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The role of accounting system in the UK for motivation
Finance & Accounting
Pages 66 (16566 words)
Previous studies have all highlighted the importance of strategic measures by which the company can improve their performance. To meet the demands of an era characterized by intense competition, companies have adopted various strategies which are all aimed towards the betterment of their performance…
Pertinently, accounting used to be a function that is merely focused on its ability to prepare financial statements to reflect the current state of the company to enable the manager of the latter to make sound decisions relative to their proper functioning. Nowadays, the accounting system has evolved to cater to one important function: to provide information necessary for business planning, decision-making and control. The importance of the accounting profession has been underscored by the dynamism and competitiveness of the business environment. In this regard, there is an utmost necessity for business strategies to focus on the development of various tools and models for the preparation of financial statements by which pertinent information are obtained. Accounting now is an essential part of strategic planning and control. In addition thereto, it is also through the development of accounting systems that the role of the accountants within a particular organisation is ensured. The importance of accounting systems is also underscored by the need to monitor the roles of accountants as they perform their functions (Broadbent and Laughlin 2005). ...
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