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The Relevance of Strategic Management Accounting - Essay Example
Author : watsicaines
Finance & Accounting
Pages 5 (1255 words)
Management is an integral part of business and its practices and without it, an enterprise is not able to function efficiently in its various operations. …
Strategic management can be defined as the process of analyzing various initiatives taken by an organization, involving the resources available to them and performance within their external environments. This is in a bid to realize the mission and vision of the company and its objectives through developing modes of approach that will allow the organization to realize these aspects of its business (Friedl, Hans-Ulrich, & Burkhard, 2005). Management accounting can be described as the use of various accounting information by managers of an organization to assist them in making proper decisions in situations that they may be faced with. Therefore, strategic management accounting can be considered to be a combination of these two ideas whereby management accounting is used to enhance the strategic decision making that takes place in an organization, in a bid to increase the chances of success in a business (Mulcaster, 2009). ...