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.

 

 

 

 

 

 

 

 

 

 


 

AICPA Economic Outlook Survey documents deep impact of pandemic

Shutterstock_749432248The AICPA released its quarterly Business & Industry Economic Outlook Survey yesterday and the results, unsurprisingly, weren’t pretty.

With commercial activity hobbled by pandemic-related restrictions, the CFOs, controllers, CEOs, and senior-level CPAs and CGMAs we poll reported that their companies in aggregate have slashed profit outlooks and pulled back hiring plans for the coming year. Our CPA Outlook Index – a comprehensive gauge of executive sentiment within the survey – dropped to its lowest level since early 2009, when the Great Recession was still in full bloom. Optimism in the U.S. economy is at its lowest ebb since late 2011.

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Five steps for business continuity amid COVID-19

Business man working at office with laptop and documents on his desk  consultant lawyer conceptAs a former CFO, I have managed through crises, including the Gulf War, 9/11 and the 2008 financial crisis. The financial disruption of the coronavirus (COVID-19) pandemic is like having all three of those events occur simultaneously. Our entire global economic and social system is operating in uncharted territory.

Amid the uncertainty, the finance function can create value and elevate its role as a strategic business partner. As CPAs and CGMA® designation holders, our training and experience equip us with the expertise and skills to mitigate risks and lead the recovery efforts for our organizations, businesses and communities.

To help guide you, the Association of International Certified Professional Accountants®, the global voice of the AICPA® and CIMA®, delivers the latest news, resources and guidance through our AICPA and CIMA Coronavirus Resource Centers.  Visit frequently to stay up to date on the coronavirus and learn about upcoming events, such as the free webcast series I’ll host with finance leaders in the coming weeks. This series will offer expert insights on business planning to help you lead your organization through this crisis.

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A winning finance group for Super Bowl-bound Chiefs

1912-97838 NFL Superbowl Campaign_1200x1200_Quote AThe National Football League was born in the early years of the 20th century. But 100 years later, the Kansas City Chiefs are using 2020 strategies to meet business goals and thrill their fans. The Chiefs head to the Super Bowl with a winning finance team behind them.

As the Chiefs’ CFO, Dan Crumb, CPA, CGMA, oversees finance, IT & strategy and analytics. Although his team is not on the field, the group touches football on all sides. Its goal is ensure that there is no downtime for the team. It’s up to them to be sure the football side of the operation has all the planning and preparation needed to focus on what they do best.

Having a great team is not only a point of pride, but it’s also critical to our business. “One of the really important elements of being a good management accountant is looking at our products and services and asking, ‘What can we do to make it the best?’ ” Crumb says. “We are fighting for our fans’ discretionary dollars, so we have to give them a reason to come to the stadium. That means first that we want to provide a strong product on the field — a good team that performs well. We also want to offer a great fan experience. We want it to be memorable so that they’ll come back.”

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How the Boston Red Sox win with data analytics

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This blog has been updated as of 9/24/2020

Usually at this time of the year, the baseball stands are packed with fans watching their teams vie for a spot in the playoffs. The year 2020 might go down in history as the strangest baseball season ever due to COVID-19, but the games go on. And so, does the work of the staff that keep a major league team going. As one of the highest-valued Major League Baseball franchises, the Boston Red Sox leverage the power of data analytics to make better business decisions.

Last year, we interviewed the franchise’s Executive Vice President and CFO, Tim Zue, about how his team uses data analytics in every-day work. Here’s his advice on how finance leaders can use data analytics to bring greater value to their organizations and customers.

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The Future of Finance: How to thrive in the digital age

915179274-170667aOver the last year, I’ve hosted roundtables with hundreds of CFOs and finance leaders in cities around the world.  From Johannesburg to London to Boston, finance leaders all sang a similar tune when it came to their greatest pain point: they’re all looking to transform the finance function from a cost center to a value center. They’re keenly aware of the gap that exists between the “old world” of reporting and compliance and the “new world” of guidance and driving the business, and they want to narrow, if not entirely close, this gap.

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