Significance of Management Accounting in Financial Control
Management Accounting applies to fast-paced, highly competitive organizations. It involves many aspects beyond the presentation of the historic financial results. Management accounting generates management reporting in the way that information gets useful for management decision making. Moreover, it analyses Revenue, Sales, OPEX, and Cost control of an organization.
Management accounting is employed to enhance visibility into internal financial metrics of the company by focusing on three high-level areas:
- Planning, Forecasting, and Budgeting
- Project Management decisions
- Performance tracking
Management accounting is employed to enhance visibility into internal financial metrics of the company by focusing on Vital Signs of Company.
KEY TAKEAWAYS
- Managerial accounting is the approach of accounting that provides financial information to decision-makers within an organization.
- Managerial accounting often involves various financial metrics, including revenue, sales, operating expenses, and cost controls.
- Managerial accounting enables organization plan, forecast, and budget at an enterprise-wide level to ensure the company’s long-term success.
zubairsyed.cma@gmail.com
M Zubair Syed is a finance leader with over 20 years of experience in FP&A and business partnering across various sectors, including automotive and e-commerce. He currently serves as Branch Accounting Manager at Al Futtaim Motors, overseeing financial management and strategic planning for multiple vehicle divisions. His achievements include AED 1.1 million in indirect cost savings and AED 45 million in working capital release. Mr. Syed is proficient in financial planning and analysis, IFRS, risk management, and digital finance tools. He holds CMA and FMVA certifications, is a CPA candidate, and has a Master's in Accounting and Finance. He has championed digital finance initiatives, enhancing reporting accuracy and operational efficiency through automation tools like SAP S/4HANA and Power BI. His previous roles include Finance Manager positions at Elabelz.com and Sap and Kaps Petroleum Services.