FINAL PROJECT Essay Example | Topics and Well Written Essays - 1500 words

FINAL PROJECT - Essay Example Accounting and Management Accounting and management are usually fused into a single career commonly referred to management accounting which is usage of information for improved control of firms. As such, management accounting forms an important faucet of organizational management at all levels in a company (Atkinson et al 82). Within the structures of leadership in organizations, there are different decisions that need to be made by heads of departments. In order to make these decisions, the leaders have to overcome several challenges which involve consulting with other employees. Consulting on the other hand involves communication and therefore communication plays a central role in the career of accounting management. It follows then that a person practicing in this field has to have at least two solid backgrounds of education in financial accounting and management disciplines (Shah, Malik and Malik 6). This is only possible when one is a specialist in business field and furthered o ne of the two disciplines in masters. Role of Communication Communication forms an important aspect of everyday life since human beings are relational in nature. In the world of business, effective communication should be an important tool that ensures good relations within a firm and clients that are served by the firm. Collaborative communication whereby different stakeholders in an organization have free of information is quite important in ensuring client satisfaction and increasing the profitability of a company. Accounting matters are sensitive because they involve financial matters where clients are very keen on knowing how their money is being handled to ensure profitability. The main of business entities in engaging in financial matters is to make gains and be competitive in the corporate world. As such, communication is quite important in how different matters are handled in the accounting departments (Koski, Ehlen, and Saxby 86). Information economics views the management of accounting as an important tool that helps in decision making. This tool is useful in providing signals that are influence decision making in the uncertain nature of financial matters. Therefore, the effectiveness of accounting management is often measured by ripple effects of a person’s usage of the different utilities found within it. Some decisions can be disastrous especially if they are not based on sound accounting and economical principles whereas others can be advantageous. In this regards, it is important for people working within the management and accounting fields to have regular communication so that they may freely exchange ideas. Collapse of many financial institutions has been blamed on poor communication mainly in failure to communicate important decisions. When communication is not done in good time, important and crucial decisions fail to be made leading to crumbling of financial institutions (Kaplan 405). Overview of the Industry The management account ing industry or career utilizes financial as well as non financial information to make important decisions that can propel organizations towards achieving their goals. It therefore focuses on present and future opportunities so that it can propel itself into greater heights in terms of performance. Many may think that there are no limitations in its but they do exist especially those that come about due to value-added principle. This principle dictates that