Management Accounting Report for Merlin Financial Consultants Analysis

This comprehensive report delves into the realm of management accounting, using Merlin Financial Consultants as a case study. It meticulously examines the core principles of management accounting, contrasting it with financial accounting, and explores the essential requirements of various management accounting systems, including cost accounting, inventory management, job costing, and price optimization. The report details different management accounting reporting methods, emphasizing information relevancy and the types of reports such as budget reports, credit control reports, and job cost reports. A key focus is on cost analysis techniques, with a detailed comparison between absorption costing and marginal costing, illustrated through income statement examples. Furthermore, the report analyzes the advantages of different planning tools and their application within a management accounting framework and concludes by addressing how organizations use management accounting to respond to financial problems, ultimately leading to sustainable success. The report provides a well-structured analysis of management accounting principles and their practical application.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting and the essential requirements of different types of management
accounting system..................................................................................................................1
P2. Different methods used for management accounting reporting.......................................3
M1. Evaluation of benefits of management accounting systems...........................................4
D1. Management accounting system and management accounting reporting integrated within
organisational processes.........................................................................................................5
TASK 2 ...........................................................................................................................................5
P3. Appropriate techniques of cost analysis to prepare an income statement........................5
M2. Range of management accounting techniques and producing appropriate financial
reporting documents...............................................................................................................9
D2. Financial reports which are applied to interpret data for business activities...................9
TASK 3............................................................................................................................................9
P4. Uses of different planning tools in management accounting...........................................9
M3. Analysing different planning tools and their applications............................................13
TASK 4..........................................................................................................................................13
P5. The way organisation use management accounting system to respond to financial
problems...............................................................................................................................13
M4. Management accounting in response to financial problems which leads organisation to
sustainable success...............................................................................................................16
D3. Various planning tools to resolve financial problems...................................................16
CONCLUSION..............................................................................................................................16
REFERENCES .............................................................................................................................17

INTRODUCTION
Management accounting is a system which helps in analysing costs and operations for the
purpose of preparing the internal reports and maintaining the records. Such reports and records
are used by the managers to take critical decisions and formulate day to day plans. Such
accounting is required in any firm to present all the financial as well as non financial
informations for assisting for preparing strategies for future along with growth. To understand
the accounting techniques, Merlin Financial Consultants is selected. The selected consultancy
firm is located at Eagle Street, London, UK and catering its services from the year 1988 which
provides financial services along with assistance and formulates financial future plans for
individual as well as small companies (Banerjee, 2012).
This report consists of detailed information related to management accounting, different
types of management accounting systems, management accounting reports. Further, it includes
cost analysis using appropriate technique for preparing income statement. In addition,
advantages and disadvantages of different types of planning tools for budgetary control and
management accounting approaches used to respond towards the financial problems leading
towards sustainable success.
TASK 1
P1 Management accounting and the essential requirements of different types of management
accounting system
Management accounting: Management accounting is a process of identification,
analysis, measurement, recording, interpretation as well as communication of the financial and
non financial information in the organisation for the purpose of preparing financial statements
and taking decisions for the future along with day to day operations.
Management accounting system: It is framework of preparing the internal reports and
keeping record of financial statements to provide timely as well as accurate information for
planning and controlling the activities to achieve profitability.
Origin, role and principles of management accounting:
Origin: Management accounting has first started its functions during the industrial
revolution in the 19th century. During such period, there was little control of stakeholders and
financial debts along with little need of internal reports. Management accounting acted as an
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essential tool for providing necessary information. With the passage of time, such accounting
speed up its practices and new innovations are formed in their usage.
Role: Management accounting plays significant role in performing the series of various
tasks related to planing, organising, coordinating, controlling, communicating, and interpreting
the financial information for decision making.
Principles: Management accounting includes the following principles:
 Influence: Communicates the information which influences the working.
 Relevance: Scans the available resources which are relevant to decision making.
 Value: Analyses of information which generates value.
 Trust: Administration helps in building trust.
Distinguish between management accounting and financial accounting
Basis of distinguish Management accounting Financial accounting
Purpose To provide accurate and timely
information to the managers
for planning, controlling along
with decision making.
