The challenges involved in both financial and managerial accounting are made very clear. Financial accounting focuse on organizational-level data for presentation in a business's financial statements, and Managerial accounting focuses primarily on subunit data. Managerial accounting information is used for routine budgeting processes, allocation of managerial bonuses, and pricing decisions, all of which deal with subunits of an organization. The focus of managerial accounting is to develop information to meet the needs of managers within the organization; while financial accounting information is driven primarily by the needs of outsiders, managerial accounting information is driven by the needs of managers. Managerial accounting is much more appealing to me, because managers are more concerned with what will happen in the future than with what has happened in the past. Managerial accounting is for the most part forward-looking, because the past is known, while the future is unknown. The challenges that I would address is for the managerial accounting to have a clear vision to where they see the organization growing and going in the future. They should have a financial advisor helping them workout the plans for the future and making sure that all resources are there to take them to higher heights. The financial accounting is mainly driven by outsiders, what has worked in the past may not work in the future. While financial accounting listen to the outsiders, they need to refocus, redirect, and have control of the organization from within the organization to make clear decisions for the