In Management accounting or managerial accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions.
Providing financial information to our clients in a timely and accurate manner is a commitment that cannot be compromised. Meaningful, well-organized financial records ensure the efficient daily running of your business operations. DTC provides a full range of cost-effective accounting services, enabling you to give full attention to your business. Our service includes the following:
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
- Compilation of financial statements
DTC can review your budgets or help you create a budget with your goals in mind. We can create income statement and balance sheet forecasts for your business, together with systems for measuring your business performance. We can benchmark these against competitors and industry norms for a detailed analysis.
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. We can also help you develop a payroll system, preparing all necessary payroll tax returns efficiently.
Differences between the two
Management accounting information differs from financial accountancy information in several ways:
- while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information
- when financial accountancy information is historical, management accounting information is primarily forward-looking;
- while financial accountancy information is case-based, management accounting information is model-based with a degree of abstraction in order to support generic decision making;
- when financial accountancy information is computed by reference to general financial accounting standards, management accounting information is computed by reference to the needs of managers, often using management information system
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