To provide the financial
position of the organisation
with other firms.
Focus of information It focuses on financial as well
as non financial information.
Only focuses on financial
information.
Nature Reports are prepared after
considering all the past along
with current performances.
Prepares reports on the basis
of past information.
Different types of management accounting systems
Management accounting systems are the tools which are used for measuring and
evaluating the management operations (Contrafatto and Burns, 2013). Various types of
management accounting systems are the following:
 Cost accounting systems: Such system is used to estimate the different costs associated
with the production process. It helps in identifying different ways to reduce these costs
for achieving profits. The essential requirement Merlin Financial Consultants is to record
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and examine the cost structure by divide the costs of various commodities with different
clients.
 Inventory management system: This system is used to monitor and manage the
available inventory or stock with the firm. The essential requirement in chosen
organisation is to implement various strategies for effectively management of the
available stock of capital with its clients by recording of all activities related to inventory
at each level.
 Job costing system: Respective system is used by managers to optimize and allocate the
associated costs of different jobs. The essential requirement in the respective firm is to
keep an account of the information related to work completed by an individual along with
team performance.
 Price optimising system: Such system is used for determining and optimizing the prices
of products for fulfilling the objective of the business. The essential requirement in the
chosen entity is to understand the perceptions of the clients in relation to prices of the
securities or investment for the purpose of formulating policies.
P2. Different methods used for management accounting reporting
Information relevancy: It is very important for the selected consultancy firm to present the
information according to the requirements of different users. If they are unable to gather and
provide the relevant information then it it is worthless to waste the time. All the information
should be presented to the users must be reliable, accurate, up to date and relevant for decision
making.
The way in which information presented must be understandable because the understandability
helps in preventing any confusions and clearly interpreting the information to others.
Different types of management accounting reports:
 Budget report: These are the internal reports prepared by the accountants of selected
organisation for recording, controlling, comparing as well as evaluating the estimated
results with the actual performance during the projected period for taking important
decisions (DRURY, 2013).
 Credit control reports: These report are used by the respective business to evaluate
credit limit provided to different in any accounting period. Such reports helps in
highlighting the information of clients to whom more credit is provided for the purpose of
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controlling the credit to increase the sales and decreasing debt by improving the cash
flow.
 Job cost reports: Such reports are prepared by the managers of chosen entity to exhibit
the actual amount spent for completing any job. The actual amount is compared with the
budgeted value to find any deviations to control cost and increasing the margins of profits
from the jobs with the objective of meeting the overall profitability targets.
 Inventory and manufacturing reports: These reports are prepared by the Merlin
Financial Consultants to keep a proper track record the available inventory or stock of
capital with the firm to provide distinct consultancy services to its clients to manufacture
their products and highlighting the hurdles which waste the management time to
understand the breakdown situations.
M1. Evaluation of benefits of management accounting systems
The benefits of management accounting system in context to the Merlin Financial Consultants
are as follows:
Benefits of cost accounting system:
 Helps in controlling costs of associated products in the operational processes.
 Identifying different ways to reduce these costs for achieving profits.
Benefits of Inventory management system:
 Benefits the clients by maintaining and managing the available inventory.
 Keeping a proper record helps in achieving efficiency along with productivity in the
working of an organisation.
Benefits of Job costing system:
 Tracking the performance of different clients in completion of different job.
 Such system helps in assigning the costs in completion of any job.
Benefits of Price optimising system:
 It benefits by overall management of prices of different financial products for achieving
profits.
 This system helps in understanding the perceptions of the clients towards the securities or
investment for formulation of policies (Fullerton, Kennedy and Widener, 2013).
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D1. Management accounting system and management accounting reporting integrated within
organisational processes
Management accounting system and management accounting reports are crucially
important in any organisation as they helps in formulating the policies and plans to achieve the
profits. It is important of integrate the accounting systems with the organisation as such systems
helps in providing the information for improving the abilities of managers for taking decisions to
meet the obligations related to allocation of resources, cash performance management and many
more. The accountants of Merlin Financial Consultants uses all the accounting systems and
reports for analysing the available information and planning decisions for several clients.
