Accounting Flow Of Purchasing And The Accounts It Hits Six Areas of Specialization For Managerial Accountants

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Six Areas of Specialization For Managerial Accountants

Unlike financial accountants, management accountants have different areas of specialization. These areas are above and beyond what a financial accountant would typically find performing. Some of the duties and responsibilities that a financial accountant may perform are as follows: Records, types and files accounting information. Maintaining one’s specialty in performing services involving cash management, payroll, accounts receivable, accounts payable, inventory or purchasing transactions. Finally, a financial accountant may also be involved in a small part of a firm’s overall accounting responsibilities, such as in relation to an accountant working with management who has a broader view of operations and larger responsibilities.

The following are six areas of specialization that a management accountant is expected to be able to perform effectively and efficiently in accordance with generally accepted accounting principles (GAAP):

  1. Accounting Information Systems. A management accountant in this field designs and implements manual and computerized accounting systems to collect managerial information for better management practices.
  2. Financial Accounting. Based on the accounting data prepared by the financial accountant, the management accountant prepares various reports and financial statements and helps management in making analysis, operational, investment and financial decisions for effectiveness and efficiency.
  3. Cost Accounting. The cost of providing a product or service should be calculated. Further analysis is also done by accountants who work with management to determine whether products and services are being produced in the most cost-effective manner.
  4. Budgeting. In the budgeting process, a managerial accountant helps management develop a financial plan that positively affects profitability and improves cash flow.
  5. Tax accounting. Instead of hiring a public accountant, a company can use its own management accountant. For example, tax planning may focus on preparing tax returns and dealing with the Internal Revenue Service and other government agencies.
  6. Internal audit. Internal auditors review the operating and accounting control procedures adopted by management to ensure that controls are adequate and are being followed. A managerial accountant may monitor the accuracy and timeliness of reports provided to management and external parties for accuracy and compliance with rules and regulations in accordance with GAAP.

© Joseph S. Spence, Sr., 9/7/09

© All rights reserved

Submitted by “Epulaeryu Master”.

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