Management Accounting: Systems, Methods, and Analysis

This report provides a comprehensive overview of management accounting, exploring various systems such as cost accounting, inventory management, job costing, and price optimization. It delves into the definition of management accounting reporting, outlining different methods and the benefits each offers to businesses. The report examines cost calculation techniques, including marginal costing and absorption costing. It evaluates the advantages and disadvantages of planning tools like budgetary control, and their application in forecasting and budget preparation. Furthermore, the report analyses how management accounting systems can be used to resolve financial problems, comparing different organizational approaches to achieve sustainable growth. The report also includes critical evaluations of MA systems and MA reporting. The report uses Hilti GB as a case study and also includes annexures for additional information.

Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
P 1. Types of management Acc. Systems...................................................................................1
P 2. Defining methods for management accounting reporting...................................................4
P 3. Calculation of cost using various MA techniques...............................................................5
ANNEXURE A ...............................................................................................................................6
ANNEXURE B..............................................................................................................................13
LO3 ...............................................................................................................................................14
P4 Advantages and disadvantages of planning tools using budgetary control.........................14
M3 The use of planning tools and their applications for forecasting and preparing the budget.
...................................................................................................................................................18
D3 Planning tools for accounting and solving the financial problems to lead the organization
for sustainable success..............................................................................................................18
ACTIVITY 2..................................................................................................................................18
P5. Using management accounting system for resolving financial problems being faced.......18
ANNEXURE C..............................................................................................................................20
M4. Analysing aspects which assist management accounting in achieving sustainable success.
...................................................................................................................................................21
CONCLUSION..............................................................................................................................23
REFERENCES..............................................................................................................................24

INTRODUCTION
Management accounting is an effective framework which helps in preparing timely
financial reports and mathematical data to internal stakeholders of the organization which helps
in taking day to day strategic decision for higher operational efficiency and growth of the
business. Managerial accounting helps in effective planning, controlling and organising the
activities of the organization in order to reach greater heights. The study will highlight, systems
of MA and the various methods of MA reporting. Present study will also examine costs by
appropriately using various cost analysis techniques. This study will also evaluate the benefits
and limitations of different budgetary tools in order to respond to various financial problems.
This study will also compare different organization to solve various financial problems and lead
business to higher sustainable growth. Hilti GB is a multinational manufacturing and engineering
company in UK which was established in the year 1941 and mainly deals in power tools,
diamond drills, laser products fire stops and anchors.
ACTIVITY 1
Part A
P 1. Types of management Acc. Systems
Management Accounting
Management accounting (MA) is a crucial process of analysing, identifying, measuring,
interpreting, evaluating and communicating the same with the internal managerial of the
organization. This study helps management of the organization in taking strategic decision in
order to provide higher operational efficiency for smooth functioning of the business. This study
helps in controlling cost of the Hilti Gb company by critically evaluating the cost attached with
each activities (Hoitash and Hoitash, 2017). MA helps in analysing profit and forecasting the
future in order to analyse the future to predict the cost for long term sustainable growth. MA
helps in valuation of stock, capital budgeting analysis and variance analysis for smooth
functioning of the business.
Management Accounting System
Management accounting system helps in measuring and evaluating the various financial
results and reports which leads to effective decision making and operational efficiency. This
study helps management in forecasting the future needs of the customers. It helps in predicting
the future needs and determining the operational efficiency of the business. It also helps in
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controlling the performance the company and also interpreting the financial data and
communicating the same to the internal stakeholders of the Hilti Gb company. This helps in
motivating employees and making strategic plan to solve various financial problems and reach
greater heights with utmost accuracy and efficiency.
Cost accounting system: This system is also referred to as product cost system. This is an
effective framework which helps in determining the cost of various different activities and also
evaluate the cost of the products manufactured and services rendered by the Hilti Gb company.
This helps in analysing the profits from the particular manufacturing process
(Schalteggerand Burritt,2017). It also effectively evaluates the inventory cost which are very
crucial for the profitable operations of the business. It also helps in assessment of cost, correct
recording, determination of selling price, reduction of cost and break even analysis which leads
to higher operational standards and efficiency.
Inventory management system: This system determines the level of inventory and also
helps in tracking various orders, sale and delivery. This tool helps in forecasting and planning the
future needs of the company by determining the resources necessary for the production and
manufacturing process.
This system of MA helps in improvising quality and increase productivity and profitability. It
also helps in avoiding excess inventory and stocks out by optimally utilizing the resources and
balancing demand and supply. This can be estimated through LIFO method, FIFO method and
weighted average method.
Job costing system: This system is an effective process of accumulating information
related with the cost associated with specific job of the Hilti Gb company. This system helps in
tracking the cost of the particular job which mainly includes raw material, labour and overhead
cost (Maas, Schaltegger and Crutzen, 2016).
This tool is useful in determining the most profitable units of job in the company. This
system is useful in estimating the cost of the each job and determine the most profitable job for
higher operational standards and efficiency.
Price optimization system: It is an effective tool in determining the reaction and
behaviour of the customers with the change in the price of the company. This system helps in
accurately determining the price of the various products and services rendered by the company
for higher operational growth and productivity.
2