TASK 2
P3. Appropriate techniques of cost analysis to prepare an income statement
Cost is referred as the amount of money paid for obtaining or getting something.
Different costs are :
Direct costs: costs which are accountable with the production of products.
Indirect costs: costs which are not accurately traced or not accountable to specific
products.
Flexible cost: a cost which can easily be changed or modified.
Semi variable cost: A cost which is the combination of fixed as well as variable cost.
Applying marginal and absorption costing
Absorption costing: A method used for evaluating various costs which are associated in
the production process for allocating them with individual products. It is calculated by
considering the fixed and variable costs (Fullerton, Kennedy and Widener, 2014).
Marginal costing: A method used for calculating the cost which is incurred on producing
an extra unit of product. It considers fixed cost as the period cost and variable cost as the cost of
production.
Income statement by marginal costing method:
Particulars Amount
Sales(10000*25)
Less: Marginal cost of sales:
Direct material- 50000
250000
100000
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Direct labour- 30000
Variable manufacturing expenses- 20000
Contribution
Less: variable selling
Net contribution Margin
Less: Total Fixed Cost
Fixed manufacturing expenses- 40000
Fixed selling and administration expenses- 30000
Net Income
150000
30000
120000
70000
50000
Income statement by absorption costing method:
Particular Amount
Sales(10000*25)
Less: Cost of good sold:
Direct material- 50000
Direct labour- 30000
Variable manufacturing expenses- 20000
Fixed manufacturing expenses- 40000
Gross profit
Less: Selling and administration expenses
Fixed selling and administration expenses-30000
Variable selling and administration expenses-30000
Net profit
250000
140000
110000
60000
50000
Interpretation- From above solved numerical, it has been analysed that company is
getting net profit in the both method of costing. In the marginal costing method, net profit is of
50000 which is same as in absorption costing method.
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Income statement by absorption costing method (When 5000 units sold)
Particular Amount
Sales (5000*25)
Less: Marginal cost of sales:
Direct material- 25000
Direct labour- 15000
Variable manufacturing expenses- 10000
Variable selling and manufacturing expenses- 40000
Contribution
Less: Fixed cost
Net loss
125000
90000
35000
(45000)
(10000)
Marginal costing
Particular Amount
Sales(5000*25)
Less: Cost of good sold:
Prod. Contribution Margin
Less: Variable Selling
Net Contribution margin
Less: Total Fixed Costs
Fixed Manufacturing Overheads
Fixed Selling & Admin
Net Loss
125000
(50000)
75000
(15000)
60000
40000
30000
(10000)
Interpretation- From above solved numerical it has been analysed that company is
getting net loss in the both method of costing. In the marginal costing method company is facing
net loss of (75000) as well as in absorption method, net loss is same.
For Fans
Labour Price variance:
(Budgeted Price- Actual Price)* Actual hours
(5-5.20)*3400
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=-680 (Unfavourable)
Labour usage variance:
(Budgeted Hour -Actual Hours)* Budgeted price
(3000-3400)*5
-2000 (Unfavourable)
For Packaging boxes
Material price variances
(Budgeted price- actual prices)* Actual usage
(10-9.5)*2200
1100 (Favourable)
Material usage variances
(Budgeted use- Actual use)* Budgeted Price
(2000-2200)*10
-2000 (Unfavourable)
Product costing: It can be defined as the cost incurred on producing any product.
Fixed costs: A cost which do not change with the change in production activity.
Variable costs: A cost which changes with the change in the level of activity.
Cost allocation helps in financial reporting and it is used to spread the costs among departments
or inventory items. It is used for calculating profitability.
Normal costing helps in valuation of manufactured products with respect to direct material cost,
the direct labour cost and manufacturing overhead on the basis of predetermination
manufacturing overhead rate (Habib and Hasan, 2018).
Standard costing is used for valuation of manufactured products with a determined material
cost, a planned direct labour cost and planned manufacturing overhead cost.
All the costs plays an crucial role in setting the prices. The prices of any product are set after
considering the costs which are incurred on production of a product.
