Management Accounting Report: Strategies for Nisa Ltd's Growth

This report provides a comprehensive analysis of management accounting principles and their application to Nisa Ltd, a small-scale UK retail business. It explores essential requirements of management accounting systems, including job order, processing, and throughput costing, highlighting their...Read More

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Management accounting and essential requirements of its different systems......................1
P2) Various methods applied for management accounting reporting.........................................3
TASK 2............................................................................................................................................5
P3) Different costing and their differences.................................................................................5
TASK 3............................................................................................................................................8
P4) Merits and demerits of planning tools used for budgetary control.......................................8
P5) Management accounting systems.......................................................................................11
CONCLUSION..............................................................................................................................14
REFERENCE.................................................................................................................................16

INDEX OF TABLES
Table 1: Marginal costing vs. Absorption costing...........................................................................8

ILLUSTRATION INDEX
Illustration 1: Income statement through marginal costing.............................................................6
Illustration 2: Income statement through absorption costing...........................................................7

INTRODUCTION
Management accounting is key component for systematic management of business
operations. In this regard, several accounting systems are included such as financial, cost,
inventory and performance of entity. The present report is based on understanding different
aspects of management accounting tools for expansion of Nisa Ltd. It is small scale retail sector
organization of UK that provides grocery and food items' services. In addition to this,
management accounting tools and systems for increasing quality services of entity can be
understood. However, costing methods to determine price as well presenting financial position of
organization is to express. Moreover, through this assignment, advantages and limitations of
budgetary control tools are to introduced. Apart from this, various management accounting
systems to solving out financial position of firm can be described. Thus, learners are able to
understand significant role of management accounting and its tools for effectiveness of small
scale enterprise.
TASK 1
P1) Management accounting and essential requirements of its different systems
To
General manager
Nisa Ltd
It is essential for Nisa Ltd to expand its business and effective financial management to
carrying out organization effectively. Therefore, proper planning and decision making is
required for operations of business entity. In this regard, management accountant of entity plays
crucial role by price determination and preparing strategies for further implementation (Anwar
and et.al., 2016). However, organization can enhance its efficiency by focusing on different
elements such as costing, budgeting, variance analysis and so on. Therefore, actual business
performance is recognized on the basis of which innovative ideas are generated related to entire
operations of business organization. In this regard, strategic and risk management for firm is
gained to run entity efficiently. Thus, overall organizational functions of small scale enterprise
get managed systematically. However, management accountant of entity analysis current
bruises performance through income statement and other financial statement analysis that leads
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to prepare budget related to preparing budget to gain effectiveness of small scale enterprise.
In this process, costing is benefited for price determination and reporting income
statement to create balance of production and distribution of goods as much increasing its
productivity and profitability at high level. In accordance to this, inventory management and
enhancement of Nisa Ltd can be achieved through this system (Armitage and Webb, 2013). For
increasing efficiency and varieties of tools related to financial and other sectors' growth in
systematic manner. Along with this, management accountant of organization prepares budget
for further business operations as well remains helpful for enlargement of entity with increasing
service qualities of business organization. Thus, management accounting and its tools are
essential to achieve entity's effectiveness through systematic planning procedure and decision
making process.
Essential requirements of different management accounting tools:- Some
management accounting tools such as; job order, processing and throughput costing are
involved in management accounting tools that is useful for effective price determination and
further business operations to increasing efficiency of small scale enterprise (Management
Accounting, 2016). Some important man accounting tools can be described as follows:- Job order costing:- Under this costing method, expenses incurred on manufacturing of
products are analysed. It includes raw material price and costing for creating products.
In this process, management accountant of Nisa Ltd analysis expenses on producing and
manufacturing process. Therefore, it is input process of organization to setting up prices
for providing goods and services to customers (Berman, 2015). Hence, job order
costing is considered as basis for deciding price of product related to expansion of small
business unit and increasing service qualities of firm efficiently. Processing costing:- It is next further process for price determination of product under
which management accountant of Nisa Ltd focuses on production and processing tool.
Under this system, quality used in product making are also obtained for setting price.
Therefore, on the basis of quality used in production process, cost of finished goods is
determined. Including this, processing costing proceed to deciding price for goods
obtained for outcome (Bucci, 2014). In this regard, several ideas are generated for
production and distribution of products services to gain effectiveness of small scale
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enterprise. Therefore, as per processing costing, different determinants are gained for
systematic management of products systematically.
