The role of the accountant has become increasingly important in companies, and management accounting has stood out for helping companies gain more and more space.
Convinced that the scope of accounting information goes beyond tax calculations, commercial and social security legislation, a powerful branch of management accounting emerged.
What is management accounting?
It can be defined as a set of accounting techniques and procedures , capable of measuring financial transactions, costs and accounting analyses, which when combined provide valuable information for decision-making in companies.
The purpose of this type of accounting is to achieve established goals through the use of internal data that provide special reports and present analysis methods for managers.
All the data collected helps you compare your company with your competitors, giving you the opportunity to plan the future of your company’s activities. Through analysis, management accountants can answer questions such as:
What is the rate of return needed to make a new investment worthwhile?
Which activities require the most expenditure and which bring the most profit?
How much in sales does each real invested in marketing bring?
Implementing good strategies combined with good management can make all the difference, optimizing time, integrating efficiency into the services offered, these are solutions that also facilitate the management of the accounting office itself.
We have selected 6 solutions that will help you resolve these problems assertively. Check it out!
1. Accounts payable control:
Excel spreadsheets are the most popular when it comes to organization, and many companies still use this resource to control their expenses.
It is a common practice, but let’s assume that there are errors in filling out these spreadsheets and they are passed on to accounting, inevitably the reports will contain errors resulting in a huge headache.
A management system can solve this problem, some have this benefit integrated into their platform, an accounts payable control, can offer a clearer overview of what needs to be paid, providing more precision and avoiding errors in the perception of profits or unnecessary expenses.
2. Accounts receivable control:
Just like accounts payable, accounts receivable also require attention and accurate information.
It is very common in everyday life for something to go unnoticed in the midst of the rush, but in the long term this can affect the company’s future decision-making.
To avoid this type of situation, a quality management system can solve these problems, a quality system that offers a report of accounts already paid, open, overdue and notifies each emergency, everything that is necessary so that management accounting can carry out the survey with ease.
3. Cash flow:
One of the most common difficulties in company management is financial control, and the financial area is strategic in any organization.
Being essential for planning future actions, cash flow needs to be structured correctly, containing information that is always up to date and very well organized.
It is the perfect time to adopt a management system, through its platform it is possible to catalog and categorize expenses and income in an organized way and with more precise information.
4. More efficient tax document management:
Document management is an organizational method, made up of good practices, but still delicate for some businesses, as it consumes physical space and sometimes paperwork gets lost, however, managing these documents is of utmost importance for the accountant.
Errors in invoices issued or received can happen, but they generate a huge headache for the accountant , in addition to leading to greater risks such as fines and infractions.
Parameterized documents bring many advantages and facilities to customers. An efficient management system can bring this relief, in addition to always being up to date with tax rules , avoiding the extra work of finding out how to adapt.
5. Commissioning for employees:
Commissioning is a great way to keep employees motivated. With the proposal of extra earnings, they seek new ways to innovate their daily tasks, bringing benefits to the company.
There are some types of commissioning that can be applied depending on the company’s organizational culture.
Management accounting plays an important role in this aspect, it is from this practice that the values
But, this is another benefit that a management platform that has this functionality can offer, from ready-made reports that have all the measured results of the team, the system automatically calculates the commission, thus avoiding errors and automating time.
6. Budget:
Another good practice that is part of the daily routine of many companies, it is a very important topic.
Carrying out the budget in a uniform manner so that the information is always present in all orders is a fundamental part of this process, a helping hand that makes it easier to measure reports.
This procedure is very important for generating reports and indicating improvements.