Inventory cost- such cost is associated with various expenses incurred in production process as
well as for the purpose of sale. There are three types of inventory costs:-
 Inventory purchase cost- It is related to procurement of raw materials for producing
new product.
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 Inventory processing costs- These are related to modifying the existing inventory for the
purpose of further selling.
 Inventory distribution cost- It is concerned with expenses incurred in providing the
products for shipping and storing inventory at warehouses before actual sales.
Benefits of reducing inventory costs: It helps in reducing the warehousing storage cost, re
ordering cost which leads to overall cost management.
Valuation methods: It is a way to determine the values of different products of any
organisation.
Cost variances: It is the cost which which determines the differences between actual cost
incurred and planned cost.
Overhead Costs: These are the costs related to the expenses incurred while performing the
operations of any business.
M2. Range of management accounting techniques and producing appropriate financial reporting
documents.
Management accounting techniques are used for the preparation of the management
accounting reports and financial statements. Various techniques helps in accurately forecasting
the practices in present for the future and accordingly formulates strategies. The managers of
respective consultancy firm uses management accounting techniques related to forecasting
planning and historical cost accounting (Herbert and Seal, 2012). Both the techniques plays
crucial function in preparing the financial ass well as non financial reports and important
documents which helps in future financial planning.
D2. Financial reports which are applied to interpret data for business activities
Financial reports are the records of all the tasks and activities performed to achieve the
financial position in the competitive environment. Such reports are presented in systematic
manner to present all business activities in numerical form. The accountants of the chosen
business prepares various financial reports such as inventory and manufacturing reports, job cost
reports, credit control reports, budget report. All these reports helps in formulating the future
plans by interpreting the data or information of the business activities.
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TASK 3
P4. Uses of different planning tools in management accounting
Planning tools are the means that helps in managing different aspects of business
operations through effective planning. One such tool is Budget which is used by the organisation
in forecasting the expenditure needed to be made for the completion of project and programme.
It also helps in assessing income that will be generated within the certified period. Managers of
Merlin set goals related to finance and performance of organisation and ensures that such
objectives are achieved with in the boundaries of set budget. This process is known as budgetary
control where actual performance is compared with predefined budget and corrections are made
in order to control excessive expenditure (Kotas, 2014).
Process of preparing budget:
 Forecasting- This is the first step where incomes and expenditure regarding project is
predicted.
 Market research- under this detailed analysis of market is done to identify the potential
threats and opportunities.
 Standard costs- This is concerned with estimation of product or process manufacturing
costs.
 Reviewing bottlenecks- Problems which can occur during the production process can be
identified and changes can be made.
 Software- An effective software needed to be installed so that comparison and analysis
can be made based on past budget.
Different types of budget:-
Capital budget- Such budgets are prepared to assess the expenditure incurred on large
scale projects in order to minimise the losses. It is used to evaluate whether investing on certain
programme with huge amounts would be beneficial or not.
Advantages
 It helps in controlling excess expenditure which are of no use. Controlling finances is
necessary as it is the vital requirement for running the business.
 Potential threats can be identified which can affect the growth of business.
 Evaluation of alternatives will lead to improved decision-making and prospective
alternatives can be selected.
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Disadvantages
 These are based on prediction of managers therefore calculation can not be considered
accurate.
 Not everyone is skilled enough to effectively predict expenditures and revenues hence
wrong decisions can create losses.
 It very expensive in nature which is one of it's disadvantage.
Operating Budget- These are prepared to manage company's daily expenses and evaluating the
requirement of finances to cover bills every month.
Advantages
 High flexibility- As there are prepared on day to day basis it allows enough flexibility to
make changes
 Optimum utilisation of Cash- It helps in identification of that area of business which
requires cash the most.
 Meeting debts- It also helps in sustaining the growth of business by meeting debts
effectively.
Disadvantages
 Time consuming- Preparing budgets on daily basis consumes too much time of
managers.
 Errors- It is also subjected to errors and mistakes.