This system helps management in determining the accurate prices which helps Hilti Gb
company in generating higher profitability. This tool helps in determining the change in the
variation of demand and supply due to change in different price levels (Otley, 2016). This tool
helps management in determining the price to enhance revenue and improve profit.
Benefits of Management accounting systems
Cost accounting system: This tool helps in recording, classifying and allocation and
determination of current and future cost for controlling cost that eventually leads to higher
operational standards and efficiency (Chenhall and Moers, 2015). This is very crucial for the
estimation of manufacturing and selling process for smooth functioning of the business. It is an
effective process which helps in controlling and reducing cost and also optimum utilization of
the resources for higher operational standards and accuracy.
Inventory management system: This tool helps in simplifying the inventory management
process by giving proper details about the level of inventory which leads to higher operational
efficiency and performance in an accurate and viable manner (Haldand Thrane, 2016) . It helps
management in keeping detailed reports of the inventory and avoids over and under stocking of
the inventory. This system helps in managing the inventory effectively and reducing various
complexities in the process by streamlining the entire manufacturing and selling process.
Job costing system: This system helps in comparing actual cost with estimated budgeted
plan in order to evaluate the variance and take necessary action to resolve the issue on time. This
method is useful in facilitating price of each job (Hiebl, 2018). This system is beneficial in
determining the defective and spoilage area in each job for higher operational standards and
accuracy. It also helps management in trend analysis to evaluate the performance of the job over
the historical periods.
Price optimization system: This tool helps in evaluating the accurate price for the
particular product and services on a real time basis. This helps in effectively determining the
prices in order to continuously improve the productivity and operational efficacy of the Hilti Gb
company (WHAT IS PRICE OPTIMISATION?, 2017). This system coordinates the decision and
preference of manufacturer consumer and supplier for higher operational standards. This system
is beneficial in minimizing the risk and optimal utilization of the resources and also helps in
maximizing the value of business.
Critical evaluation of MA systems and MA reporting
3

