Role of Management Accountant
Management Accountant, otherwise called Controller, is considered to be a part of the management team since he has the responsibility for collecting vital information, both from within and outside the company. These functions are:
• To establish, coordinate and administer, as an integral part of management, an adequate plan for the control of operations. Such a plan would provide, to the extent required in the business cost standards, expense budgets, sales forecasts, profit planning, and programme for capital investment and financing, together with necessary procedures to effectuate the plan.
• To compare performance with operating plan and standards and to report and interpret the results of operation to all levels of management, and to the owners of the business. This function includes the formulation and administration of accounting policy and the compilations of statistical records and special reposts as required.
• To consult with all segments of management responsible for policy or action conserving any phase of the operations of business as it relates to the attainment of objective, and the effectiveness of policies, organization strictures, procedures.
• To administer tax policies and procedures.
• To supervise and coordinate preparation of reports to Government agencies.
• The assured fiscal protection for the assets of the business through adequate internal; control and proper insurance coverage.
• To continuously appraise economic and social forces and government influences, and interpret their effect upon business.
Duties and Responsibilities of Management Accountant
The primary duty of Management Accountant is to help management in taking correct policy-decisions and improving the efficiency of operations. He performs a staff function and also has line authority over the accountants. Controllers Institute of