|
Specifically targeted at SMEs this
service offers to provide management accounting reports on pre
determined intervals. Using the financial information provided
LMSL will analyse the data and provide a detailed report on
the financial and other performance of the Organisation.
The format of reporting will be
put together in joint consultation with the management.
Management accounting is
concerned with the provisions and use of
accounting information to
managers within organizations, to assist management making
decisions and managerial control functions. Unlike
financial accountancy
information (which, for the most part, is public information),
management accounting information is used within an
organization and is usually confidential. Contemporary
managerial accounting systems are focusing more on the
activities that occur at all levels of the organization.
According to
CIMA, The Chartered Institute
of Management Accountants, Management Accounting defines as
"The process of identification, measurement, accumulation,
analysis, preparation, interpretation and communication of
information used by management to plan, evaluate and control
within an entity and to assure appropriate use of and
accountability for its resources. Management accounting also
comprises the preparation of financial reports for non
management groups such as shareholders, creditors, regulatory
agencies and tax authorities"(CIMA Official Terminology)
|
