Role Of The Management Accountant example essay topic
406 words
Accountants at the Marmon Group, Inc. act as internal consultants for the company in many different capacities. Jim Smith, Marmon's prior director of cost management says that "the role of the management accountant is changing dramatically in most of our companies". Managerial accountants are not seen any longer as simply clerks working on monthly reports but as valuable assets to senior management. Management accountants at Marmon work closely with managers by helping to analyze cost and operating information.
They help in decision making by helping managers relate the operations of the company to the bottom line and company costs. According to Horngren, Sundem & Stratton (2005) management accountants are becoming "an advisor for managers about what information would be useful, what information is available, and how to get the needed information" (pg. 17). These accountants have become a key part of formulating the financial and business strategies of the company and are an essential part of working toward the overall profitability of the organization. Effective managerial accountants need a wide range of knowledge from both the accounting and the financial aspects of the business as well as overall general business administrative knowledge. A background in the use of general accounting practices as well as information for planning and control, performance evaluations, decision-making, and the statement of cash flows, along with financial statement analysis are key areas managerial accountants should have confidence in. To be an effective internal consultant it is vital that a strong understanding of the general functions of the company and how they interrelate to the ultimate profitability of the organization is a large portion of the consultant's background.
Accountants gather information to be used in different kinds of ways both internally within the organization and externally for the general public and outside agencies. Information is produced for stockholders who may review a prospectus or an annual financial report when determining whether or not to invest in the company. Organizations such as banks and suppliers are given information in determining credit eligibility and purchase arrangements for the company. Another agency that uses the information provided by accountants is government regulatory authorities such as the U.S. Securities and Exchange Commission and the Internal Revenue Service. The information provided to these agencies is extremely important to ensure that the organization is meeting all governmental regulations regarding the accounting practices of the company.
Bibliography
Horngren, C.T., Sundem, G.L., & Stratton, W.O. (2005). Introduction to Management Accounting (13rd ed. ). Upper Saddle River: Pearson Prentice Hall.
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