 Throughput costing:- It includes cost incurred on advertisement and developing product
in market. Therefore, it is related with output and costing for finished goods. On the
basis of expenses incurred in manufacturing, processing, production and launching
products in market, this costing is determined. Hence, actual revenue gained and profit
earning capacity of Nisa Ltd is gained through this process system. In this regard,
several tools and techniques are used for promoting products in market that impacts on
company’s market value and its efficiency to face competition (Burke, Corman and
Story, 2016). Thus, accurate price determination is done through applying throughput
costing that presents income statement and financial performance of organization to
provide affordable products to customers efficiently.
P2) Various methods applied for management accounting reporting
To
General manager
Nisa Ltd
There are several methods of management accounting which are used for reporting
relating to analyse business performance of Nisa Ltd. In this system, cost effectiveness, balance
of production and distribution of products, performance of business organization is created.
However, reports are prepared on the basis of current business activities that generates various
ideas for implementation in future time (Kreibich and et.al., 2014). Therefore, different reports
to be prepared and maintained for management accounting reporting are as follows:-
Cost accounting reports:- It is key component for analysing actual production and
distribution system of organization linked with financial position of Nisa Ltd. Therefore, by
using this tool, systematic approach is generated for increasing profitability and expansion of
entity at maximum level. In accordance to this, management accountant of small scale
enterprise prepares this report and further makes decision for further business operations. It is
helpful for optimum allocation of resources analysing management accounting report. Hence,
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cost accounting system is considered as one of the great component for recognizing profit
earning capacity of firm to increase its business and competitive strategies for expansion of
small business entity and enhancing service qualities at maximum level (Lavia and Hiebl,
2014).
Budgeting report:- Management accounting tool as budgeting is related to forecasting
and decision making for implementing further business operations. Under this system,
management accountant of Nisa Ltd analyses all business operations and prepares budgetary
report to present organisation's performance. Further, as per current position of entity, budget is
prepared and strategic plans to made for in further years' operations systematically. Thus,
control over excess of production and wastage of raw materials is managed through this
process. It is determined that budgeting report is one of the great tool for reducing risk occur at
workplace (McLaughlin and et.al., 2014). Similarly, various tools and techniques are obtained
for further business operations at high level. It is a systematic reporting process that remains
helpful to gain optimum allocation of resources and fund. Thus, management of entire business
activities is gained through this system procedure.
Cost variance analysis report:- It is related to cost effectiveness which remains helpful
for sustaining product value in market at maximum level. Through this reporting, differences
between standard and actual cost is recognised and further planning procedure is implemented
for further years’ business operations. However, it affects productivity and profitability of firm
to increase its business and competitive strategies at large scale (Moriarty and et.al., 2015). It is
obtained that cost variance analysis report is beneficial for analysing cost incurred on business
operation as well several ideas are generated for enlargement of small business unit adequately.
Therefore, systematic management of all business operations can achieve through this reporting.
Thus, management accounting tool as cost variance analysis is able to understand comparison
between standard and actual price for production and distribution of services provided by entity
at high level.
Price optimizing report: It is one of the great management accounting reporting that is
suitable for optimizing price on expenditures of operations for Nisa Ltd. However, effective
cost can be utilized for creating balance between production and distribution system for
producing services. In addition to this, several ideas are generated for further business
operations. Moreover, preparing and maintaining report related to pricing optimizing is
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benefited for organisation to create innovation efficiently.
TASK 2
P3) Different costing and their differences
Managing Director
Nisa Ltd
Costing: It is one of the most essential tool of management accounting for price
determination of products. Under this process, proper report is prepared for reporting expenses
incurred for manufacturing and production process. Including this, income earned is also
determined as per which, different ideas are created for deciding cost of goods (Nishizaki,
Matoba and Nitta, 2014). In this regard, costing is considered as a technique to gain cost
effectiveness as well increasing in demand for product that impacts on productivity and
profitability of firm effectively. There are several costing methods applied such as; marginal
and absorption. Their description can be expressed as below:-
Marginal costing:- Under this costing method, for measuring net profit margin, gross
profit is deducted to variable cost of goods only. Therefore, it is suitable for short decision
making process due to profit variation. In accordance to this, marginal costing is benefited for
deciding pricing and cost effectiveness tools for further business operations (Sugimoto and
et.al., 2015). Thus, marginal costing is interrelated with decision making tool for effectiveness
of small business unit to increase its efficiency in market.
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Interpretation:- After evaluating gross profit same as through marginal costing method net profit
margin is measured. Under this costing tool, gross profit is subtracted with total variable cost
incurred on business operations. Therefore, net profit is determined as 9600 which quite
effective and favourable for entity's effectiveness. Thus, it is interpreted that this costing
method is suitable for on term period because of addition of fixed assets cost to variable price.
