all expenses or incomes are analysed by a
new product. It also involves in many systems such as budget system or act like a strategic plan
for the future growth of the company. It also helps in company to create or make strategies
decisions for long term future goals as well as current year planning for an organisation. It also
describes the all scenario of budget or budgetary control.
Advantages:
Accuracy: it involves in creating or developing some changes in the previous year
budget. It makes every department in a good design and every items in this the cash flow or
computer has their separate operation cost in a effective manner.
Efficiency: It helps in providing of resources in order to make good look with actual
numbers in a systematic form.
Disadvantage:
Time consuming: It is a very time consuming process, where government funded entities
comes every year as against the budget plan.
Lack of Expertise: It describes every line item where every cost5 is very difficult that
requires a lot of training and managers.
9

High manpower requirement: it needs large number of employee in the organisation
and also need human resources which can make its easy (Sisaye, and Birnberg, 2012) .
In the context of Aston Martin, it is important to have lot of human resource3s for future
growth of their company in a effective way. It also follows method of zero based budgeting
which helps in maximise their strategic plan in a efficient manner.
Incremental Budget
An incremental budget is vital part of management accounting which is based on adding
incremental amounts to existing budget to arrive to new budget . Management of Aston martin
make assumptions that every department will continue its operations from the current level of
expenditure. It is also assumed that expenditures incurred in previous year will be the base for
current year. Incremental budget is simple but generally not recommended by professionals. This
budgeting is relates to slight or little changes in the existing budget (Padovani, Orelli and Young,
2014).
Advantages : Incremental budget help to immediately check impact of change, easy to
implement, suitable for fixed funding requirements, don't requires detailed analysis, shows the
true financial position of Aston martin and based on recent financial budget.
Disadvantages: Incremental budget limits Aston martin to do spending, lack of
innovation, disconnection from reality as budget is based on previous year budget and business
runs into conservative mode.
Rolling budget
The word Rolling means continuous. Rolling budget is incremental extension of the past
budget period completed. In this revised financial plans of Aston martin for the next
accounting period is used to replace the old budget from the budgeting system. Rolling budget is
also known as perpetual budget and rolling horizon budget. It is futuristic in nature and help
Aston martin to do long term financial planning. Rolling budget allows to reallocate funds from
the non performing segments to performing segments. Rolling budget are regularly updated
during the year to know about changes in Aston martin (Schaltegger and Zvezdov, 2015).
Advantages: Rolling budget prevents Aston martin from creation of debts, creation of
emergency and saving funds, covers the inefficiencies of budgeting, responsive to changes,
prevent Aston martin from generating negative cash flow, shows accurate image of business, and
views the budget as a guide.
10

Disadvantages: Preparation of rolling budget is cumbersome and time taking process,
requires robust information system, not advisable when their are no continuous changes and
skilled personnel required for preparation of these budgets .
Flexible budget
Flexible budget is financial plan of estimated revenues and expenditure of Aston martin
which is based on the amount of current output. It is also referred as variable budget because it
records the changes in output. Aston martin compares budgeted performance with the actual
performance to check whether improvements required or not. Flexing of budget takes place when
amendments are made in original budget. Flexible budget is based on difference between the
behaviour of fixed , variable and semi-variable costs. Flexible budget gives logical comparison
to Aston martin (Henri, F., Boiral and Roy, 2016).
Advantages : flexible budget shows Aston martin real and better position for
challenges in market, cost controlling, updated with current data, help Aston martin adjusting
with profit margins and changing cost.
Disadvantages: flexible budget requires rigid planning, confusing as it is not easily
understandable , complicated with more rules, unrealistic and requires more time and effort.
Use of different planning tools and their application for preparing and forecasting budget
For the preparation of forecasting budget that needs to apply various strategies and
forecasting planning tools. These tools are very much helpful on the basis of preparing strategy,
according to the organisational rules and regulation. It will also helps in to achieve particular
goals or objectives within the organisation. In the context of Aston Martin all strategy planning
tools are applicable on the company. This is because it is a very effective or attractive strategies
which changeable according to the time duration as per the requirements of the company.
Apart from this in strategies tools which includes in SWOT analysis where it stands for
Strength, Weakness, Opportunities and Threats. It is also includes in balance score card which is
a strategic performance measurement model that is developed or generated by the David Norton,
it means to translate an organisation's mission or vision in to the actual process or actions of
strategic planning. Both terms are related with internal policies for external apply such as
PESTLE analysis. Wherein Forecasting tool is used by Aston Martin to evaluate future
expenditures or earnings and incomes in a efficient manner to make various budget sections in
11

