Characteristics Of Internal Reporting In Management Accounting
Internal reporting is a business practice which involves collecting financial data or other information by one individual to be communicated to another within the business entity. For example; expense reports, capital budget analysis, etc.… Companies rely on internal reporting to make a variety of management decisions. These reports are not made public as it may include confidential or proprietary information. ,
Management accounting refers to accounting and financial information provided to managers, those who are inside an organization, to help them make decisions and maintain effective control over corporate resources.
Financial accounting refers to accounting and financial information that are provided to external users, such as shareholders, banks, creditors, etc.…
The characteristics of internal reporting itself proves that it is more suitable for management accounting, as one of the main function of management accounting includes providing information to managers to assist them to efficiently meet their objectives and run the company successfully. However financial accounting is considered less suitable for internal reporting as their role is to record the current financial position of the company. Therefore,
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Some companies send their accounting transactions and information to a financial accountants firms to do their accounts for them, these people might not have any emotional connection with that particular company and possibly be less inclined to strengthen the particular company. Hence, a management accountant who is also employed by the company but works internally on a day to day basis, contrary to whenever the accounting transactions are receives and need to be collected in a statement of financial position or income
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