Management Accounting is the new form of the accounting mainly concern the management related information’s. It is also called the Financial Management. It includes the administration and maintenance of financial assets. Besides, financial management covers the process of identifying and managing risks. Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its Resource.

Financial Management is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities.

Marketing – A Process of Selling Products or Services

Targets of Financial Management
Below are the main aims of the financial management -

* Formulating strategy|strategies
* Planning and constructing business activities
* Helps in making decision
* Optimal use of Resource (economics)
* Supporting financial reports preparation
* Safeguarding asset

Financial Management – Decision Making of Management

Role of Management Accountants within the Corporation
Consistent with other roles in today’s corporation, management accountants have a dual reporting relationship. As a strategic partner and provider of decision based financial and operational information, management accountants are responsible for managing the business team and at the same time having to report relationships and responsibilities to the corporation’s finance organization.

The activities management accountants provide inclusive of forecasting and planning, performing variance analysis, reviewing and monitoring costs inherent in the business are ones that have dual accountability to both finance and the business team.

In corporations that derive much of their profits from the information economy, such as banks IT costs are a significant source of uncontrollable spending, which in size is often the greatest corporate cost after total compensation costs and property related costs. A function of management accounting in such organizations is to work closely with the IT department to provide IT Cost Transparency.

Brand – A Trademark of the Business