What is Management Accounting?

What is management accounting from Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD)

Management accounting in simple terms is accounting for management which deals with internals users of accounting information. If considered in a broader sense, it’s of great use in different managerial functions. It can help business to attain the expected results on the basis of timely information and reports relating to the internal operations.

Since management accounting is primarily concerned with management needs, it plays an important role in the management process assisting the managers to lead the business in an efficient way executing any of the basic functions of management.

The basic functions of management are: Planning, Organizing, Coordinating, Motivating, Controlling and Communicating.


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Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

What is management accounting

Management Accounting for Dummies

Strategic Management Definitions

Strategic management definitions from Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD)

 

Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.

 

Strategic management is a vitally important accompaniment to a business and owing to its dynamic role continues overall success as well as total organizational development.

It is meant for the organization to dwell on excellence with efficiency and effectiveness in overall performance while ascertaining long term goals. It’s also meant for creating value for customers, as well as shareholders.

 

What in perspective entails are the aspects signifying the value of planning ahead of times, and the way an organization goes about the accomplishment of its goals – which is what is said to be strategy. Planning ahead of times is to reap the desired results in future and special sort of planning is to lead taking intelligent actions on the choices while enabling to avoid the chances posing risks by virtue of the establishment of preset options.

 

It would be appropriate to mention an old saying which is analogous to the context that failure to plan is to plan for failure. It’s thus making plans ahead of times is very important thing to do in a business organization. Planning ahead of times is an artistic skill and special sort of planning is to add elegance to this skill. The same is true of strategic management, in the sense, it adopts special sort of plans- strategies and does it utmost for the overall implementation in a business organization.

Having been related to the mission and the vision of the organization, strategic management analyzes both environments of a business – external and internal.What in terms of external environment is to be done is that the opportunities and threats to a business are to be assessed, whereas, strengths and weaknesses underlying the internal environment, are to be ascertained.

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

 

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Strategic Management Concepts strategic management

Famous Quotes about Professional Development

Famous quotes about professional development from Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD)

Continuing professional development keeps you competent and ensures you that you can even face challenges that come in your way of work-life. Professional development is as an ongoing process of acquiring the required skills, educational qualifications and the experience that eventually allows one to have advancements in one’s career.

 

Professional development, on the one hand, guarantees your capabilities meet the standards or requirements to perform particular tasks effectively and efficiently, it also helps you to ensure that your competence level matches with that of others in the same filed while creating a sense of great confidence on the other.

 

While discussing why professional development matters in your professional life, it is important to mention that continuing professional development, in its positive form, ensures you that your knowledge and skills stay contemporary and in the know to allow you to perform the required tasks professionally.

 

Professional development is of great value and importance to make one stand apart from others in the related field and without which the professional life will become stagnant resulting in deforming one’s personality. No progress – at it worst, creates frustrations and disappointments. Evidences reveal that if there is no growth and development in terms of one’s profession, people begin to feel that there is something wrong with them and like they have a bad life. It thus would be best to focus on the ways as to how professional development is attained by struggling accordingly and thinking strategically.

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

  

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Quotes about Professional Integrity

Quotes about Professional Integrity from Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD)

Integrity is the quality of being honest and having strong moral principles. It also means the quality of possessing high moral principles or professional standards and steadfastly adhering to them. It plays a vital role during the length of time that an official position is occupied and it has to do a lot in return for it.

An employee who performs his duties with all his integrity is to be recognized sooner or later while being successful and reaping good results in lieu of this quality. It is the quality that is always preferred and looked for in the employees as it can lead to the attainment of those results that are wanted or intended. It is implied that an honest employee is the leading exponent of organizational goals and objectives and he can put his earnest efforts accordingly to the total organizational competencies, effectiveness and efficiencies.

 

It must be borne in mind that the attainment of total organizational development is owing to the total organizational competencies and the total organizational competence is achieved if the employees serve the organization with all integrity while working effectively and efficiently. The quality of being honest enables the employees to think in the right manner and behave with integrity. It thus advocates, being loyal to the owners, being punctual to the company, adhering to the rules and regulations of the company, maintaining the timings of the company and producing the results that are expected of.

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Professional Quotes

Professional quotes from Fareed Siddiqui

Becoming more employable is one of the most valuable things to do these days. It not only leads one to greater employability, but it also provides opportunities to gain valuable new skills. Employability can be defined as a set of essential abilities that involve in developing knowledge and expertise and the mindset which are necessary to work in a desired way. Employability is nothing but your knowledge, skills and personal attributes that are important for you to work in a business organization satisfactorily.

The employability of a person is to be considered as a passport to the world of work. Whether you are a fresh graduate or a person who wants to land in a dream job, it’s necessary to enhance your employability skills in order that you may find your dream job and survive in the working environment successfully

It must be noted that one cannot just rely on one’s degree alone considering that it would open the doors for employment. Of course, the degree or a required educational qualification is necessary to unlock the doors of employment or it may be said that the degree can make you an eligible candidate for applying a job you desire. But, regardless of levels within a business environment, in order to survive successfully one needs to enhance one’s employability. Your knowledge, skills, desirable personal attributes and achievements are your valuable assets to create your value in the job market. Hence, enhancing employability skills is very much important in today’s business world, as it enables you to improve the set of skills helping you greatly in the attainment of your personal goals. Below are mentioned some of the skills that can help greatly to make you more employable.

• Intelligence and enthusiasm
• Hard Work
• Honesty and Integrity
• Willingness to learn new things and to work more efficiently
• Making commitments
• Effective communication skills
• Cooperation
• Self-management
• Self-motivation
• Self-organized
• Team work
• Problem solving ability
• Application of Information Technology

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

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Management Definitions by great management Scholars

Management definitions by great management scholars from Fareed Siddiqui

Management is important to every form of a group activity. The need and importance of management arises whenever and wherever people come together for achieving some common goals or solving problems. Management is a vital aspect of the economic life of man while it’s an indispensable element of every business, as it is concerned with guiding and effective utilization of human and physical resources of a business, so that the set goals and objectives may be accomplished in a way as wanted. According to George R. Terry, “Management is distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources.” Another definition of American management association is “Management is getting things done through people.” This article is intended to highlight some salient features of management.

Management is a universal activity – Management is universally needed in all the organizations and its process is universally applicable. The need and importance of management is felt everywhere regardless of the size of the businesses. Management process is universally applicable in the sense that the concepts, principles and techniques are equally important in all types of organization.There are many approaches to management from disciplines, such as sociology, economics, psychology and computer science to manage a business organization effectively and efficiently and to achieve optimum utilization of its resources and maximum profits.

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

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The challenges managers face If you want to improve your managerial skills, this book might be of some help.