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I am in the engineering department at IBM. I design and implement the packaging. Some big projects that I deal with are millions of dollars in cost savings. This is by reducing the amount of packaging material used for the product. I aspire to be an engineer. Basically managerial accounting refers to the delivery of financial and non-financial decision making information to managers. The major role of managerial accounting is to increase knowledge within an organization and therefore reduce the risk associated with making decisions. One of the major tasks is preparing of reports involving the cost of goods production, cost of marketing programs, cost related to the training of employees. Managerial accounting takes a big role in my career with the major part of it being cost reduction and maximizing effectiveness. Handling big projects that use a lot of money, managerial accounting will come in handy during cost savings. Dealing with reducing the amount of packaging material used for the products, variable costing and analysis will be a big help in sufficient planning and setting prices where by cost information is crucial. Several functional budgets are made and accounting information is rearranged according to the products. This reports are used to measure or show variables between what was initially planned and what has been accomplished this frequently helps the managerial accountant to have a background check on costs. In every business good performance is measured by making sure the performance is based on the standards fixed or planned. This will be very helpful in managerial accounting since there is presence of sequential evidence. Forecasting and planning, performance and variance analysis, going over and constant monitoring costs are some of the activities carried out by management accountants this are very essential in an organization and have double liability towards the finance and business group. In other instances some tasks call for accountability by the business management team against cooperate finance department this tasks include: development of a new products, sales management score carding and client profitability analysis and also business driver metrics.
Impact of managerial accounting in a career
It is knowledgeable that in most occasion’s information produced for managers is used in decision making for the future and to determine whether there was efficiency of past decisions and actions. In managerial accounting, the process of setting goals, determining resource requirements, and devising a means of achieving goals is referred to as planning. Overseeing financial output and estimating the outcome of the planning processes in the organization or enterprise is referred to as controlling. From the knowledge I have acquired, another important individual in the managerial department is called the controller and plays a major role in the accounting department the controller plans and also controls activities throughout the entire business. For instance, what is to be sold and at what cost? The job of the management accountant is to develop data that helps the managers to identify the more profitable products. As part of the budgeting process, management accountants prepare budgeted financial statements, often called proforma statements.
Depicted in master budgets and performance planning where budgeting is a managerial tool. Plans of management are stated as budgets where the term ‘budgeting’ simply means management planning. At this point I am able to identify the controller who is responsible for overlooking at the budgets development which is done on annually. Budgets are typically made to serve the whole organization as the managerial accountant you should be able to identify that the budget is cost efficient and can accommodate the divisions and departments in the organization. Budgets set a vision for the company and are able to provide an overview on how costs on production occurs and what is needed all this needs approval from the managerial accountant before it is implemented. Findings from the accounting department are tabled in form of performance reports and are made from different individual sections or departments. This performance reports are used for comparing budgets with accurate figures that have been there for a period of time, this helps managers to identify the areas with faults.
The success in running an organization requires prudent management of production as we can see in relevant costing for managerial decisions this is a manual process which occasionally involves dealing with perceptible bits of a business, this assists in giving clear oversight in decision making. While focusing on production managerial accounting provides numerous tools at the disposal of managers when it comes to production and production logistics .production management mainly generalizes with running a clean business model. In my case this will be helpful when it comes to cost minimizing and efficiency maximization. The main aim still being seeking to achieve quality in output standards.
Management accounting plays a major role in organization of utilities by mostly providing reports and adjusting operational activities in hope of making a change in the organization. The reports are usually prepared on product appearances on the basis that managers can make a decision of eliminating or implementing a new product line a management accountant is able to issue a sales report, production report to the designated manager whom it concerns.
Managers frequently use accounting data for decision making. The data does not usually give the managers answers but possible insight to what and how costs and production is carrying on. During decision making most managers use their experience and the knowledge they have to in cooperate their ideas. Managerial accounting will help as a stepping stone for my career.
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