How Management Accountants Add Value To Business?

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Management Accountants are trained to turn knowledge into profit and they are successfully competing in the employment market for senior positions even in the general management areas. Now Management Accountant is more a business manager, who understands the dynamics of business as an organic whole, rather than being a typical "finance man" with tunnel vision.

Some of the areas where qualified Management Accountants can contribute towards better corporate governance are highlighted as under:

1. Breaking down of cost/expenditure into functions and processes to facilitate cost control at each operational level.
2. Developing standards for all operating areas and evaluating actuals with the standards.
3. Analysing overall business and operational data.
4. Suggesting alternatives to improve productivity.
5. Identifying areas of wastages, leakages and inefficiencies or invisible losses.
6. Ensuring optimum utilisation of available resources.
7. Deploying informatic tools for an efficient management information system.
8. Contributing to Total Quality Management (TQM).
9. Assisting in decision-making process at all cadres of management.