Unlike a financial accountant, a bookkeeper working with management has various fields of expertise. These are areas beyond and beyond those that are normally found in a financial accountant. One of the tasks and responsibilities of the financial account is the accounting records of records, order and files. Maintain a service activity in the field of cash management, payroll, receivables, accounts, stocks, or purchasing transactions. Finally, a financial accountant can participate in a small part of the entire bookkeeping responsibility of an enterprise, as compared to a bookkeeper who is working with a manager who is more widespread about the operation and greater responsibility.
In the following, six areas of one of the specializations expect a management accountant to be able to efficiently and effectively fulfill the GAAP (General Accepted Accounting Principles):
- Accounting Information System. In this area, the management accountant designs and executes manual and computerized accounting systems to gather management information for better management practices
- Financial Accounting. Based on the accounting data prepared by the financial accountant, the management accountant prepares various reports and financial statements, and provides assistance in analyzing, operating, investing and financial decision-making in the efficiency and effectiveness of management
- . The cost of producing or providing services should be measured. Further analysis is carried out by a management accountant to determine whether products and services are produced as cost-effectively as possible.
- Budget. During the budget process, the chief accountant assists the manager in developing a financial plan that positively influences profitability and improves cash flow
- . Instead of the accountant, a company can use its own manager accountant. For example, you can focus on tax planning, tax returns, and the management of the Internal Revenue Service and other government agencies.
- Internal Audit. Internal auditors review operational and accounting control procedures adopted by management in order to ensure that the controls are adequate and comply with them. The management accountant can also check the accuracy and timeliness of reporting to management and third parties in accordance with GAAP to ensure accuracy and compliance of the rules and regulations
© Joseph S. Spence, Sr., 09/09/09
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