Management Accounting Feed

management accounting

Management accounting deals with the use of accounting information to managers within an organization. Management accounting provides managers with necessary information to make informed business decisions. Management accounting is essential for an organization to be better equipped and control functions.

 

 

 

 

 

 

 

 

 

 


 

The CGMA Program: Adding the Right Tools to Your Career Basket

GlenneyLucky for me, my career has taken me through several different jobs in manufacturing, and one thing I’ve noticed across the board is that companies are increasingly looking for more diverse skillsets in their management accountants. For CPAs to meet the demand, we have to take a critical look at our own professional development to make sure we foster key talents like strategic thinking, communications, leadership and business partnering. A manager once told me that you have a “career basket,” and you need to fill the basket with the skills that will get you ahead. It’s not always easy to find the resources to develop and hone these skills, but it’s very necessary to getting—and staying—ahead.

Continue reading "The CGMA Program: Adding the Right Tools to Your Career Basket" »

Change: As Necessary as it’s Inevitable

Arleen Thomas Current Photo (2)At a state society member event in El Paso, Texas, an older gentleman told me about his daddy that had passed away 53 years ago, and if he were to come back today, he wouldn’t understand very much about the modern world. He wouldn’t understand the phone he had in his pocket, the computer he used every day, or the car he drove. But, he went on to explain, he would understand that times change and we have to let them.

The profound respect this gentleman had for his father continues to resonate with me as does the lesson his father imparted: Change can be scary and intimidating, but it is necessary — and it’s inevitable.

Consider for a moment what happens if we don’t embrace change. Consider Kodak. It didn’t fail because it did not create a product for the digital age. In fact, Kodak invented the first digital camera in 1975. It failed because it didn’t embrace new technology and adapt to a marketplace with new consumer attitudes.

There are many other examples, of course. The point is flexibility and adaptability are integral to remaining relevant. You need to focus on your market, your surroundings, and what your customers need in order to succeed.

That’s what the AICPA and The Chartered Institute of Management Accountants (CIMA) have done with a proposal to create a new accounting association to represent and advocate for the entire accounting profession, while preserving the member bodies of both organizations. The AICPA Board of Directors, governing Council, Business and Industry Executive Committee and Government Performance and Accountability Committee have all endorsed the proposal and 52 state societies have passed resolutions of support. It also has broad support from finance and firm leaders across the profession. Now they’re asking for you to vote ‘yes.’

Continue reading "Change: As Necessary as it’s Inevitable" »

Management Accounting for a Healthy Bottom Line

Natural Food is a Natural Fit for Shan Staka

Shan StakaShan was brought up with respect for healthy food and living that influences him in his role as CFO of Western Foods, a gluten-free facility in Woodland, Calif. The company makes flour from rice and ancient grains like millet, sorghum and amaranth.  In this AICPA Insights profile, we look at what prepared Shan to guide the operations of a growing natural foods enterprise.

Tell me about Western Foods and your role there.
The enterprise started five years ago and grew so fast that we were maximizing our capacity by year three. So we put forth additional resources and equipment to increase the production level, which has led to incredible growth. I am planning, forecasting and implementing financials to get the best use of those investments in Western Foods.

Continue reading "Management Accounting for a Healthy Bottom Line" »

Five Ways Finance Pros Can Use Data to Unlock Business Opportunities

Unlock businessMore than 90 percent of finance professionals agree that finance has an essential role to play in helping their organizations benefit from data-related projects. However, organizations looking to use data to its full potential could face a steep learning curve.  In the CGMA report, From Insight to Impact – Unlocking Opportunities in Big Data, the AICPA and CIMA asked more than 2,000 finance professionals around the world about the role of finance in turning data into insights to maximize commercial opportunities. While 87 percent said big data and better analytics will change the way business is done over the next 10 years, 86 percent said their businesses are struggling to get valuable insight from data.

A few months back, I had the opportunity to listen in on a roundtable discussion with CEOs from some major multinationals about the need to make their organizations more data-centric—and the role of the CFO in this endeavor.

Continue reading "Five Ways Finance Pros Can Use Data to Unlock Business Opportunities" »

Scuba Diving and Risk Mitigation: One CFO’s Perspective

CGMA-Fandango-RobLeffCFO-Photos - Rob Leff011What do swimming with sharks and being a CFO in digital technology have in common? According to Rob Leff, CPA, CGMA, CFO of Fandango, both require risk management techniques. In this AICPA Insights Member Spotlight, we find out how Rob is using his management accounting skills to excel in a field that is changing everything.

Tell me about your day-to-day responsibilities.

My role is multi-faceted: It includes the traditional finance and accounting that most CFOs have and also responsibilities that wouldn’t necessarily fall under the official CFO role, such as mergers and acquisitions and business intelligence. Business intelligence includes business analytics and business intelligence reporting, which is data warehousing, database management and more. Fandango is a digital business and the digital space is constantly evolving and changing with new technologies and partners. Strategically, I partner with our president and executive team on the decisions of the organization. We work together on deciding where we’re going to take the company.

How is your role different from the typical CFO?

One of my goals has been to go beyond the job description and add value to the organization. I’m always evaluating the buy, rent, or build scenarios. If there’s an area of business that we want to expand into, I’ll conduct an analysis with the executive team: What would it take to build it ourselves? Or, are there companies we can acquire to accelerate the time to market? Or, could we “rent” [by building] a commercial relationship instead of buying it? I’m constantly evaluating opportunities to grow Fandango. With all of those functions, I'm able to leverage my experience and partner with the executive management team to drive the business forward.

Continue reading "Scuba Diving and Risk Mitigation: One CFO’s Perspective" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview