Introduction to Managerial Accounting

In: Business and Management

Submitted By koukla78
Words 432
Pages 2
Introduction to Managerial Accounting As the manager of an accounting department, it has been noticed that there is a need for another managerial accountant to focus on internal accounting. It is necessary to bring forth information that will prove the need for this position to the CEO. The following information will explain the objectives and characteristics of an internal accounting system. It will then touch on the importance of the information to the company and explains ethics in business especially when it comes to the managerial accountants place in the company. So what is an internal accounting system? The internal accounting system is in place to ensure managers are able to make the best decisions based off of the information given to them by their accounting systems (Shanker, S., 2012). Some objectives that an internal accounting system completes are payroll duties, tracking spending, preparing budgets and balancing those budgets. The internal accounting system must also be able to produce annual reports based off of the data gathered over the year. The information gathered in the internal accounting system is important because it helps managers plan for the future of the company, help the business run more smooth, keep information in an easily accessed location and it keeps everyone on the same page within the company. Without this information, the business couldn’t make informed decisions on future purchases. It would be impossible for a business to tell if they are making or losing money if they are not up to date on the information provided by the internal accounting system. Ethics are important in everything we do every day but even more so when it comes to managerial accounting. Ethics can be different for each person based on their personal upbringing or cultural beliefs. Businesses want to be sure they are sure the people…...

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