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Explain How Do Managerial Accountants Support Strategic Decisions

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How do managerial accountants support strategic decisions?

Management accounting is a profession that involves partnering in management decisions, arranging planning to performance management systems, and providing expertise in financial reporting and control to assist in the formulation and implementation of an organization's strategy. Managerial accountants look at a variety of events that happen in and around a business while considering the needs of the business. Once completed data and estimates surface, cost accounting brings the estimates and data into knowledge that will eventually be used to guide decision-making. In managerial accounting, managers use the collected information to get better informed before any decisions are made within their organizations. After strategies are set and plans are made, management's primary task is to take steps to ensure the plans are carried out, or if need be, that the plans are modified. This is considered to be the critical control function of management. Since management involves directing the activities of others, a major part of the control function is making sure other people do what should be done. For example I work for a company that has a process in place called Project Momentum, each year the leadership team comes …show more content…

It focuses on the entire organization and occurs after environmental scans, analyses, and identifying strategic issues and goals for the company. Implementation involves assigning individuals to tasks and timelines that will help an organization reach its goals. A strategic plan is of little use to an organization without a means of putting it into place in fact implementation is an essential part of the strategic planning process, and organizations that develop strategic plans must expect to include a process for applying the

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