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Explain How Do Managerial Accountants Support Strategic Decisions

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How do managerial accountants support strategic decisions?

Management accounting is a profession that involves partnering in management decisions, arranging planning to performance management systems, and providing expertise in financial reporting and control to assist in the formulation and implementation of an organization's strategy. Managerial accountants look at a variety of events that happen in and around a business while considering the needs of the business. Once completed data and estimates surface, cost accounting brings the estimates and data into knowledge that will eventually be used to guide decision-making. In managerial accounting, managers use the collected information to get better informed before any decisions are made within their organizations. After strategies are set and plans are made, management's primary task is to take steps to ensure the plans are carried out, or if need be, that the plans are modified. This is considered to be the critical control function of management. Since management involves directing the activities of others, a major part of the control function is making sure other people do what should be done. For example I work for a company that has a process in place called Project Momentum, each year the leadership team comes …show more content…

It focuses on the entire organization and occurs after environmental scans, analyses, and identifying strategic issues and goals for the company. Implementation involves assigning individuals to tasks and timelines that will help an organization reach its goals. A strategic plan is of little use to an organization without a means of putting it into place in fact implementation is an essential part of the strategic planning process, and organizations that develop strategic plans must expect to include a process for applying the

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When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”

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Once a strategic plan is in place Policies and procedures need to be implemented so that your employees are aware of how we will meet our goals. In the VA strategic plan for 2010-2014 their goals were people-centric, results-driven, and forward-looking. With these goals they were looking to “ increase Veterans’ access to benefits, eliminate the disability claims backlog, and end the rescue phase of Veteran homelessness.” (Department of Veterans Affairs: Strategic Plan FY 2010-2014, 2010)

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More specifically, it is critical that a manager lead and hold individuals accountable for the execution of the strategy (which is

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Controlling-maintaining standards, ensuring progress, ongoing decision-making Supporting-individuals' contributions, encouraging, team spirit, reconciling, morale Informing-clarifying tasks and plans, updating, receiving feedback and interpreting Evaluating- feasibility of ideas, performance, enabling self

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Introduction: Here in this assignment a management accounting report needs to be prepared for analyzing how management accounting can be useful in providing the managerial information for the purpose of decision making. The organization selected to make this analysis is Southwest Airline. It is a management accounting report in which starting from the background of the company, the management accounting system of the company has been analyzed and how its’ providing the information for the purpose of management decisions being evaluated. Background of the company: Southwest Airlines was shaped in 1978 with reason to serve voyaging service via air course. What's more, after consolidation southwest aircrafts persistently succeed regarding productivity, great worker and union connection and consumer loyalty.

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1. Review the definition of management at the beginning of the chapter and briefly define each of the 4 functions. What are the challenges in carrying out these functions in today’s hyper-competitive marketplace? Planning, organizing, leading, and controlling. Planning is figuring out what to do and how to get there.

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Essentially a strategic plan is an extensive inspection at where the organization is, where it wants to be, and how it can get there. The

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INTRODUCTION: The summation of activities that a business expects to carry out in order to attain longstanding objectives can be defined as organizational strategy. Combined, these activities forms a business’s strategic plan. Strategic plans are developed by various level of management.

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Introduction Keeping record of activities and expenditures is crucial in personal finance planning and could really help in managing personal finances. This paper identify what is accounting and how does it help to manage personal finance, describes products of accounting and bookkeeping procedures that are useful in personal financial planning and how personal financial software could assist in personal financial decisions. What is accounting and how does it help you manage your personal finances?

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1.0 INTRODUCTION It is an essential to have clear understanding of an organization’s purposes to understand how organization works and its method of working can be improved. Usually, general objectives lead to clarification of purposes and responsibilities at all level of organizations. Management is the process of communicating, coordinating and accomplishing action in the pursuit of organization objectives while managing relationship with stakeholders, technologies and other artifacts, both within as well as between organizations. (Kinicki)

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It is the planning before the action. In includes many activities like making decisions, making strategy for organization etc. At this time strategic planning is an important part of strategic management. Strategy describes how the goal achieves by using the available resources or what kind of resources they need to achieve the goals. This strategy is used when the organization wants to set the goals and wants to make the planning to achieve these goals by available resources.

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As mentioned above, there are five tasks of management that should be accomplished in a daily work routine. Those are planning, organizing, staffing, directing and controlling (Koontz and O’Donnell, 1976). Notwithstanding that some theorists, such as Richard Steers (1985) and Mason Carpenter (2009), highlight only four of those, planning is always considered to be the first and main function of management. It is an activity that involves choosing a strategy to accomplish the objectives of the organization, using the resources effectively and efficiently (Olum, 2004). To make a good plan, a manager should follow the essential steps of planning, which are setting goals, identifying the threats and opportunities of the organization, developing a plan for achieving the goals, and finally evaluating it and reviewing (Gamache, 2008; Duncan,

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