Managerial Accounting using Information Management System

All organization has predefined goals to meet. Some organization has profit making as its primary goal while others have customer servicing as its primary goal and the like. While the goals vary form organization to organization the Information Management System as a tool for managerial accounting of these goals is invaluable. All mangers are responsible for the accounting of their goals. The accounting requires accurate information which is serviced by the Information Management System of the organization. The managerial accounting constantly needs information which is spread across the organization in the form of data from the production, marketing, sales, legal, financial departments, but it is the Information Management System which provides the data in a meaningful way for use in managerial accounting. What is the essence of managerial accounting? Managerial accounting can be defined as a procedure for identification, measurement, analysis, interpretation and communication of information presented by the Information Management System. Managerial Accounting is an integrated function of every management process and usually the managerial accountant are the top executives at strategic positions in an organization. By the use of managerial accounting the management of the organizations seeks to carry out its daily job of deciding, planning, directing, and controlling.

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Managerial accounting is no more passive in its role. Their role has become crucial for the organizations and they have a proactive role in the daily management of the organization. A most of the information is financial in nature, there is a strong trend of presentation of substantial other non-financial data as well which directly affects the working of the organization. Managerial accounting is a supportive role and a key role for those involved in management of the company. With the advent of the internet, the environment in which business operate have changed dramatically. The managerial accounting continuously evaluates the performance of the Information Management System and suggests its improvement.

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