Question

Along with two other new graduates (Freddy Tai and Chloe Lewandoska), you have just been hired by John as graduate accountants. On the first day of work, John said to all of you: “Look, we are a pretty small operation here. I am not sure if I really need
CASE REPORT
Management Accounting Page 2
a management accountant going forward. I guess I need you to balance the accounts and prepare the year end reports, but apart from that, I do not see how we have enough work to warrant me keeping all of you on full-time. to FreeAir.Tell me what it is that you management accountants typically do when it’s not year-end or month end, because I can’t really see management accountants adding value to FreeAir.”
Not an entirely good start to your first job, but you now have to convince John that management accountants are necessary in an organisation and show that you can add value
“I am about to have a meeting with my managers, so why don’t you all come along and we’ll see what you can contribute,” John said.

Case report

Tell me what it is that you management accountants typically do when it’s not year-end or month end, because I can’t really see management accountants adding value to FreeAir.” how can address this issues?

Answer 1

Management accountants aid managerial planning and commercial decision-making tasks by providing appropriate financial information and undertaking related accounts administration.Management accountants look after a company’s accounts. They advise managers about the financial implications of business decisions to aid growth and profit.

Job responsibilities can range widely. Depending on the company, your level of experience, the time of year and the type of industry, you could find yourself doing any of the following tasks:

Budgeting

Handling taxes

Managing assets to helping determine compensation and benefits packages

Aiding in strategic planning.

Therefore,

Main Responsibilities of the job include:

1. preparing reports, budgets, commentaries and financial statements

2. undertaking financial administration and internal audits

3. liaising with managerial staff and other colleagues

4. supervising a team of accounting technicians

5. developing and managing financial systems/policies

6. negotiating and obtaining finance for major projects

7.controlling and forecasting income and expenditure

8. creating business strategies to generate shareholder value.

Hence therefore ,The role of the management accountant is to perform a series of tasks to ensure their company’s financial security, handling essentially all financial matters and thus helping to drive the business’s overall management and strategy.