In this regard, short term planning procedure is obtained for further business operations
effectively.
Absorption costing:- Through this costing method, for evaluating net profit margin,
gross profit is subtracted with total expenses incurred on business operations of Nisa Ltd.
Hence, management accountant of organization recognizes income statement prepared through
this costing method regarding long term decision making process (Tang, 2015). Along with this,
it is believed through absorption costing is useful for planning procedure related to long term
sustainability in market to face competition and making place in market efficiently.
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Interpretation: As per calculated data, it is determined that Nisa Ltd has incurred expenses as
9600. For providing services to customers. Further, the small scale enterprise gains revenue as
21000. Therefore, gross profit is measured as 13200. Thus, it can be foretasted that entity will
increase its profitability in further years and also can expand business by operating new
branches. Furthermore, by determining net profit through absorption costing, it is obtained that
gross profit will be deducted to variable overhead of firm that impacts on productivity and
profitability of entity. On the basis of this marginal costing, management accountant of entity
can make decisions for short term period.
Differences between marginal and absorption costing methods:-
The main difference between marginal and absorption costing is related to profit
variation. In this regard, for absorption costing, net profit margin is evaluated by deducting
gross profit income to total overhead (Turner and et.al., 2016). While, on the other side, for
marginal costing, net profit is measured by calculating difference of gross profit to variable
expenses only. Therefore, on behalf of income statements’ analysis through both costing,
further decisions are made related to business operations. In accordance to this, short term and
long term planning procedure is obtained for marginal and absorption costing respectively.
Table 1: Marginal costing vs. Absorption costing
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Bases Marginal costing Absorption costing
Net profit evaluation Net profit is measured by
deducting gross profit to
variable expenses.
Net profit is calculated
through subtracting gross
profit to total cost including
fixed and variable.
Time periodicity Suitable for short term
period
Appropriate for long time
decision making process.
TASK 3
P4) Merits and demerits of planning tools used for budgetary control
Managing Director
Nisa Ltd
Budgeting is a technique or forecasting and decision making for further business
operations. It is considered as planning tool to gain effectiveness of small business enterprise. In
this regard, management accountant of Nisa Ltd recognizes performance including financial,
production of goods and services, cost efficiency and business performance. However, different
tools and techniques are applied for expansion of entity as well remains useful for systematic
management of entire business operations (Wodchis and et.al., 2013). Therefore, advantages
and limitations of budgeting and budgetary control system can be described as below:-
Merits of budgeting:- Management accountant of small business enterprise prepare an
agenda for implementing action plans in further years. Thus, some main significance of
budgetary control system are as below:-
 Actual business performance is analysed.
 Useful for systematic management of all business operations.
 Helpful for enhancing productivity and profitability of firm
 Generates different ideas for enlargement of small business unit.
 Effective for optimum utilization of resources and fund.
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 Cost effectiveness can be obtained by using budgetary system.
 Adequate for creating positive and developing environment of enterprise through
effective coordination among employees of Nisa Ltd.
 Increases strength of organization to face competition and making place in market for
long term sustainability.
Therefore, budgeting as a planning and decision making tool is helpful for proper
management of all business activities. In accordance to this, as per current performance of
entity, varieties of ideas are created for implementing action plans for expansion of small
business unit. Therefore, budgetary system is beneficial for enhancing efficiency of
organization at high level (Bucci, 2014). In addition to this, adequate balance between
production and supplement of products can be obtained through this tool. However, budgeting
is useful for getting effectiveness of organization as well increasing its efficiency for long time
period. Moreover, control over excess production and wastage of raw material is able to manage
by using budgetary tool. Hence, it is determined that budgeting is considered as key component
of management accounting to expand small business entity and making place in market for long
term periodicity.
Drawbacks of budgetary system:- As per critical evaluation, it is determined that
wrong prediction on business performance and planning tools is unable to carrying on entity
effectively. However, it remains costly to prepare budget due to analysing all financial
statements and conducting market research. Therefore, small business enterprise remains unable
to afford that much fund. In this regard, it is evaluated that unsystematic planning procedure is
not sufficient for proper balance of all business operations (McLaughlin and et.al., 2014). Along
with this, inefficient resources affect production and distribution of goods negatively that is not
favour to expansion of organization. Moreover, it is risky to create coordination between all
organizational functions that impacts on employees’ performance. Due to lack of coordination
among employees, various conflicts and disputes occur therefore atmosphere of firm get
disturbed.
