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.


Read more on this

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

 

Read more...

 

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

  

Read more.....