Essay On Managerial Accounting Responsibility

A manager happens to have a lot of responsibilities in a company or an organization. He appears in control of certain company operations. Managerial accounting at times can also be referred to as ‘cost accounting’. When a manager appears equipped with managerial accounting information, he appears in a better position to make decisions inside the organization.
During the managerial accounting quarter, we did some group assignments and group presentations. These group works assisted me in learning the value of teamwork. Moreover, it also helped me realize that a company or an organization can achieve greater results and good performance if all the involved parties work together. In the group project, issues like strategic management, performance management and risk management appeared discussed. However, we learnt that a management accountant can use the skills acquired in preparing and presenting financial reports. It also emerged that management accountants have appeared to earn the name ‘value-creators’. This is so, because they appear much more concerned with decisions that affect the company’s future as opposed to keeping scores. Moreover, we also learnt the distinct difference between managerial accounting and financial accounting.
Managerial accounting brings a sense of leadership. It also assists in measuring performances in the business. For instance as a manager, one can be given a specific budget to work with. The budget may appear broken down in different sectors. As a manager equipped with managerial accounting skills, one would be able to follow the budget promptly hence when the management evaluates the performance, it may lead to promotions.
Since joining the managerial accounting class, I have gained a lot of knowledge concerning the field. It appears that managerial accounting focuses mainly on the future. Most of it deals with the future expectations of different organizations or companies. To me, managerial accounting appears as timelier due to the fact that analysis appears made when needed as opposed to waiting until the end of the accounting period.
Managerial accounting uses estimated amounts. This may not seem as accurate. However, the information got may assist in quick decision making thereby saving the company’s time. Managerial accounting deals with specific parts in an organization whereby financial accounting deals with the whole company.
Managerial accounting also uses qualitative considerations while making decisions. These qualitative considerations include environmental effects and the company’s public image. In decision making, managerial accounting also takes in to consideration the employee morale. However, because these factors cannot be converted in to dollars, the financial accounting does not take them in to consideration. This makes managerial accounting much more convenient than financial accounting. During the managerial accounting quarter, we also came to know that the main goal of managerial accounting appears as to get information to be used when making decisions internally, planning and controlling purposes. As a manager, the decision one undertakes relies solely on accounting information. When a manager appear equipped with the managerial accounting skills, he or she would exhibit confidence while making decisions. Managerial accounting also aids in promoting leadership skills.
In future, once equipped with the knowledge of managerial accounting, I would use the skills acquired in achieving various set goals in life. For instance, I would appear to use the accounting skills to secure a job and work accordingly displaying the skills thus achieving a promotion within a short period of time. Managerial accounting appears most appropriate due to the fact that it’s used to prevent the failure of businesses. Once a business or a company has a manager exhibiting managerial skills, the business or company may be termed as safe. This appears so because decisions that have to be made hastily would appear done using managerial accounting thereby saving the situation.