It is the duty of the management accountant to keep all levels of management informed of their real position. He has, therefore, varied functions to perform. His important functions can be summarized as follows:
- Planning: He has to establish, coordinate and administer as an integral part of management, an adequate plan for the control of the operations. Such a plan would include profit planning, programmes of capital investment and financing sales forecasts, expense budgets and cost standards.
- Controlling: he has to compare actual performance with operating plans and standards and to report and interpret the results of operations to all levels of management and the owners of the business. This is done through the compilation of appropriate accounting and statistical records and reports.
- Coordinating: He consults all segments of management responsible for policy or action. Such consultation might concern any phases of the operation of the business having to do with attainment of objectives and the effectiveness of the organization structures and policies.
- Other Functions:
- He administers tax policies and procedures.
- He supervises and coordinates the preparation of reports to government agencies.
- He ensures fiscal protection for the assets of the business through adequate internal control and proper insurance coverage.
- He carries out continuous appraisal of economic and social forces, and the government influences, and interprets their effect on the business.
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