Systems of MA helps Hilti Gb company in evaluating the most profitable unit of the
organization. It also helps in determining the cost attached with each manufacturing unit which
leads to higher sustainable growth and development. This system helps in evaluating and
measuring the cost of the units and also eliminate unnecessary cost for higher operational
standards. Integration of MA system helps in tracking internal cost of the business in relation to
operation, production and investment in the market. On the contrary, (Fleischman and Parker,
2017) argued that, MA system may lead to manipulation of data and personal biasses which
eventually result in ineffective decision making and also looses accuracy, objectivity and
validity.
MA reporting is very beneficial to Hilti Gb company to analyse the performance of the
company and compare it with other competitors to analyse and evaluate the competitive position
of the company in the market. This tool is useful in evaluating the performance and functioning
of each particular department. (Haldand Thrane, 2016) argued that, MA reporting takes into
consideration only financial data which leads to intuitive decision making. This does not always
give accurate results because it does not take into consideration qualitative data. This is a costly
affair and it takes time to prepare reports.
P 2. Defining methods for management accounting reporting.
Management accounting reporting has been defined as a process of preparing internal
managerial report related to all the statistical as well as financial information of the company.
This report assist in the effective decision making process of the management of Hilti Gb.
Following are the types of report that can benefit Hilti Gb:
1. Budget Report – With the help of budget report, Hilti Gb can make comparison of actual
result with the estimation made for a particular accounting period, for determining
variance if any. By preparing a budget target, it helps in forecasting cost expenses amount
associated with carrying on future business production and revenue income to be received
from it (Boiral, 2016). Also, it soothes the management in making proper and effective
allocation of the available and limited business as well as financial resources of the
company maong different business department as per their requirements.
2. Performance Report – A report which provides a deep insight about the performance
and success journey of both the company as well as its employees. By monitoring or
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reviewing the performance of individual employee and department, it can easily helps in
evaluating the working and activities as undertaken by them for attaining the set defined
business goals. From reviewing this performance measures, Hilti Gb can compare
whether all the strategies and plans as formulated in line with business objectives are
properly followed or not. Thus, if required on the basis of performance review changes in
business policies can be made for the betterment of the company as a whole (Böcking,
Gros and Worret, 2015).
3. Account Receivable Aging Report – This report helps in evaluating the time period as
well as amount which is due or remaining balance on part of clients, customers to whom
credit sales has been made. Such report is best suitable for companies which relies
heavily on providing credit services for its business operations. It can help Hilti Gb in
identifying issues and problems which is hampering the process of money collection of
the company. Also, it helps in assessing all the defaulters on behalf of company which
can result in business loss due to non payment of default risk made by them. For
overcoming issues related to collection process and defaulters, Hilti Gb is required to
have strict credit related polices.
4. Cost Managerial Accounting Report – One of the most important business report with
the help of which Hilti Gb can easily evaluates all the cost associated with business
operations and processes. This report offers a brief summary related to the cost incurred
in relation with acquisition of raw material, overhead, labour etc. Further, the
management of company can easily evaluates the cost as well as selling prices of the
product produced (Hoitash and Hoitash, 2017). By this report, Hilti Gb can have proper
understanding of cost amount associated with unproductive business departments and opt
for better allocation of such resources.
Part B
P 3. Calculation of cost using various MA techniques.
Marginal costing: This is an effective cost accounting technique which helps in
determining the change in the total cost when one additional unit is produced. This costing
method only takes into consideration those costs which have been incurred at the time of
production. The variable costing is charged and it dopes not takes into consideration fixed cost
5

which leads to change in the total cost of the particular production period. This tool is very
simple to operate and understand.
Absorption costing: This is an effective accounting technique which is also referred to as
full costing. This method takes into consideration both fixed and variable cost (Fleischman and
Parker, 2017). This tool helps in evaluating all the cost attached to manufacture the particular
unit of product of the company. This method takes into consideration cost attached with raw
material, labour, overhead and utility cost. This method gives accurate estimation of the cost
attached to manufacture the particular unit of good because it takes into consideration all the cost
i.e., direct cost, variable cost and fixed cost.
ANNEXURE A
Assessment of profit under marginal and absorption costing pertaining to ‘Table’
6

Period 2
Particulars Amount (in £) Amount (in £) Net Amount (in £)
Sales (1700*590) 1003000
Cost of sales:
Opening inventory (650*330) 214500
Material (5200*215) 1118000
Labour (5200*90) 468000
Variable o/h (5200*25) 130000
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1930500
-Closing inventory (4150*330) -1369500
-561000
442000
Contribution 442000
-Fixed costs -361500
Actual Net profit/(Net
Loss) 80500
Under Absorption Costing
Particulars Cost per unit: in £ (Period 1
Direct Material 215)
Direct Labour 90
Variable O/H 25
Fixed o/h 61.5
Total absorption cost per unit 391.5
Period 1
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Period 2
Cost per unit for Period 2
Direst Material 215
Direst Labour 90
Variable O/H 25
Fixed o/h 69.52
Total absorption cost per unit 399.52
Assessment of profit under marginal and absorption costing pertaining to ‘Chair’
Under marginal costing (Chair): Cost per unit
9