Alternative methods of budgeting
There different ways that companies plan and control the expenditure of company. The two
alternative budgets are explained below:-
Rolling Budgeting- These budgets are updated on continual basis after the completion of
current budgets at the end of financial period (Otley and Emmanuel, 2013). These are prepared
for the long term financial planning and is considered as an extension in existing model of
budget.
Static Budgeting- It is the budget that involves predicted values and remains same even
after the change in volumes for a particular duration. For example based on this budget company
estimate expenditure to perform certain activity.
Behavioural implication of budget:
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 Dysfunctional behaviour- Setting budgets plays significant role in impacting behaviour
of organisation. As budgets are prepared for the accomplishment of goals it creates
positivity amongst managers and employees of Merlin when goals are met.
 Motivation- These are helpful in motivating the workers of Merlin which also leads to
increase in the productivity of organisation.
Pricing- It refers to the process of setting optimum prices for products and services. In
financial management consulting firm prices of making portfolios and providing financial
advices offered to clients are set based on their value.
 Pricing penetration- This type of pricing strategy is concerned with attracting buyers by
introducing products and services at low prices (Otley, 2016)Parker, 2012). Large
market share can be acquired by Merlin using this technique.
 Price skimming- Under this pricing strategy prices are set high during the initial stage of
products and services and eventually declines due to increased competitions in the
market. Merlin can adopt this method to increase sales of new goods and services.
Competitors determining prices- The prices charged by the competitors depend upon the
extent of competition prevailing in the market. Merlin should acquire deep knowledge about
changing trends in the market before setting prices.
Supply and demand consideration- It comprises of factors like adequate tools, resources,
matrix, consumer preferences etc. Changes in demand and supply affect the prices of goods and
services.
Common costing system
Standard costing- It refers to the process of comparing actual numbers with the budgeted. It
helps in assessing the position of business
Normal costing- This system keeps tracks of direct material, overheads and labour costs
incurred during the production of goods and services.
Actual costing- This system is used to compare the actual cost of manufacturing to analyse the
cost of production.
Differentiation between the cost systems based on various costing activities
Cost system Job costing Process costing Batch coasting Contract costing
This system
checks the
It is used for
evaluating the
This is a system
of identifying
Under this
method separate
This costing
system is
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expenditure
associated with
producing
product.
manufacturing
costs
direct and indirect
costs.
category for
homogeneous
products are
created in batches
concerned with
total cost of
completing a
project.
Porter's five force analysis
 Threat of new entrance- This is related to new business entering in the market that
threaten the position of business therefore it helps in evaluating problems that can affect
the growth of business.
 Threat of substitution- This is associated with threat of customer's switching to other
products that are similar in nature with the original. Clients can switch to other company
if they are offering same services in less costs.
 Bargaining power of customer- It impacts the profitability of the organisation as buyers
can demand prices as per their preferences (Renz, 2016).
 Competitive rivalry- This helps in determining the level of rivalry prevailing in the
market.
 Bargaining power of supplier- This is concerned with the power lies in the hands of
supplier about charging prices.
M3. Analysing different planning tools and their applications
Budgetary planning tools are required for controlling the costs and assessing income that
will be generated within the certified period. The planning budgets used by the management of
Merlin Financial Consultants are capital budgets, operating budgets, rolling budgets, static
budgets. All such tools are applied in the working of managerial functions effectively and
efficiently. The selected consultancy organisation uses Porters five forces analysis to analyse
their financial position (Zoni, 2017).
TASK 4
P5. The way organisation use management accounting system to respond to financial problems
Financial problems- It is a situation which organisation faces due to the insufficiency of
finances. As finance is vital for the smooth operations of business therefore there are certain
13

approaches such as KPI and benchmarking which are used to identify the financial problem that
organisation can face in the future.
Various financial problems faced by the Merlin are as follows:
 Cost management- Big enterprises have the support of large finances therefore these
issues are mainly faced by the small organisation. Merlin being small company often
faces this issue it has to measures like minimizing overhead cost. Managing cost
effectively will help in improving the productivity of organisation (Wickramasinghe and
Alawattage, 2012). Wastage of time can also increased cost therefore managing time of
employees is also very important.