budget. It will helps in making very good decision to achieve a future goals or specific objectives
(Mahesha and Akash, 2013).
It is also focuses on performance of the company by observing their organisation
activities in a effective way. In the context of Aston Martin planning of strategic tool of SWOT
analysis it is offer all the information at different level where balance score card observe the
performance of the company in a efficient manner. Forecasting planning based on the marketing
research and various software from the organisation. Therefore, different uses of planning tools
are very important and also it is compulsory for company to prepare a forecasting budget in the
effective manner to achieve specific goals and objectives within the competitive environment.
Annex (c)
Year X PV@ 12%
Dis Cash
Flow Y PV@ 12%
Dis Cash
Flow
0 -5000 -8000
1 2500 0.893 2232.143 1500 0.893 1339.286
2 1000 0.797 797.194 2000 0.797 1594.388
3 1000 0.712 711.780 2500 0.712 1779.451
4 500 0.636 317.759 1000 0.636 635.518
5 1500 0.567 851.140 1000 0.567 567.427
6 1000 0.507 506.631 2500 0.507 1266.578
Total 5416.647 7182.647
Payback Period = Initial Investment
Average Cash Flow
Project X = 5000 = 4
1250
*Average Cash Flow = 7500 = 1250
6
Project Y = 8000 = 4
12

1750
*Average Cash Flow = 10500 = 1750
6
NPV: -
Project X = Dis Cash Flow – Initial Investment
= 5416.647 – 5000
= £416.647
Project Y = Dis Cash Flow – Initial Investment
= 7182.647 – 8000
= - £817.353
Part B:
A comparison of how organisations are adapting management accounting systems to respond to
financial problems
KPI: In every organisation key performance indicator helps for measuring performance
of a department and their employees. It measures how a company effectively achieving their
objectives. Performance indicator helps in identifying the cost and return on investment made
on project. Main purpose of performance indicator is to evaluating an organisational success for
reaching target. Aston martin is using this technique for finding the best one among their
alternatives.
BENCHMARKING: Benchmarking can be considered as one of the best tool of
measuring company performance with their competitors performance. It also helps in setting
different sorts of standards at marketplace (Strauß and Zecher, 2013) . In Aston martin, this
technique helps in identifying key factors of competitors business for the success of their
business.
FINANCIAL GOVERNANCE: This is being considered as an a crucial factor which
aid various department of an organisation regarding their financial problems. It collects the
information and manage things related with finance. In Aston martin, this tool could help both
managers and leaders in evaluating frauds, and errors of financial book for covering an
uncertainty.
Difference between Aston Martin and Parkwood enterprises
13

Aston Martin Bentley
Aston Martin Lagonda Global Holdings plc
was found in the year of 1913 and could be
considered as a British independent
manufacturer of luxury sports cars. Founders,
Lionel Martin and Robert Bamford has
developed a large manufacturing unit where it
uses KPI tools for understanding the expenses
and the outcome for following year. Through
this, company could easily gather information
related to cost and might take decisions
regarding cost cutting techniques and so on
which may aid them in improving performance
level (Neubauer, and et.al, 2012).
Bentley Motors Limited, an organisation of car
manufacturing industry which was formed on
1931. Business company uses benchmarking as
a financial tool for identify problems in
management system. Basically Bentley
continuously gets challenged linked to different
types cars and along with this, price according
to customer demand gets changes as well
which impacts upon performance level of.
Company cannot set amount in appropriate
way.
At the time of developing solutions for
financial problem linked with inventory, order
and carrying cost, Aston Martin adopts
inventory management system that aid them in
managing over all stock with consideration
every single detail which is linked to
inventory.
Luxurious, sports, super sports, hybrids and
more are types of cars that are actually offered
by Bentley considering all the set standards for
their employees. The tool benchmarking can
help to improve performance of employees
Aston Martin.
An analysis of how in responding to financial problems, management accounting can lead
organisation to sustainable success.
Management accounting is a tool which helps in analysing business and its activities. The
main objective of this accounting is to helps in making internal decision. Management
accounting involves information regarding both monetary and non-monetary terms. This system
involves all managerial activities like planning, organising, staffing, directing and controlling
which helps an organisation for better improvement. In organisation for their success it monitor
the business activities and for solving financial or non financial issues. It used accounting
information for managerial success which helps in evaluating performance (Ewert and
14

Wagenhofer, 2012) . It also enhance knowledge which helps in covering risk and making short
term – long term decision. It also includes company details like availability of cash, sales
revenue and more.
An evaluation of how planning tools for accounting help to solve problems and support
organisations with sustainable success.
In present time, there are a range of planning tools that comes under accounting that aid
in managing accounting activities and through this sustainability of success could be enhanced
by a business organisation like Aston Martin. On the other hand, planning tools basically helps in
understanding the organisational position at a business market. Along with this, it also aid in
preparing the budgetary plans for upcoming year which may aid Aston Martin or any other
organisation in taking favourable decisions (Miller and Power, 2013) .
CONCLUSION
As per the above report it has been concluded that management accounting is important
part of every organisation and it is internal system. It can help to manager for taking short term
and day to day decision. It is a systematic process which is helping to company for achieve their
objectives and goals. Different management accounting systems are applied according to
situation and business activities. Management accounting reports are presented performance of
company and it will help for predication for future success. There is calculate net profit and
prepare income statement with the help of marginal and absorption costing method. For
budgetary control used different planning tools which can help to analysis of their application
regarding to prepare and forecasting budgets. Different organisation can adapt different
accounting system for solving financial issues of company.
15

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