Managing Accountant

In: Business and Management

Submitted By mama28
Words 700
Pages 3
Yekaterina Romanovich
American Intercontinental University
Unit 1 Individual Project
Acct 310- Managerial Accounting
February 17, 2013

The importance of a managing accountant to document and understand current spending as well as the cash flow. Reading future money patterns to know where and when to spend while still making money for the company. Using accounting information for managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. The knowledge to look forward and correct predict cash flow.

Managing accountants aid companies in direct monitoring as well as measuring the efficiency of their accounting operations. While also focusing on limiting abuse or fraud by employees, managing accountants provide owners and managers with equitable assurance that the company’s financials are in order and there is room for profitable growth in the future. While managers plan the fiscal expenditures for a company, they need to acknowledge current expenses and limit said monies to remunerate back into the company. (Shanker, 2013) Owners and managers can use internal controls to limit the number of individuals who have access to the company’s accounting information. In doing so, they limit the opportunity for abuse of the sensitive information. Although both managerial accounting and financial accounting are crucial to a company’s success, managerial accounting focuses on the ‘forecast’ for accurate and informative decision making. Managers are able to look at the collect data and clearly see the state of the business. (Wild, 2012) Owners and managers can undoubtedly make plan for long-term goals in addition to short-term goals with the accounting information that is provided. This includes budgeting for the following fiscal year, pay…...

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