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Strategic Management Accounting in University - Essay Example

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Masters
Essay
Finance & Accounting
Pages 13 (3263 words)

Summary

The study analyzed the different management accounting techniques by the management of University to assess the usefulness of those techniques and the other techniques which could be used in place of them which will enhance the quality of the strategic decisions. …

Extract of sample
Strategic Management Accounting in University

The paper tells that every organization whether it is a profit making organization or non-profit making organization has various vision and mission. The objectives or the organisations are focussed on this achievement of the vision and mission of the organisation. The organisation at various time adopt a number of strategies to achieve the mission of the organisation. These strategies are focussed on the objectives of the organisation. To achieve the organisational objectives it is very important to control the activities of the organisation. In this regard tools and techniques of management accounting can be used to control the organisational activities and direct them towards the attainment of the organisational goals. Thus strategic management accounting helps the mangers to take strategic decisions by providing useful financial and nonfinancial information. After analysing the strategic environment, costing and budgeting techniques it can be concluded that the education environment is quite favourable to successfully run universities but the costing and budgeting techniques used by the University is quite outdated and the University must adopt the newer approaches of cost allocation and budgeting which would improve the strategic position and efficiency of the organisation. The organisation should also adopt the newer performance indicators which would not only increase the efficiency of the organisation but will also help the organisation in achieving the strategic goals. ...
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