10

Under Absorption Costing (Chair)
11

Period 2
12

Valuation of Table and chair under absorption costing is more than the marginal costing
because under absorption costing fixed cost is valued as cost per unit. This brings the cost
valuation under control and increases the profit under absorption costing. Marginal costing at the
time of valuation charges only variable cost because of which costs of the company gets
increased and profits decreases. Thus, under marginal costing profits undervalued due to
charging of whole fixed cost.
ANNEXURE B
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The most profitable plan company can apply the plan of selling 650 units at 63. Company
should for producing 650 units and sell at 63 per unit. This will be giving profit of 7690.
Contribution to Sales ratio means it shows that at 1 Euro of sales is giving how much of
contribution to the company. Contribution is calculated by deducting all the direct expenses of
the company.
Break Even Point is the point where company is in the position of no profit or no loss. In
this situation company neither gets profit nor does it get loss. In this company, breakeven point
can be attained at the level when 356 units are sold at 70 per unit. At this company will be in the
situation of no profit or no loss.
LO3
P4 Advantages and disadvantages of planning tools using budgetary control
Planning tools is an instrument that helps in guiding the action steps of the Hilti GB
company which actions have been related to the programs, implementation of the initiative and
interventions. It also provides the detailed descriptions about the implementation of the plans &
developing the plan(Clarke and et.al., 2019). There are different types of tools which has been
used in the budgetary control system such as;
Budgetary Control
Budgetary Control is a system and procedure for setting the performance and financial
goals within the budgets and compare the present results & adjust the performance when it has
14

been needed. It also refers to mangers utilizing the budgets which has been monitored, control
the overall cost and operations that is given in the accounting period. In this the actual and
accurate cost has been controlled for making it conform and predetermined the actions.
Budgetary control includes all the continues comparison of all the real results with the
planning and also taking it to the correct and right actions in the Hilti GB company. Budget is
not only means to control it but also helping the managers for performing all the other functions
of management, it has been associated with the directing, organising and planning process of the
organisation.
Sales budget
Sales budget refers to the management which has been estimate the sales for futures
financial period. Sales budget set the goals and objectives of the department, forecast the
production needs and also it estimates the earnings. It also affects the both the operating budget
and master budget of the organization as well. It is necessary for the management to analyse the
economic conditions, production capacity, selling expenses and it also develops the sales budget.
Sales budget set the goals of the Hilti GB company and it has been provided the framework of
company's budget(Pavlatos and Kostakis, 2015).
Advantages
 It is very much helpful in farming the program of sales for achieve the sales targets of the
company.
 Sales budget is helpful in allocation of the resources for various products in the company.
 It also helps in proper planning of company's budget.
 It also analyses the expenditure and planning of the resources.
Disadvantages
 Sales budget creates so many difficulties in forecasting the competition and industry.
 It is difficult to predict the customers behaviours.
 Lack of inflexibility in management.
Operational Budget
A operational budget is refers to the annual budget where the activity is stated in the
terms of budget classification. It contains the estimation of the total values of the resources
which has been required for analysing the performance based on the operations. It also involves
the estimation of the workload in the terms of the total units of work that find out the accounts
15

cost. It is plan for the expenditure which requires to manage the function of the Hilti GB
company ventures and public organizations(Rubel and Prasad, 2015).
Advantages
 It tracks all the operations of budgets for the entire organization.
 It always prepares for the financial responsibility.
 It basically invest money in the business.
 Operational budget address all the variables according to the requirements.
Disadvantages
 It needs long range needs of planning for business.
 It always builds the flexibility in the budget.
 There are so many complications in the federal tax.
 It also keeping the accurate information.
Cash Flow Budget
Cash flow budget is an estimation of all the cash expenditures and cash receipts which
has been expected the occurrence during the certain period. Cash flow is a narrow interconnected
with all the concepts, values, liquidity and interest rates etc. cash flow budget made for future
planning process and it has been transformed for the same cash values. It also determines the rate
of return and values. It also determines all the problems with the liquidity of the
business(Sutherland, 2018).
It is called positive closing balance which is higher than all the opening balance. It also
provides the additional data and informations for evaluating the changes in the liabilities and
equity. It also indicate the amount of probability and timing of all the future cash flows.
Advantages
 It easily identified the amount of cash which has been required to fulfil the immediate.
 It fulfils the short term goals without using the overdraft of protections and lines of the
credit.
 It also uses the information for determining the extent of the sales credit(Salmon and
Endorsement, 2019).
Disadvantages
 It creates so many dangers of theft of tracking the documentation and cash movements as
well.
16

