Unit 5 Management Accounting Report: Creams Ltd Analysis

This report delves into the core concepts and practical applications of management accounting within the context of Creams Ltd, a UK-based company. It initiates with an introduction to management accounting, emphasizing its significance in strategic planning and decision-making. The report then explores various management accounting systems, including cost accounting, price optimization, and inventory management, evaluating their benefits and essential requirements. Different management accounting reporting methods, such as performance reports, budget reports, and cost managerial accounting reports, are examined. Furthermore, the report analyzes the integration of management accounting systems and reporting within organizational processes. It also discusses cost calculation techniques and the role of financial reports in interpreting business activities. The report further assesses planning tools for budgetary control, comparing their advantages and disadvantages, and examines how organizations apply management accounting to address financial challenges. The report concludes by summarizing the key findings and implications of management accounting practices for businesses like Creams Ltd.

MANAGEMENT
ACCOUNTING
1

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Management accounting and different types of system........................................................3
P2: Different method for management accounting reporting. ...................................................5
M1. Evaluation of benefits of various management accounting systems...................................6
D1 Management accounting system and management accounting reporting are integrated
with organisation process. ..........................................................................................................7
TASK 2............................................................................................................................................7
P3: Calculation of costs by using appropriate techniques...........................................................7
M2: Management accounting techniques and financial reporting documents..........................10
D2. Financial reports which applies to interpret many business activities...............................11
TASK 3..........................................................................................................................................11
P4. Advantages and disadvantages of different types of planning tools of budgetary control. 11
M3. Usage of different planning tools for preparing and forecasting budgets.........................14
TASK 4..........................................................................................................................................15
P5. Management accounting systems for responding to financial problems............................15
M4. Management accounting in response to financial problems..............................................17
D3 Various planning tools to resolve financial problems.........................................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19
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INTRODUCTION
Management accounting is a very crucial component for an organisation in developing plans
and strategies for accomplishing their desired goals. Through this component, firms develop their
reports for taking effective decisions in order to ensure the successful implementation of
strategies and plans. Accounting managers has the roles and responsibilities for managing the
accounting activities so that organisational operations can run smoothly without any issues. It
helps an organisation to maintain their strong financial stability in competitive market
environment by preparing financial accounts such as profit and loss a/cs, balance sheet, and cash
flow statement. The taken firm for this assessment is Creams Ltd which is providing ice creams,
doughnuts, waffles etc. to their customers across UK. This report will discuss the management
accounting systems along with the methods used for management accounting reporting. Along
with this, essential requirements of management accounting systems are also discussed under
this report. The report also explains the different costing methods such as absorption and
marginal costing methods so that the management of Creams Ltd. can decide the selection of
method according to their business objectives. Further, the advantages and disadvantages for
different type of planning tool will be discussed used for budgetary control. This report will also
discuss the comparison of how organisations are adopting management accounting systems for
responding to their financial problems.
TASK 1
P1: Management accounting and different types of system.
Management accounting is the procedure of managing the different aspects of an
organisation by developing the reports. This concept is very beneficial for the business
organisations in developing effective strategies and plans through which objectives can be
achieved in future time of period. This method is not compulsory for the organisation but it can
be used in needy times for enhancing the efficiency and reducing the errors. There are various
types of management accounting systems which can be used by the firms as discussed below:
Cost accounting system: This system is beneficial for the organisations in determining their
various costs such as fixed, variable cost etc. The determination of these costs for their products
and services assist the firms in determining their profit and loss as they can keep an eye on the
expected and obtained results for determining the performance of their offerings. Creams ltd. Is a
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small firm due to which it is using this system for checking the costs and other financial data of
their products. Through this, the company is ensuring that focus is given to those products which
are serving the customer needs and proved beneficial for the organisation.
