The management procedure involves planning, organizing, controlling, directing, communicating and motivating. We will elucidate each of these functions:
Planning:
Planning is the elementary function of the management by means of which the managers make a decision:
- What goals are to be accomplished?
- How they will be accomplished?
- Planning provides the manager a warning of likely future crisis and therefore they avoid the need to make unplanned decisions.
Control:
- Control comprises a comparison of real performance with the plan and hence deviation from the plan can be identified and corrective action taken.
- It can be stated as the procedure of compelling events to match to a plan. The management accountant supports the control process by giving performance reports that compare the genuine performance with the planned outcome for each responsibility center.
Organizing:
- This is the establishment of the framework in which the obligatory activities are to be performed and the designation of who should execute such activities. It comprises the establishment of decision units like departments, segments, branches, etc.
- The management accountant will offer information on the performance of each of such segments.
Motivation:
- Motivation comprises influencing human behavior and hence the participants recognize with the objectives of the organization and made decisions that are in agreement with such objectives.
- Budgets and performance reports generated by management accountants inspire the firm’s employees. To be motivating though, targets should be demanding but attainable.
Communication:
To communicate means to make known, impart or transmit the information. The management accountant aids the communication process by installing and maintaining an effective communication system.
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