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It doesn’t matter if an organization is measured by its nonprofit contributions to humanity or its ability to turn a profit, financial information is the lifeblood of any organization and the quality of its interpretation and flow to the firm’s decision makers falls on the Management Accountant. However the role that the management accountant plays in the organizations success is largely unknown, unnoticed and is often misunderstood.
To briefly change this mystery around management accounting, this paper will first explore in summary the diverse role and importance that management accounting plays in the organization followed by a comparison of financial accounting with management accounting. From there a brief discussion of the responsibilities of security and financial integrity will follow and lastly, this paper will discuss the expanding role of management accounting in organizations today.
When a person is faced with having a surgical procedure, they usually focus on finding the most qualified surgeon within their means. After all, do you want heart surgery performed by the person who barely passed med school? Most reasonable people would agree that perhaps this is not the best or most qualified person to do your surgery.
What most people do not realize is that although the skill of a surgeon is certainly an essential and critical success factor in any surgery, the skill of your anesthesiologist is equally paramount.
The anesthesiologist’s main function is to monitor and manage the medical care of patients before, during and after surgery. However, the important and critical role your anesthesiologist plays, not only in your surgery but your recovery; usually goes unnoticed, when in fact they are a true unsung hero because they literally take you from an alive state to near death and back again.
In comparison, the role of a management accountant is much like an anesthesiologist—someone who is in the background, that is seldom heard or seen but...