Essential requirements-
 Cost Accounting System should be able to provide the organizations with an input
measurement basis. By doing so it will ensure that it is able to identify the right way
through which the measurement of costs can be done. This can help the managers of
Creams Ltd. And the managers are required to ensure this. In a Cost Accounting System there should be the use of techniques through which the
costs can be reduced effectively in the organization. For Creams Ltd. This can be helpful
and the managers must ensure this.
Price optimisation system: This is another system which is used by the business firms for setting
the process of their products and services. This system provides the factors which can impact the
price of the offerings of company. Through this system, companies can analyse the reviews and
feedbacks of the customers regarding the price range so that better decisions can be taken for
ensuring customer satisfaction which will enhance the brand image too. Creams ltd. is also using
this system for setting their prices. This ensures that the prices set by the Creams ltd. will ensure
customer satisfaction and trust as products are provided to them at affordable prices which are
also value based. Along with this, it also helps company to acquiring information about the
actual thoughts of their targeted customers towards their old pricing strategies and make changes
accordingly so as to retain them with company for longer duration.
Essential requirements-
 In a price optimization system there should be a systematic use of right methods for
collection of historical data regarding the prices. Therefore this will ensure that Creams
Ltd.'s managers are able to make the correct use of this data. In a price optimization system, there must be a use of varied techniques of setting up
price according to a change in demand level. In this way the management of Creams Ltd.
will be able to identify the right price to be set according to a change in demand level.
Inventory management system: This system is used for managing and tracking the inventories
for an organisation such as products and services. This system is also beneficial for tracking the
status of the offerings provided by company to its customers. Through this system, firms can
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improve their supply chain management. Creams ltd is providing ice cream products to their
customers due to which it is essential for Cream ltd. to streamline their inventory for providing
products in an effective manner. This tool has been proved beneficially for the firm in improving
the gap between supply and demand. Adoption of such kind of system helps Creams Ltd. to
minimise business cost by controlling over storage cost of inventory by ordering whenever
required. This makes easy for company to meet the demands of their loyal clients on due date
which indirectly increases their brand image and reputations in rivalry market.
Essential requirements-
 In an Inventory Management System, there should be a use of Inventory Management
Software which manages and tracks the inflows as well as outflows of the stock items
and therefore is able to manage them in a highly effective manner.
 Inventory Management System must ensure that the methods like LIFO, FIFO, Weighted
Average Cost etc. can be used so that stock level can be monitored and if there are any
variances and deviations then they can be rectified effectively.
While considering various management accounting system the managers need to take
into consideration various essential requirements such as :
 Management style: The organisation follows different styles of management with the
help of which they can define to whom and how to inform and get the results. The
Creams ltd has been taking into consideration the democratic style due to which they
easily adopt different management accounting system.
 Organisation structure: It defines the roles and responsibilities of different persona and
the structure in which the people has to work. Creams ltd has been considering
functional structure within their organisation.
P2: Different method for management accounting reporting.
Management accounting of reports is very important for an organisation as these helps in
decision making process. Management accounting is also essential for the business organisations
in taking the decisions regarding the internal information and parts of business. Through these
reports, the business managers can take suitable and effective decisions for implementing the
business strategies so that better output can be obtained (Adler, 2013). The management
accounting reports consist of both monetary and non monetary information. Cream ltd is using
different types of reports which are discussed below:
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 Performance reports: These reports are developed for measuring and evaluating the
performance of business functions. Performance reports play an essential role in
determining the performance of employees and the business activities so that proper
rewards can be provided to them accordingly. Cream ltd is using the performance reports
for determining the efficiency and performance of their employees. Through this
determination, the company is providing enumeration to the employees so that they can
accomplish their goals in a more effective manner. Budget report: This report is used by the organisation for determining the variation in
expected and obtained performance. Through this, managers can develop better policies
and strategies based on the output obtained through report. This report also estimates the
expenses of the firm for a future time period which will be followed by the departments
and firm. Cream ltd is using this type of report for comparing their obtained financial
efficiency with the targeted goals in order to determine the errors and flaws in strategies.
