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Accountant's role in management of service industries

Article Abstract:

For successful management accounting in service industries, accountants must learn to view their responsibilities in terms of the manufacture, marketing, and accounting for the company's product. Service is a complex commercial activity, in which the management accountant plays an important role, especially in the design and operation of automated systems for integration of financial and quantitative data. Business demands to be met by the service management accountant include maintaining records of the firm's assets employed, cost, profit, and sales calculation and reporting, standard cost and budget control, general decision making, and human resource planning.

Accounting and auditing, Services industry, Service industries, Great Britain

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Business strategy should not be bureaucratic

Article Abstract:

When devising strategies and corporate plans, the new business should not focus solely on its economic and financial aspects, but should take an entrepreneurial stance that focuses on defining the business purpose of the entity, identifying the unique aspects of the enterprise, planning to exploit these unique aspects, and communicating these plans both within and outside the corporation. Each of these four aspects of entrepreneurial corporate planning are explained for accountants, since the accounting profession is most often called upon to perform corporate planning.

Planning, New business enterprises, Startups

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It's not enough just to provide the figures

Article Abstract:

Managerial accounting is expanding beyond its traditional role of supplying financial information to senior management. Corporations are starting to realize that financial measures alone cannot accurately judge a company's performance, and that financial controls, by themselves, do not guarantee success in the marketplace. In the future, accountants will have to work with control systems that include non-financial and non-quantitative measures.

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