Types of budget:- There are different kinds of budget are prepared by management
accountant under which a systematic agenda is prepared to be followed for business operations.
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In this regard, some main types of budget can be expressed as below:- Fixed budget:- It is considered as static budget through which planning is following
constantly as determined. In this regard, no changes are created whether sales or other
activities of business organization increases or decreases. For example: if organization
sets to provide 5% commission on purchasing 200 products. In case of increasing in
selling, production and distribution of goods will be according to scheme. Thus, for
preparing fixed budget, determined planning procedure is created for implementing
action plans in future time. Variable budget:- Under this budget preparation, changes in planning procedure is
crated according to situations. However, during implementation of strategies, flexibility
in business operations is presented that affects further business operations. In addition to
this, through this process, adjustments are obtained according to fluctuations in sales and
other business activities. Zero base budgetary control system: It is of the great tool for controlling over excess of
production of services provided by Nisa Ltd. In this regard, varieties of ideas are
strategies are gained for decision making process and effective balancing. Thus, all
decisions are made by considering zero operation at zero level as well new prices are set
for further operations. Therefore, it is beneficial for entity to innovate new pricing and
marketing strategies at maximum level.
 Cash budget: Under this budgetary system, all cash including expenses incurred on
operations for providing services of Nisa Ltd are forecast. It influences productivity and
profitability of entity for competitive advantages and making place in market for long
time period effectively. Including this, it is helpful to set adequate cost of products and
services for entity's performance and customer convenience.
Hence, it is necessary for management accountant of Nisa Ltd to analyse business
performance critically (Nisa Ltd, 2016). Further, preparing strategies to expand organization
through using decision making tools. In this process, it can be recognized that entity can grow
efficiently by applying techniques such as budgeting, costing, income statement and various
financial statement therefore, actual business performance can be obtained. However, it will be
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beneficial for optimum utilization of resources and fund to achieve development at high level.
In addition to this, effective price determination and reduction of different risks can be
determined through this system. Hence, budget is useful for forecasting and decision making
related to further business operations that impacts on sustainability of organization for long term
period. However, effective management of small business entity with proper planning and
scheduling is able to achieve. Moreover, balance between production and distribution of goods
to gain customer satisfaction is usable to reach out efficiently. Thus, budgeting and budgetary
tools are significant for enlargement of organization as well remains helpful for increasing
efficiency of entity at maximum level. Hence, management accountant of small business
analyses overall business operations to gain effectiveness and increasing service qualities of
firm in market for long term sustainability. However, budgeting and budgetary control system is
essential for management of all accounting information (Nishizaki, Matoba and Nitta, 2014). It
is because management accountant of entity recognizes all tools including costing, income
statement, business performance tools and reporting related to working efficiency of employees
to contribute in enhancing efficiency of firm that impacts on environment of small business
enterprise to carrying on effectively.
P5) Management accounting systems
Managing Director
Nisa Ltd
Management accounting systems including financial, costing, inventory and performance
related are able to overall development and significant role to increase market value at large
scale. In addition to this, there are several kinds of management accounting systems obtained
that are useful for effective growth of small scale enterprise (Armitage and Webb, 2013).
Therefore, economic problem of firm can be reduced effectively. In this regard, several systems
are utilized, some main can be described as below:-
Financial accounting:- It includes costing, income statement and budgeting that is
essential for carrying on Nisa Ltd position through economic implementation. In accordance to
this, costing is related to price determination tool that is suitable for enhancing profit earning
capacity of firm as well effective funding. Moreover, under this system, management
accountant of organization recognizes income statement that presents expense incurred and
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revenue gained. In this way, it is determined that on the basis of this monetary structure,
different ideas are generated for increasing profitability of firm. Therefore, financial accounting
is beneficial for proper costing and implementing action plans related to economic growth of
small business unit. In this process, financial accounting is interrelated with overall business
operations (Kreibich and et.al., 2014). For example; if company has adequate fund to invest, so
it will be beneficial for purchasing raw material, labour cost and expenses incurred on
additional investment. In accordance to this proper budget is prepared to achieve organization’s
effectiveness as well remains helpful for management of entire business activities. Thus,
financial accounting is helpful tool of management accounting that is essential for cost
effectiveness as much enlargement of small business unit.