This is beneficial in improving and implementing the future policies if the current
strategies are giving less output than expected. Accounts receivable ageing report: such type of reports contain the data associated with
the credit transactions of the company. This report is mostly used by the firms which are
making their transactions in credit form. This is beneficial for the firms in determining
the pending amount of customers in the marketplace (Arroyo, 2012). Also these reports
provide the date and time of the credit transactions for quick calculations. Cream ltd is
using this type of reports for determining the amount credited by the customers to the
company for their products.
 Cost managerial accounting report: This is also an essential type of report which is used
by companies for tracking the profit and loss from the different organisational functions.
This report is useful in calculating the expenses of products before selling and then
compares these expenses with the total amount of money received from selling of
products. When the total expenses are high then selling amount then the company is
facing loss whereas if the expenses are low then it is profit for the firm. Cream ltd uses
this report for determining their profit and loss and if losses occurs then strategies and
policies are developed accordingly.
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M1. Evaluation of benefits of various management accounting systems.
Advantage of cost accounting system:
 This is advantageous in determining the costs of the products and services through
which high margin of profit can be achieved.
 Also advantageous for Creams ltd in determining the issues and errors which are
enhancing the operating costs of the company.
Advantage of inventory management system:
 Advantageous for Creams ltd in tracking the supply and demand of products and
services provided by the company.
 Reduces the time required for tracking inventory which will also saves the costs
for Creams ltd.
Advantages of price optimisation system:
 Prices of the products can be set appropriately based on the reviews and feedback
from customers.
 Provides a tool to Creams ltd for determining the prices of products based on
analysis of customer behaviour.
D1 Management accounting system and management accounting reporting are integrated with
organisation process.
Both management accounting system and reporting system are very much interrelated with
each other which increases the contribution towards achievement of organisational goals and
objectives. It can be understood by the following example, cost accounting system and budget
report both are interrelate with each other in such a way that cost accounting system helps in
identifying the total cost incurred in manufacturing activities and on the basis of which pricing
strategies will be framed. This helps in preparing budget report containing all details regarding
the total funds that an organisation have. Another instance of interrelationship, inventory
management system and report are interrelate with each other as inventory management system
assist in maintaining sufficient amount of inventory which makes easy for accounting manager to
record documents containing the details of level of stock which brings motivation among
employees to perform its roles and responsibilities.
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TASK 2
P3: Calculation of costs by using appropriate techniques
Cost: It involves the amount which is used to invest in execution of project activities with
a hope of achieving efficiency and effectiveness. It is important for the management of Creams
Ltd. to use different costing methods such as marginal as well as absorption costing method
according to the nature and size of business organisation. These costing methods are briefly
explained as under:
Marginal costing- It is a method of cost which includes whole variable cost only and
avoid fixed cost thus it is also known as variable costing method. It is useful for small and
medium sized organisations whose main intentions is to show more profitability under the
financial statement of an organisation as using such method facilitate them to show more figures
of profitability than actual in books of accounts of an organisation.
Absorption costing- It is kind of costing method which is used to genuine actual
financial stability of an organisation by including both fixed and variable costs. It is also known
as full costing method. It is useful for large sized organisation to adopt which helps them in
showing actual figures of profitability under financial statements. It makes easy for them to
retain their loyal shareholders (Absorption costing, 2018).
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M2: Management accounting techniques and financial reporting documents
Management accounting and financial reporting techniques both are important to identify
the actual financial position of an organisation. In the context of Cream Ltd., it is important to
use management accounting techniques to maintain financial reporting documents such as final
accounts including profit and loss a/c, balance sheet etc. This will help in analysing the actual
financial stability of company which makes easy for an organisation to retain their loyal
shareholders.
D2. Financial reports which applies to interpret many business activities
It is important for the management of Cream Ltd. to interpret the information given under
the financial statements into understandable manner which makes easy to make an effective
decision and plans for the achievement of desired goals and objectives within limited time frame.