 It also limits all the spending powers.
 It is very easy to lose the cash.
Production Budget
Production budget has been calculated the number of units where the products has been
manufactured and it has been derived the combination of all the sales forecast and it also planned
the amounts of finished goods of the inventory. It determines the cost which has been spent on
the entire business project. It also involves the estimation and identification of the cost items of
each and every phase.
The amount which has been collected for the manufacturing the products and services. It
has been estimated and decide at the time of sales budget. It is a type of financial plan where the
items and products are in procedure for manufacturing and produced by Hilti GB company.
Advantages
 It put out all the cost which has been required for manufacturing of the products and
services.
 It helps in utilizing the maximum extent of machinery and plants.
 It also utilize the labour hours on the greater extent level.
 It is enough for maintaining the minimum stock of exchanging the goods and services.
 The cost of the purchase budget has been prepared according the production
departments(Hodzic and et.al., 2016).
Disadvantages
 Production budget has been creates the comprehensive budget for the tedious job where
the customers organisational resources significantly.
 This budget leads to the lack of flexibility. Production budget process relies on different
factors where the changes takes place very quick and it becomes very complex for the job
to incorporate such changes in the production planning.
M3 The use of planning tools and their applications for forecasting and preparing the budget.
There are so many planning tools which has been used by the company for preparing and
forecasting the budgets such as;
 Operational budget
 Sales budget(Yager, Sherrell and Sipler, 2016).
 Production budget
17

 Cash flow budget
Application of different planning tools
Operational budget has been used by the companies for managing and maintaining the
operations, Production budget has been made by the manufacturing companies for making the
budget of production, sales budget has been made by all the companies for analysing the sales
and market as well, all the companies has make the cash flow budget for analysing the cost
which has been required by the organization.
D3 Planning tools for accounting and solving the financial problems to lead the organization for
sustainable success.
Planning tools for accounting response appropriately for solving the financial problems to lead
the organization for the sustainable success because it increases the efficiency of the organization
and also helps in making effective budget and solve all the problems of organisation. It helps in
improving the performance of the budgets and organisation. Where the production department
has to set already the future needs of manufacturing and as well as sales department has to fix the
future sales according to the present sales. (Gokhale, 2018).
ACTIVITY 2
Part B
P5. Using management accounting system for resolving financial problems being faced.
Management accounting system is a process which is concern with the functions such as
planning, organising, regulating, directing, controlling all the resources of the business as
available with it, for smooth functioning of its business operations. It also assists in making
crucial business as well as investment related decision for the betterment of company and
employees as a whole. Different management accounting system can be used by Hilti Gb for
overcoming its financial issues such as:
1. Benchmarking – It is a practice in which company measures the performance of its own
business processes, products, operations and services with those business organisation
which are performing much better and profitable in the same industry market. It assists
Hilti Gb in identifying all the weaknesses and opportunities as associated with the
18

business and human resources and takes preventive measures accordingly. By using this
tool of management accounting system, Hilti Gb can evaluate weaknesses and threats
which creating negative impact on the working of its employees and business operations
as well thereby reducing the operational efficiency of business (Bligaard and et.al., 2016).
It can help the company in improving its employees and performance of business
operations with formulation of strategies and plans as used by the best performing
companies in the market for seeking competitive advantage.
2. Balance scorecard – Is a performance metrics which assist the strategic management in
identification of all the factors which is affecting the functioning of business on the
internal basis. It suggests measures which can bring improvement in the working of
employees and business as well. It is related with performance targets and results
concerning of performance based dimensions focusing on financial, business internal
process, customers and innovation. It emphasizes on formulation of strategic plans,
actions and system which the management of company can make use in its day to day
business operational function. By using such tool, Hilti Gb can have flexibility and
feasibility in carrying own business operations as per the strategic plan made in the long
run time period.
3. Key performance indicators – One of the most effective quantifiable measure which
helps every business organisation in evaluating and monitoring process. This tool helps
the company in measuring the level of progress and success journey which the company
has achieved in a definite time period By making use of key performance indicator, Hilti
Gb can easily evaluate whether it has been using all the business related strategies, plans
and actions in carrying on its business operations. Furthermore, it identifies whether all
the course of actions as undertaken by company are in line with the attainment of set
defined business objectives or not. This can result in improving the performance level off
both the employees and business by imparting regular training, workshop related to better
and effective usage of business resources and processes.
4. Financial governance – It is a method or business system in which the company initiates
the process related to collection, organising, managing and reviewing of all the
information of material nature especially focusing on financial and statistcal nature.
Financial governance ensures proper control of use of financial information in the
19

