How Benefits Management relates to Accounting and Financial Management ? How accounting is used in the...

How Benefits Management relates to Accounting and Financial Management ?

How accounting is used in the management of benefits.

How is financial information gathered and analyzed that is used in decision making in Benefits Management?

Expert Solution

The proper managenet of Financial management is one of the most integral responsibilities of business owners and managers. All the potential consequences of your management decisions on profits, cash flow, and the financial health of the company. In order to practice strong financial management, must obtain and allocate resources across the operations and establish supportive policies for these activities. An organization with solid financial management processes tends to make more informed decisions.

In the cases of Accounting management ,a process of providing financial information and resources to the managers in decision making. Management accounting is only used by the internal team of the organization, and this is the only thing which makes it different from financial accounting. In this process, financial information and reports such as invoice, financial balance statement is shared by finance administration with the management team of the company. Objective of management accounting is to use this statistical data and take a better and accurate decision, controlling the enterprise, business activities, and development.

(2) How accounting is used in the management of benefits.

Accounting used in Management of benefit is

a) Increase Efficiency : the efficiency of operation of company. ...

b) Maximizing the Profitability : ...

c) Simplify the Financial Statements. .

d) Control of Business's Cash Flow

e) Business-critical Decisions.

3)How is financial information gathered and analyzed that is used in decision making in Benefits Management?

The following are the finacial informatin gathered and analyzed under decision making in Benefit Management is:

Better Utilisation of Resources. Decision making helps to utilise the available resources for achieving the objectives of the organisation. ...
Facing Problems and Challanges. ...
Business Growth. ...
Achieving Objectives. ...
Increases Efficiency. ...
Facilitate Innovation. ...
Motivates Employees.

ekkarill92 answered 1 year ago

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