For this, there are various financial statement which includes profit and loss a/c, balance sheet
and cash flow statement thus it is important to analyse the information so as to identify the actual
financial position of an organisation.
TASK 3
P4. Advantages and disadvantages of different types of planning tools of budgetary control.
Budgetary control refers to the technique of developing future strategies and policies for
better financial performance by analysing the performance from past budgets. This tool is widely
used by the managers of firms for monitoring and controlling the financials objectives as well as
for managing the costs of a specific accounting period (Bennett and James, 2017). The
budgetary controls are essential component for an organisation as these help in managing the
performance of organisational activities through which organisational productivity can be
enhanced. These tools are useful in estimating the expenses of organisations for future activities
and operations. Managers of Cream ltd are setting several targets for controlling and monitoring
the financial activities of organisation. The advantages and disadvantages of these tools are
discussed below:
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Cash Budget: In a Cash Budget there is a requirement to make sure that the cash
resources are effectively managed and a proper record of receipts and payments is maintained
over a certain period of time mostly a year. In Creams Ltd., the managers can make the use of
thus budget so that they are able to estimate the requirements effectively.
Advantages-
When a firm makes the use of a Cash Budget it helps in estimating the cash receipts and
expenditures enabling proper planning. This creates advantage for Creams Ltd.'s managers.
When an organization uses the Cash Budget it can be helpful in ensuring that flexibility
level is maintained effectively. For the management of Creams Ltd. This creates an advantage.
Disadvantages-
Cash Budget is not useful for the purpose of getting a comprehensive overview of the
organization. This is a disadvantage for the management of Creams Ltd.
The use of Cash Budget creates extra expenditure on the part of the managers. This
creates disadvantage for Creams Ltd.'s managers.
Flexible budget: Flexible budget refers to the technique of modifying the budget
requirements when conditions are unfavourable. This tool is used by the firms for controlling the
budget as well as for estimating the costs and expenses of firm based on the output received. This
tool is useful for determining the successful and failed areas by analysing the data of financial
performance of a particular period (Cheng, 2012). Cream ltd is using this tool for determining
the variable nature of operations so that expected results can be obtained. This determination in
changes is important for modifying the existing plan and policies for getting favourable
outcomes.
Advantages:
This tool is advantageous for Cream ltd in developing coordination among the different
departments and activities as per the changes required in different department because in this
various information can be reflected.
Better and accurate results can be achieved using this tool as this covers a wide range of
activities which makes it more useful for financial experts to consider deficiencies and accuracy
in the budget.
Disadvantages:
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Due to having too many variables, it becomes difficult for the management in developing and
implementing the budget as this make the procedure to be followed a complex one for the
employees.
Also the budget is dynamic in nature due to which it keeps changing and due to this the decision
of taken by the organisation gets affected.
Master Budget: A Master Budget is a comprehensive budget which is used by the
organizations for the purpose of estimation of the needs and requirements of the organization in
the future time period. By making its use Creams Ltd.'s managers are able to estimate the overall
functions of the organization.
Advantages-
By making the use of Master Budget the organizations can ensure that they are able to get
an overall estimate of their needs and requirements which is beneficial for management of
Creams Ltd.
With the use of Master Budget, the companies are required to ensure that they are able to
effectively identify the overall surplus or deficit.
Disadvantages-
It is quite time-consuming to prepare a Master Budget which creates a disadvantage for
Creams Ltd.
Preparation of a Master Budget is a costly affair and thus in this way creates a
disadvantage for Creams Ltd.
Variance analysis:
It is considered as an effective measure used to calculate deviations which can come in
the progress of business activities. It helps an organisation in incurring unnecessary expenses by
making changes in decisions according to the situations arises due to complexities of market
environment. It make Cream Ltd. strong to deal with contingencies with more effective and
efficient manner by fluctuating the budget as well as predetermined decisions and plans.
Advantages:
Using such tools assist an organisation to identify the adverse divergent and the pertinent
facts about them with the help of which they can ensure better performance of the organisation.