 Spending more than earning- It is also one of the financial issue which merlin is facing
as the huge amounts is being wasted by spending on unnecessary activities which are not
profitable for the business. Managers must evaluate the worth of project before investing
in them as they can affect the growth of organisation.
Management accounting approaches:
 Benchmarking- This is approach relates to setting benchmarks by comparing the
performance of organisation with the best practices of other company. It helps the
organisational in identifying the problems that are affecting the performance of business.
Improved decisions are then made by the managers to control the costs so that goals can
be achieved. Therefore targets can be met in an effective manner (Setiyawati, 2017).
 KPI- This is an approach that evaluates the performance of employees and organisation.
These are used by the management of organisation in identifying the factors that are
causing financial problems like excessive expenditures. If an extra unit of cost which is
not providing the enough earnings can be reduced through this the company will be able
to to maximise the profit. Using this technique is helpful in recognizing the key elements
that are impacting the business.
Financial governance- It refers to the process of acquiring, maintaining and monitoring
the entire information related to company's finance. This data is then used by the managers in
order to deal with financial problems. Merlin keeps tracks of transactions made on day to day
basis in the books of accounts. This helps in the identification of debts which creates losses for
the organisation. It is vital for companies to follow rules regulation by effectively conducting
14

auditing and maintaining cash flows which will help in analysing errors and availability of
funds , based on this appropriate strategies are formed to deal with uncertainties.
Management accounting skills- The accountant must possess the qualities of good
leadership, analytical skills and strong knowledge of accountancy for example problems like
conflicts between employees can be overcome through strong leadership.
Comparison between Merlin and Hurst Financial Consultancy Limited
Basis Merlin Hurst Financial Consultancy
Limited
Problem As merlin is small scale
financial consulting it face
issues regarding cost
management, spending more
than the earning. In order to
attract large amount of clients
company spends extra amount
on promotional activities
which leads increase in
financial problems
This company faces the issue
of managing risk
appropriately, formulating
effective strategies in order to
reduce risk is vital which the
company fails to understand.
Approach Managers of Merlin applies
benchmarking approach to
identify problems related to
cost management (Soin and
Collier, 2013).
This company applies Key
performance indicator
approach to identify those
factors that are acting as
roadblocks in the performance
of company.
System Cost accounting is used by the
company to manage the
expenditure on producing
portfolios.
Price optimisation system is
used by this company to set
prices for the goods and
services.
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M4. Management accounting in response to financial problems which leads organisation to
sustainable success
Financial problems are the issues which limits the working of an organisation to achieve
the success. Various firms are facing distinct financial problems such as cost management,
spending more than earning and many more. But at the same time applies the management
approaches of benchmarking and key performance indicators to overcome them. Merlin
Financial Consultants and Hurst Financial Consultancy Limited are facing serious financial
issues but at the same time, the accountants are formulating plans to resolving them to achieve a
sustainable success (Ward, 2012).
D3. Various planning tools to resolve financial problems
Planning tools are used to convert the objectives into achievements. Such tools helps in
pursuing the goals in correct direction. The managers of Merlin Financial Consultants and Hurst
Financial Consultancy Limited applies various planning tools for resolving their plans. They
provide the detailed description related to implement all the plans into actions (Taipaleenmäki
and Ikäheimo, 2013). The organisation uses Porters five forces analysis for strategic planning
and analysing their financial positions. The approaches of benchmarking and Key performance
indicators helps in framing plans for financial issues or problems to acquire a sustainable
position as well as success.
CONCLUSION
It has been concluded from the report that management accounting is a process of
managing financial and non financial aspects of company. The main purpose of using this
method is to take effective decisions on various matters concerning business. Day to day
activities of business is handled by using various systems like cost accounting, job costing, price
optimisation and inventory. Different types of accounting reports such as budgetary, accounts
receivable, cost managerial and performance are prepared by the organisation to increase the
productivity of business. Marginal and absorption are techniques which used to analyse the
profitability of business. As business is a complex activity organisation has to deal with financial
problems therefore KPI and Benchmarking are the approaches are applied for their identification.
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