Cost accounting:- Under this process, management accountant of Nisa Ltd determines
price of product through analysing expenses incurred for manufacturing and production of
goods. In this process, job order and processing costing are evaluated for calculating pricing on
finished goods. However, cost accounting is benefited for setting adequate and affordable for in
respect of consumers. In addition to this, it is also obtained that as per market demand and
competition, entity changes price of products time to sustain products’ value in market (Anwar
and et.al., 2016). However, on the basis of market demand and competitive strategies,
management accountant makes decision related to cost effectiveness. Under this process, due to
fluctuations in market and its structure, different ideas are generated for cost effectiveness as
well remains beneficial for increasing efficiency of small business unit. Moreover, cost
accounting process is valuable for determining cost and getting adjusted according to changes in
different organizational factors. In this system, management accountant of firm makes plan
related to set price according to buyer behaviour. Therefore, cost variance analyse is also
considers as management accounting tool for forecasting and decision making related to
effectiveness of organization at high level. It is useful for facing competition and making its
good reputation in market for long term period. Thus, cost accounting is the best suitable
component of management accounting that is helpful for cost effectiveness as well increasing
profitability of small scale entity at large scale (Sugimoto and et.al., 2015). It is key factor of
management accounting for entire business operations.
Inventory management:- This tool of management accounting is interrelated with
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production and distribution process of goods and services. Under this system, management
accountant of Nisa Ltd recognizes current business performance in the form of production and
supplement of services. In this regard, several kinds of ideas are generated for further expansion
and enhancing service qualities of small scale organization (Tang, 2015). Therefore, different
tools and techniques are utilized for enlargement of entity as many remains valuable for
enhancing efficiency to increase its strength. However, by using this tool, optimum allocation of
resources can be gained efficiently to create further business operations related to satisfy
customers with entity’s products. Moreover, decisions are made for keeping inventories safe
and in different stores. Therefore, proper management of all business activities can be obtained
through this management accountant tool. It is interconnected with increasing business and
competitive strategies of small business unit to satisfy consumers at maximum level. Hence,
systematic management of inventories and goods are get managed through this management
accounting system that impacts on productivity and profitability of organization. However,
various ideas are generated for enlargement of small business organization same as appropriate
for effectiveness of entity at high level. Thus, it is acquired that inventory management is useful
for adequate production and distribution of services provided by entity. Management
accounting system plays crucial role in expansion of small business unit and enhancing different
strategies.
Performance management:- Management accountant of organization analyses
performance of entity and its employees that affects effectiveness of firm. In this process,
different results are gained related to performance including workers’ efficiency, dealing
manner with customers and their attitude regarding job performance. Therefore, actual business
and workers’ performance is determined through this tool to gain better quality efficiency
(Wodchis and et.al., 2013). However, performance management element of management
accounting is considered as key role to enhance business as well competitive strategies at high
level. In accordance to this, employees’ working role for contribution in implementing action
plans as much for effective team work is analysed through this system. Thus, performance
management is crucial for gaining effective goodwill of firm in market to expand small business
unit and increasing strategies of enterprise. However, different tools and techniques are
obtained for better performance that is interrelated with development to present its reputed
value in market for long term sustainability. In addition to this, several kinds of ideas are
13

created for utilizing management accounting approach that impacts on organization’s market
value to face competition and sustaining its goodwill to maintain customer satisfaction.
Thus, management accounting is considered as interdisciplinary approach to gain
management of overall business entity's operations. It is beneficial for development of small
scale organization that impacts on productivity and profitability of firm at high level. Therefore,
by applying management accounting tools, systematic growth of business organization can be
gained effectively. In addition to this, management accounting is helpful for building employee
and employer relationship that affects efficiency and quality services of entity to enhance
business and competitive strategies as well (Macinati and Anessi-Pessina, 2014). Moreover,
optimum utilization of resources and fund can be recognized through this system to meet
customers' expectation that is useful for long term sustainability and effective demand for
services at large scale.
CONCLUSION
The report is concluded that management accounting is multidisciplinary approach for
decision making regarding business operations. However, significance of different tools and
techniques of management accounting are described for expansion of Nisa Ltd. In this regard,
various costing methods for price determination and income statement analysis is presented that
impacts on production and distribution of services provided by small scale size organization.
Moreover, different types of budget and control systems are introduced by which actual
organization's performance is determined as well varieties of ideas are generated for
implementing action plans in future time. Along with this, different financial tools are presented
for management accounting approach and making appropriate decision of entity's effectiveness.
Hence, importance of management accounting is gained through this report for decision making
in future time period regarding business operations.
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<http://www.ddegjust.ac.in/studymaterial/mcom/mc-105.pdf>. [Accessed on 24th July
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