Question

The role of accountants is changing, including those practicing managerial accounting. Using the "Definition of Management Accounting" topic material, discuss and compare the evolving role of management accountants and whether or not something similar is occurring in your current profession or desired discipline (e.g., economics, marketing, management).

Answer 1

Changing roles of management accountants have dominated both the professional and academic accounting literature in recent years. Innovation in the form of advanced operational systems and flexible organisational technologies has created a whole new form of businessenterprise. Management accountants, it is anticipated, will aim to become skilled in appraising the benefits, costs and contextual issues of different customer supply networks and supply chains and report appropriately.This is a formidable challenge but it is a fascinating time to be in business as we see technologies that were originally viewed simply as leisure-time activities now becoming essential components of the business process.Most research providing evidence for development in Mmanagement Accountants has been
related to the change in the function of MA and the accountants towards the help of planning and more strategic decision making in business operations.

In modern times, accounting operates according to principles of relevance, timeliness, reliability, comparability, and consistency of information or reports. Globally accepted accounting standards are followed in order to enable the exchange of information. Accounting is the nuts-and-bolts field that tracks the inflow and outflow of money, while economists are typically more concerned with the big-picture trends that drive money.Both accountants and economists help businesses, industries, and governments to strategize and plan, make sound financial decisions, and set fiscal policies.
Managerial accounting is very effective in highly competitive and fast-paced business environments where quick decisions need to be made. These decisions might have to do with a sales tactic, budgeting or cash flow management. Managerial accounting will use operational data to make sense of the situation quickly.The goal is to use the budget to help make short-term operational decisions that will help increase the company’s operational efficiency. Through these activities accountants help the management.
Marketing departments create sales strategies and programs aimed at increasing sales through promotions and advertising. Although accounting departments and marketing departments are separate and distinct, they must work together to monitor sales trends and to manage the effectiveness of marketing campaigns. When the two departments work collaboratively, sales trends are tracked, marketing campaigns are budgeted wisely, resources are allocated efficiently, and the business runs more smoothly.