What Is A Chartered Management Accountant?
Chartered Management Accounting is a disciple that is similar to chartered accountants and exists under the accountancy umbrella that is geared towards providing accounting information to managers within organisations, and to allow the recipients of this information to be able to make informed business decisions using solid data.
This will allow them to be better equipped in their management and control roles and help there organisation to grow. Management accounting information is primarily concerned with forward-looking or future focused, instead of historical data which is what standard accounting activity mostly concerns itself with.
Management Accounting includes the development of some or all of the following depending on the organisations needs:
Management Accounts, budgeting, cash flows, cost accounting, management reporting, bench-marking, product/customer profitability analysis, and establishing tailored KPI’s to suit the business.
Some of the key deliverables of a Chartered Management Accountant are:
- Conduct internal business audits.
- Monitor spending and financial control.
- Advise managers about the financial implications of projects.
- Develop business strategy.
- Provide insight on the financial consequences of business decisions.
- Explain the impact of the competitive landscape.
Management accounting combines accounting, finance and management with the leading edge techniques needed to drive successful businesses.
A chartered management accountant may also identify trends and opportunities for improvement, analyze and manage risk, arrange the funding and financing of operations and monitor and enforce compliance.
Another area where a Chartered Management Accountant can provide their services and really add value to an organisation is to create and maintain a company’s financial system and supervise its bookkeepers and data processors.
Kilcoyne Accountants are a leading firm of Chartered Management Accountants that can help you to implement any of the above services and systems into your organisation.
We would love the opportunity to speak to you about how we could work work together to bring the benefits of our Chartered Management Accountant services to your organisation.
Click here to contact us today and we can set up a discovery meeting to see how we can help your business grow through the use of solid business information derived from presenting your financial information in a way that will be useful and insightful to you and your organisation.