Uses of management accounting
Management accounts will enable you to:
compare your accounts with original budgets or forecasts
manage your resources better
identify trends in your business
highlight variations in your income or spending which may require attention
They should be used for the following:
Record keeping
recording business transactions
measuring results of financial changes
projecting financial effects of future transactions
preparing internal reports in a user-friendly format
Planning and control
collecting cash
controlling stocks
controlling expenses
co-ordination and monitoring of strategy/performance
Decision making
using cost information for pricing, capital investment and marketing
evaluating market and product profitability
evaluating the financial effect of strategies and plans
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