business decision making process. It also assists Hilti Gb in making proper and timely
compliance of applicable business laws, rules and regulation for not getting penalised
under strict penal provisions (Grabel, 2018). It can help Hilti in mitigating its issue
related to cost expenses associated with unproductive business operations resulting in
decrease in the profitability level of the company.
BMT Group Ltd has been using Key performance indicator for mitigating the risk of
increase in cost expenditure as associated with business operations of unproductive nature, which
in turn reducing the level of business performance and profitability as well. By using it, BMT
can evaluate the success level of employees and business operations whether they are performing
in line with business objectives and strategies framed or not.
Financial Governance tool is used by Hilti Gb for mitigating its issue related to frauds,
errors and mistakes made in relation with the financial and business transaction. It helps in
evaluating the performance of its business operations so as to ensure proper compliance made
and material disclosure has been made in the financials. It will help Hilti Gb in assessing
strategies, plans and polices which are used by other profit making companies and adopting such
concepts in improving its business performance and profit level as well.
ANNEXURE C
20

Company should select the Project X because in both the criteria of evaluation Project is
giving more profits than Project Y. In the case of Pay Back Period, Project X is paying back in 4
years whereas Project Y is paying back in 5 years. Thus, company should go for investing in
Project X.
M4. Analysing aspects which assist management accounting in achieving sustainable success.
1. Benchmarking -
Advantages Disadvantages
 It helps in improving business
performance by placing emphasis on
necessary changes.
 Also, provides better and in-depth
understanding of business practices.
 This method does not provide measures
for measuring the effectiveness of
company as a whole.
2. Balance scorecard -
 Advantages Disadvantages
 Provides smooth communication flow at
different level of business operations.
 Also, controls performance level in four
key perspective viz. financial, business,
internal process and learning and growth.
 Lays emphasize on only these financial
perspective rather than considering every
business aspects.

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3. Key performance indicators -
Advantages Disadvantages
 Overall business and employee
performance can be measured, thereby
identifying which strategies need to
changed for the betterment and
improvement.
 Focus is on meeting short term goals
which in turn reduces the work and
performance quality (Toussaint and
et.al., 2015).
4. Financial governance -
Advantages Disadvantages
 Helps in maintaining compliance of
applicable rule on timely basis.
 Non compliance can result in decrease in
the value of firm and increases cost
expenses in form of penalty.
By making use of effective management accounting system along with appropriate
planning tools it has resulted in increase in the overall business production, profitability and
customer base of Hitli Gb as well. By using budget and financial plan, every business
organisation can overcome its problem related to allocation of limited financial and business
resources. Overall business and employee performance can be measured by making use of
different performance indicators which thereby can help in identifying which strategies need to
changed for the betterment and improvement.
After framing sound and effective business strategies, plans and policies related to
business production, sales and operational function, it can improve its own business
performance. Budget assist in making proper and effective comparison of actual result with the
estimation made for identifying variances if any and for brining relevant changes in it for the
betterment of business goals.
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CONCLUSION
From the above report it can be concluded that management accounting supports every
business organisation in its strategic planning, decision making process. By formulating sound
and effective business policies and plans, Hilti Gb has been able to mitigate its issue related to
inappropriate business operation and low profitability. Further more, the report has defined that
by making rough estimates in form of budget or financial plan related to future business
expenses and revenue Hilti has been able to eradicate its unnecessary business expenses thereby
increasing its profitability aspects. It is very essential for every business organisation, to adopt
better improved and innovative business practices, processes as used by profit making company
with the help of benchmarking tool for remaining competitive in the market.
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