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.

 

 

 

 

 

 

 

 

 

 


 

Passion for Performance: A CGMA’s Perspective

Lindsey Branston for AICPA_074Lindsey Branston, CPA, CGMA, is director of financial operations for the 70,000-member BMW Car Club of America and director of finance for the club’s charitable foundation in Greenville, S.C.

What’s your passion?

I’ve been fortunate to join an organization where my passion for strategy and financial analysis fit hand in glove with my love for cars and driving. As a CGMA, I know many financial strategies work on paper, but success depends on a deep understanding of how the club operates and of our members’ needs and desires. Our members are BMW enthusiasts—I’m one too. I go to car events all over the world to keep my finger on the pulse of BMW owner culture. Both my husband and I drive BMWs: an X5 SUV and a 435 convertible. Like many of our members, there’s a car I dream about owning. For me it’s an E9, a coupe built from 1968 to 1975.

How did you end up in a finance job for BMW?

When I was in public accounting, I worked with the BMW Car Club doing their audits. Then I started my own accounting firm and contracted with the club to provide financial management services. Since becoming a CGMA, I’ve expanded the work that I’ve done with the club and the foundation.

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Lifelong Learning and Leadership: A CFO Perspective

YousefAwwadAs CFO of Portland Public Schools in Oregon, Yousef Awwad, CPA, CGMA, manages an operating budget approaching $1.2 billion annually. He is directly responsible for the school district’s finance, budget, purchasing, risk management, publication services and records management functions, comprising a total head count of 70 directors, managers and employees. Before coming to Portland in 2014, Yousef served as finance director for the Arizona Department of Education and as CFO and deputy superintendent for the Tucson Unified School District.

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CPA Execs Grow More Confident about U.S. Economy

2Q16 CPAOIThe latest Economic Outlook Survey found CPA executives are growing more confident about the U.S. economy over the next 12 months. In fact, 37 percent of survey takers now express optimism about the U.S. economy, which is up from a three-year low of 28 percent last quarter. The survey, which polls CEOs, CFOs and other CPAs who hold executive positions in U.S. companies also found that expectations for profit and revenue both increased this quarter.

The AICPA survey is a forward-looking indicator that tracks hiring and business-related expectations for the next 12 months.

The brightest spot for the economy this quarter was likely the outlook on hiring, with 19 percent saying their organizations are ready to hire immediately, up from 15 percent last quarter. The percentage of executives who say their company needs employees but are reluctant to hire also increased from 16 percent last quarter to 18 percent.

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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.

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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.’

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