I am working as a cashier at Home Depot. The question is How do I use accounting in my life and my work? Does my work involve using financial accounting or managerial accounting reports?
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Managerial accounting is changing rapidly as a result oftechnology and new types of enterprises. Below is an article thatstates the opposite (Talha et al, 2010).
I see lots of references in this article provided that showsthat managerial accounting is changing (Talha et al, 2010) TomKennedy and Richard Bull stated âThey mentioned that it was thisperceived âlost relevanceâ that has triggered the development ofActivity Base Costing (ABC) in the mid 1980sâ Another point made isby Gary Siegel âOver the past 10 years, management accountants havebeen transformed from âbean countersâ and âcorporate copsâ on theperiphery of business decision making to âbusiness partnersâ andvalued team members at a very clear center of strategic activity.Escalating change in the profession in the past five yearscontinues to enhance the role of management accountants.â âRagnarGotestam (1994) mentioned that government commissioned the NationalBoard of Health and Welfare to observe the development of newmanagement accounting systems in social services.â
From all the reading and my experience in IT I believe thatManagerial accounting is changing with the growth of IT. Asdatabases grow and different abilities are realized with new codingforms so does managerial accounting. (en.wikipedia.org) I waslooking for how many different managerial accounting softwarepackages where on the market and I was only able to get a notion ofthe amount from Wikipedia which is not best to use as a reference,but it does give insight into the possible amount, I stoppedcounting when I hit 50 different types of software packages.Managerial accounting is changing, with newer IT technology you caneven create your own style of accounting to make numbers suitablefor your organization, old theories are good for a foundation buttechnology is always going to push the levels higher
Lack of management accountant expertise with ITknowledge has made the development of management accounting to beslow. With new technologies arising and business practiceschanging with the invention of new IT and technology systems,systems have become automated and having IT specialistsknowledgable of financial management is increasingly needed. I can speak to this from a personal aspect as I alreadyhave my BS and Masters in IT management, working in my new job Irealized that I needed to broaden my horizon some so I am currentlytaking courses to complete my MBA. The hope is that I will also beversed in the business environment and then will able to apply myIT background as well to help further my career and jobperformance. I have normally seen that it is the business andfinancial managers that are learning more about IT to make thedecisions. Implementing a managerial training plan that ensuresmanagers of all job functions are well versed in all aspects ofbusiness would also fix the problem.
Reference:
Stiglianese, Michael, Maisel, Lawrence S. (Jul 2014), BusinessFinance Best Practices for Finance Executives, IT FinancialManagement: What vs. How, retrieved February 24, 2016 from:http://businessfinancemag.com/technology/it-financial-management-what-vs-how
Talha, et al. (2010). A New Look at Management Accounting. TheJournal of Applied Business Research. Volume 26, Number 4,July/August 2012.
Wikipedia.org, Comparison of accounting software, retrievedFebruary 24, 2016 from:https://en.wikipedia.org/wiki/Comparison_of_accounting_software
You will explore the profession of accounting, from theperspective of managerial accounting work and careers. Below issome information that can get you started, though you will need todo some additional research on your own. You can use the library,the Internet or interview a managerial accountant to accessadditional information. Create a written document in the properform that includes the following: What is managerial accounting?What is the difference between managerial and financial accounting?Who are the users of financial accounting and managerial accountinginformation? How is managerial accounting information used to makedecisions? Identify some different jobs someone with a managerialaccounting education/experience can engage in. What is the IMAStatement of Ethical Practice and how does it impact the behaviorof an accounting professional? Describe the CMA certification forManagerial Accounting Professionals.
Why is it that it is important for companies to utilize both ofthe different branches in a company? Why wouldn't one person beable to be in both managerial and financial accounting? Ipersonally think that if I ran a company I wouldn't want a lot ofpeople working my finances, I would want one person that I couldtrust to handle everything. It may be due to the fact that I liketo be in control and get things done, but when it comes to acompanies finances it is not something to mess around with.
