Management Accounting: Systems, Benefits, and Integration (HNBS 305)

This presentation provides an overview of management accounting, encompassing both financial and cost accounting aspects. It explores the collection, evaluation, and interpretation of accounting information to enhance managerial decision-making. The presentation details the differences between management and financial accounting, highlighting their respective purposes and users. Various reporting methods, such as reports, are discussed, along with the benefits of management accounting systems, including job costing, price optimization, cost accounting, and inventory management. The integration of management accounting systems and their role in improving company productivity and employee performance is also examined. The context of UCK Furniture is used to illustrate the practical application of these concepts. The conclusion emphasizes the importance of management accounting in effective decision-making and employee guidance. References to relevant literature are included.

“Management accounting”
(Project 1)

Content covered
 Introduction
 Management accounting and management accounting systems
 Different methods used for management accounting reporting
 Benefits of management accounting systems
 Integration of the management accounting system
 Conclusion
 References

INTRODUCTION
Management accounting is a broad concept which includes both financial
and cost accounting. It includes the process of collection, evaluation
and interpretation of accounting information which enhances decision
making power of manager. Through preparation of different financial
and cost accounts help in ascertain both financial and non-financial
information.

Management accounting and management
accounting systems
In today's business environment,
management accounting is
known as an important tool for
business organisations as this
help provide an opportunity to
identify, collect, analyse and
communicate the data that is
important for firms to achieve
set goals.

Continue...
Difference between management and financial accounting
Basis Management
accounting
Financial accounting
Purpose One of the main
purpose of use
management
accounting is to
improve decision
making process of
firm.
Concept of financial
accounting consists
preparation of financial
accounts that indicate
financial performance of firm
to its stakeholders and
various external parties.
Users This system is used by
the parties which work
within the firm.
This is use by third parties
for make investment
decision.

Different methods used for management
accounting reporting
Report: This is known as written document that contain data related with
various activities of business. One of the main benefit of this is that in
enhance understanding among various business functions. It is very
essential to prepare various reports such as performance management,
account receivable report, job cost report and many more.

Benefits of management accounting systems
There are large number of benefits are achieved by the management of
UCK Furniture through implementation of the different
management accounting systems which are mentioned below:
 Job costing system
 Price optimizing system
 Cost accounting system
 Inventory management system

Integration of the management accounting system
Today, every enterprise do number of efforts to enhance productivity
of company and enhance performance of employees.
Implementation of management accounting system and reports help
firm in achieve the same. These provides provides useful
information to manager which enhance effectiveness of decision
making process.

Conclusion
It has been concluded from the above report that, concept of
management accounting system enhance effectiveness of decision
making process of firm. It help manager in collect and analyse
relevant information related with various function of business. This
provide guidance to employees so they can perform their job roles at
workplace in an effective manner.

References
Stadler, W. ed., 2013. Multicriteria Optimization in
Engineering and in the Sciences (Vol. 37). Springer
Science & Business Media.
Stair, R. and Reynolds, G., 2013. Principles of information
systems. Cengage Learning.

Thank you