Samuel Omofojoye

DIGITAL ECONOMY TAXATION Globally, Digital Economy  Taxation serves as a key instrument for fiscal stability. In the real sector, governments impose taxes on veritable goods and services to generate revenues for national development. Recent advancements in technology have, however, created…

WHY SMALL BUSINESS NEEDS CORPORATE GOVERNANCE? What is Corporate Governance? Corporate Governance refers to the system of principles, processes and structures that are used to make decisions about the management and operation of a company. It is often associated with…

TAX AVOIDANCE AND EVASION There are a number of benefits to paying taxes but people still try to cheat the government by not paying. Tax evasion and Tax avoidance are two concepts that are similar and sometimes used interchangeably. In…

Importance of Management Accounting to Business

Importance of Management Accounting

Management accounting also known as managerial accounting can be process of providing financial information and resources to the managers in decision making.

Management accounting is use internally in organization, so, this makes it different from financial accounting. In this process, financial information and reports such as invoice, financial balance statement is shared with the management team of the company.

Objective of management accounting is to use this statistical data to take better and accurate decisions, controlling the enterprise business activities and development.

Introduction To Management Accounting

Management accounting is the presentation of financial data and business
activities for the internal management of the organization. Management
accounting is the application of professional skills and knowledge in the
preparation of financial and accounting information in a manner in which it will
assist the internal management in the formulation of policies, planning, and
control of the operations of the firm.
The basic function of management accounting is to help the management make
decisions. There is no fixed structure or format for it. Financial accounting,
costing, business analysis, economics etc are some tools and techniques of
management accounting.

What Is Management Accounting?

Management accounting is the process of preparing and producing the financial
reports for managers and business owners and it can be prepared weekly,
monthly, quarterly or annually. They can be more personalised to your
individual organisation’s requirements than the formal year-end financial
reporting process. Whilst there is no set rule on when management accounts are
prepared, they are usually produced on a monthly or quarterly basis to allow
business owners to regularly monitor their finances.
Most companies produce management accounts because they need to examine
the financial health of the organisation. Preparing monthly management
accounts is good business practice. They give a snapshot of your business
position and can act as a benchmark to compare past and future performance.
Up-to-date, accurate business information is vital to sustainable growth.
Leadership teams need to make decisions based on evidence, they cannot
simply rely on their intuition. They need facts and figures to determine the
reasons behind underlying problems, to assess the different options for taking
action and, if necessary, changing course.

How To Get SCUML Certificate To register for your SCUML certificate in Nigeria,Please kindly vistit SCUML website, www.scuml.org click on the tab “Register online”. Fill the registration Form and attach the required documents listed below: LIMITED LIABILITY COMPANIES:  Certificate…

How to Register SCUML Certificate To register for your SCUML certificate, kindly vistit SCUML website, www.scuml.org click on the tab “Register online”. Fill the registration Form and attach the required documents listed below: LIMITED LIABILITY COMPANIES:  Certificate of Incorporation…