Question

write about how management accountants can best support management decision making in defining an organization’s strategic vision Key points you should include the following how the management accountant’s skills, roles and responsibilities support strategic decision making.

Answer 1

ANSWER-

As we know, In an Organisation there are various works and activities goes or runs to accomplish the common goal of the organisation.These various activities include planning,staffing,Organising, directing, and controlling. For these various activities, top employees and top managers are appointed so, no mistake will be arise, and functions and activities runs smoothly.

STEP-1

MANAGEMENT ACCOUNTANT- Management accountant is one of top employees and top level managers who helps the organisation to run its activities smoothly as well as efficiently. Management accountant is a professional who involves in management decision making, devising planning and performance management and to provide expertise in financial reporting by providing accurate and reliable financial statements and information as his basic or primary role is to provide accurate financial information.

STEP-2

HOW MANAGEMENT ACCOUNTANT SKILLS HELPS IN DEFINING AN ORGANISATION STRATEGIC VIEW-

• EXCELLENT ANALYTICAL AND NUMERICAL ABILITIES- Management accountant must have excellence skills on the analytics on the numerical cases as they have to work mostly on the numericals to prepare financial statements and to make decisions on that.
• SOUND BUSINESS KNOWLEDGE- Management must have good knowledge about the business, So they can easily understand the importance of accurate financial reports and performance.
• GOOD ORAL AND WRITTEN COMMUNICATION SKILLS - Management accountant must have good oral and written communication skills as they have to work in top level, where communication skills is the need for the existence.
• ABILITY TO WORK AS A TEAM - Management accountant must has this quality because they have to work as a team to achieve the common goal of the organisation. As they have to lead the personals to achieve the common goal easily.
• ACCURACY AND EYE FOR DETAILS- Management accountant must have an eye on the accuracy as this quality help them to make accurate decision for the future of the firm.

AS THESE ARE SOME IMPORTANT SKILLS REQUIRED FOR A MANAGEMENT ACCOUNTANT, WHICH HELP THEM TO MAKE ACCURATE AND EFFICIENT DECISION FOR THE FIRM WHICH WILL NOT TROUBLE THE FIRM IN FUTURE.

STEP-3

MANAGEMENT ACCOUNTANT'S RESPONSIBILITIES-

• PREPARING REPORTS, BUDGETS AND FINANCIAL STATEMENTS
• UNDERTAKING FINANCIAL AUDITING
• BUILD MUTUAL CONCERN
• SUPERVISING SUBORDINATES
• DEVELOPING AND MANAGING FINANCIAL POLICIES
• CONTROLLING AND FORECASTING INCOME AND EXPENDITURES
• CREATING BUSINESS STRATEGIES

THESE ARE SOME RESPONSIBILITY BY WHICH MANAGEMENT ACCOUNTANT TAKE DECISIONS FOR THE ORGANISATION.

STEP-4

HOW MANAGEMENT ACCOUNTANTS CAN BEST SUPPORT MANAGEMENT DECISION MAKING IN DEFINING AN ORGANISATION'S STRATEGIC VISION-

Management accountants, scan all the events that is happening in and around a business while considering the needs of the business. From all the events data and information , managers performs all the five functions of management and take the decision. Management accounting is the accounting which translates these all estimates and data into knowledge, that helps to make perfect decision which defines organisation's strategic view. This decision can only be taken if they have proper skills, authority and responsibility.