This tool facilitate management in getting cost benefits in some investment and generate
profits accordingly.
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Using such tool directs management of Creams Ltd. to identify the information about
underutilised assets which makes easy for them to make better decision for future time period.
Also with the help of this it can be ensured that the managers are held accountable for their
actions so that the overall performance can be managed.
Disadvantages:
Using of such kind of tools takes more time to analyse the impact of variations or
fluctuations due to which the ability to manage the changes within the organisation gets affected.
Using of this method makes difficult for service industry to adopt as these principles are
introduced especially for the manufacturing organisation such as Creams Ltd otherwise the
maintenance of various departments becomes difficult.
M3. Usage of different planning tools for preparing and forecasting budgets.
Budgetary controls gives a clear overview of the future financial performance and
objectives based on the analysis of past performance and budget. These budgetary controls have
been proved beneficial for the Cream ltd in developing suitable policies as well as to plan an
appropriate course of action for accomplishing the predetermined goals. The tools used by the
Cream ltd. are Contingency planning, Flexible budgets and forecasting tools. Contingency
planning is useful for Cream ltd in developing backup plans for smooth flow of organisational
activities as well as to mitigate the errors in organisational operations for ensuring improved
results. Flexible budgets are useful for the Cream ltd in estimating the budget for operations and
activities which are dynamic in nature (Christ and Burritt, 2013). Forecasting tools are useful for
Cream ltd in determining the future requirements of budgets for the different organisational
operations by understanding the past performance and financial values. These tools which are
used by the managers of Cream ltd are proving useful for the company in enhancing the growth
and revenue. The future targets and goals of the firm can be achieved in an effective manner if
proper rules and strategies are developed and followed accordingly.
TASK 4
P5. Management accounting systems for responding to financial problems.
Financial problems refer to the financial issues which can negatively impact the
organisation in accomplishing their goals due to not meeting the basic necessities. There are
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several financial issues can negatively impact the firms in enhancing their profitability and
growth which should be determined by the management in order to reduce their impact. Through
this determination, management can formulate improved strategies for accomplishing the goals
and objectives determined by the firm. Some of these problems are as follows:
Cash flow problem: This type of problem arises in an organisation when the firm does not
have adequate amount of money to pay its liabilities (Gibassier and Schaltegger, 2015). This
problem mainly arises due to more loss or less profits. Cream ltd. is facing this issue because it is
a small firm with low profits. Due to having low profits, company is unable to pay their debt to
debtors. Also company is paying too much money in form of taxes, incentives and rewards to
their employees due to which company does not have enough money.
Risk management: This is a crucial aspect for the organisations in achieving sustainability in
the market. There are various risks which can arise during the functioning of company which can
impact the productivity and performance. Therefore it is highly essential for the organisations to
develop appropriate strategies for handling the sudden risks occurred in the organisational
functions. Cream ltd is also developing backup strategies for tacking the risks but due to not
having proper data, the company is lacking in successfully managing the risks (Shields, 2015).
Money management: It is the method of properly utilising the monetary resources of an
organisation so that lack of funds can be eliminated. Through the money management,
companies can effectively utilise their monetary resources so that profit and efficiency can be
enhanced (Hartmann, Perego and Young, 2013). The accounting managers of Cream ltd are
developing certain provisions through which excessive utilisation of money can be saved for
long term sustainability of firm in the market.
Management accounting approach
Management accounting approaches refers to the utilisation of accounting techniques in an
optimum manner through which organisational problems can be reduced or eliminated. Through
these approaches, managers can obtain proper information regarding the utilisation of resources
so that loss can be eliminated and profit can be enhanced (Kober, Subraamanniam and Watson,
2012). Cream ltd is also using different approaches for management accounting as discussed
below:
KPI: KPI is the measurement which is used by the organisation for determining their
performance by comparing the performance of their competitors in attaining the short-term
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goals. KPI is mainly focused on the operations and functions of the organisation. It is a very
essential strategic tool for determining the progress of ongoing targets and performance. This is
also beneficial for the organisations in setting the standard of their operations and functions.
Benchmarking: Benchmarking refers to the method of comparing financial performance of
two or more companies. It is used by the firms for evaluating their current performance with
their competitors on the basis of strategies, policies etc. Through this comparison, organisations
can determine the improvements which should be made for getting an upper competitive edge in
the market (Kokubu and Kitada, 2015). This approach is focused on measuring the performance
of individuals of an organisation as well as processes in accomplishing their desired goals.
Financial governance: Financial governance is the method of controlling, managing,
monitoring and collecting the financial information of an organisation. Through good financial
governance, firms can overcome the challenges which can reduce the profit of the company. The
accounting managers are responsible for controlling and managing the accuracy of the financial
statement of organisation (Ruch and Taylor, 2015).
Comparison between Asda and Aldi
Basis of Difference Asda Aldi
Problem Asda is facing problem of excessive
costs within the organization which
is creating difficulties for the
managers as the level of profits is
being affected.
Aldi is facing a problem of
inventory management within
the company as the track of
inflows and outflows of stock
is not being maintained
properly.
Solution to problem By making the use of Cost
Accounting System, the managers
of Creams Ltd. Can solve the
problem of excessive costs. Thus in
this way the management will be
able to ensure that proper way of
managing costs is implemented.
By making the use of
Inventory Management
System, the management of
Aldi Can ensure that they are
able to solve the problem of
inventory management in a
proper manner because the use
of this system will help
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managers to manage stock
properly.
Thus on the basis of management accounting systems used by Asda and Aldi, it is
recommended to the managers of Creams Ltd. That they make the use of these systems to be able
to solve their problems in a proper manner. In this way they will be able to ensure that efficiency
and effectiveness is maintained in their processes. For example- They can use Cost Accounting
System to solve the Cash Flow Problem.
M4. Management accounting in response to financial problems
The various management accounting techniques such as KPI and benchmarking are
essential for the success of both Cream ltd. and Havmor. These techniques assist both firms in
developing suitable strategies through which success and growth can be ensured (Kotas, 2014).
These also leads these firms towards the financial stability as expenses are utilised based on the
analysis of past performance. Cream ltd. is using the KPI for comparing their performance with
their competitors as well as in the market so that proper measures can be taken for achieving a
higher edge. Whereas Havmor is using KPI to identify the variation in performance and output
so that improvement in the business functions and operations can be done for more growth and
sustainability in the market (Maas, Schaltegger and Crutzen, 2016).
D3 Various planning tools to resolve financial problems
Different planning tools such as forecasting, flexible budget, contingency tool etc. which is
used to prepare in order to deal with future contingencies with maintaining sufficient amount of
funds. In the context of Cream Ltd., the management need to make a decision related with
adoption of these tools in order to deal with financial issues in more effective and efficient
manner. Along with this, roles of management accounting system are also important to resolve
financial issues for example, price optimisation system helps in framing price strategies which
helps in increasing revenue. Thus, it helps in resolving financial issues in an effective and
efficient manner.
CONCLUSION
It has been concluded from the above report that management accounting plays an integral
role in the development of strategies as well as in the growth of the organisation. Management
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accounting has different system such as cost accounting, price optimisation, inventory
management etc. through which reports are developed for the internal parts of an organisation.
These systems has several advantages as well as disadvantages too which should be considered
in decision making process. Evaluation should be carried out for these accounting systems so
that implementation can be done accordingly. An organisation have two costing method options
among which their manager can adopt one according their business objectives and size of
business. The companies also need to use budgetary control systems in order to maintain their
budget according to the operations. It is important for the management to consider the causes of
arising financial issues and on the basis of which adopts suitable planning tools and use of
management accounting systems to resolve them in an effective and efficient manner. This
ensures organisation to achieve long term sustainability in terms of their financial position in the
competitive market.
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