Discussion and Responses
Institute of management accounting
The Institute of management accounting is an association of experts from accounting and various financial fields. From the videos, it is evident that the field of management accounting is going through a fluctuated shift in a more progressive method and practice. For instance, business analytics being embedded in enterprise performance management. It is imperative that there is a lot of research that is being carried out in accounts to improve the services delivered to the customers. Based on this, I have experienced a similar trend in two of my banks. The banks are trying to get information from the clients and using the feedback to improve the existing services. For example, we had talked about a certain issue in banking in the customer portal and in less than a month the idea was already under implementation.
7 Trends in Management Accounting – Introduction. Authored by: IMA. Located at: https://www.youtube.com/watch?v=gRyW2_Ay2Cw. License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting – Trend 1. Authored by: IMA. Located at: https://www.youtube.com/watch?v=gRyW2_Ay2Cw. License: All Rights Reserved. License Terms: Standard YouTube License
It is important that you participated in the discussion on the seven trends in management accounting. It is true that the video speaks about how most organizations in the society operate since there is no single organization without an accounting system. Besides, I like your goal of selling food and the evaluation of the ready market which you set. Again, it is thoughtful to connect this example with what is happening in the market by stating that most companies use previous years to predict their supply and demand.
First, I want to thank you for your contribution to the trends in management accounting. It is important to note that watching the video directed you to Amazon. Moreover, I also agree with the fact that Amazon Company is customer-centric since most of their operations are directed towards achieving the best for their customers. For example, as you have stated the customer care department at Amazon spend their time while serving the customers and they always make sure that customers don’t wait for long. It is important that this is one of the major shifts which taking place in management accounting.
The primary role of chief finance officer (CFO) in any organization is managing financial actions. The other roles include tracking cash flows and financial planning and evaluating the organization’s financial strengths and weaknesses. According to the video, there is a confusion in management accounting in regards to the expansion of chief executive officer and accounting roles in an organization. There are also emerging tools such as six sigma which bringing new roles in managing accounting services. In one of the organizations I worked with, the role of the CFO was to oversee all financial transactions. However, it was important for him to learn other roles for effective leadership and understanding organization.
7 Trends in Management Accounting – Trend 2. Authored by: IMA. Located at: https://youtu.be/qcbpjkRgW9I .License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting – Trend 3. Authored by: IMA. Located at: https://youtu.be/3cwdelVpNRA. License: All Rights Reserved. License Terms: Standard YouTube License
I want to appreciate your effort to contribute to the role of chief financial officer. It is true that the corporate world has changed over the few years with additional roles and posts. It is evident that all decisions are not being mandated to the chief executive officer since other administrative roles are being given to the chief financial officer. Moreover, I agree with the fact that there exist a variety of performance tools and aspects like six sigma, customer profitability analysis and lean projects which now hangs on CFO. The chief financial officer has the mandate to determine and report on the financial transactions of a corporation. I also like the aspect that you brought in the health organization you worked with to bring forth the role of chief executive officer.
It is important that you contributed to the discussion on the role of chief financial officer. It is true that in all organization, the CFO has the responsibility for weighing on high-level decisions which impact the whole business. However, it would be more relevant or specific if you included a role such as financial decisions since there are other top officials such as CEO who also important decisions. In addition, I agree with the fact that CFO is currently expected to have knowledge in other fields and operations in business for the sake of fostering partnership. This is important in making sure that the CFO makes critical decisions with regards to the entire business operation.
From the video, one of the topics being addressed is the fourth trend in management accounting. The trend is embedding business analytics into enterprise performance management. The major example of this is a strategy map and balanced scorecard. The balanced scorecard and strategy map are the tools that are currently used to measure the performance of an organization. Moreover, it is also important to note that balanced scorecard works together with a strategy map for efficient operations. I worked in an organization that uses balanced scorecard and strategy map to give information about the current performance of an organization. In this organization, these tools were constantly used to facilitate operations.
7 Trends in Management Accounting – Trend 4. Authored by: IMA. Located at: https://youtu.be/1vZpk1-8cWE. License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting – Trend 5. Authored by: IMA. Located at: https://youtu.be/7iQLVxRVwH4. License: All Rights Reserved. License Terms: Standard YouTube License
I want to appreciate you for taking part in the discussion. I support the fact that business is required to conduct continuous analysis and successive growth. It is important that you have introduced the aspect of key performance indicators as an important factor in business. Moreover, I also agree with the fact that a strategy map sits ahead of the balanced scorecard and every scorecard has a strategy map. The important thing according to the discussion is using the video to drive the idea which you have done. Therefore, I want to confirm that your contribution was based on the guidelines provided.
I want to appreciate your effort in the discussion forum on the trends in accounting management. It is worthy of notice that you recognized the fact that after watching the video is when you gained an understanding of lean accounting. The lean account is described as the manner through which business to accelerate the process between receiving and delivering products. I like the example you gave that a tradition accounting system orders 100 units irrespective of business demands whereas lean account will order the number of units required to supply the business need. Therefore, I want to say that it was worth reading your text.
According to the video, the major trends that came out are the demand for management accountants, and chargebacks for information technology to understand behavioral change management techniques. Additionally, there is also an aspect of a full potential of enterprise performance management can be attained through the adoption of the tools for management accounting operations. I worked in an organization which adopted behavioral change management techniques into management accounting. I witnessed new employees being trained with regards to the aspect of behavioral change management.
7 Trends in Management Accounting – Trend 6. Authored by: IMA. Located at: https://youtu.be/prHH8zuxrFI. License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting – Trend 7. Authored by: IMA. Located at: https://youtu.be/W5IaDO_N3B8. License: All Rights Reserved. License Terms: Standard YouTube License
It is essential that you were able to discuss the two management accounting trends which were shared in the video by Cokins. According to your post, the principle of chargebacks made more sense when Cokins talked about the notion that people abuse what they get for free. I agree with this concept since people will not see the value of an item given for free. Additionally, it is important to note that professional military education has been an important source of knowledge in behavioral change management. Like your example, Airforce has adopted professional military education which is relevant in accounting management.
First, I want to thank you for the post. Secondly, your introduction by describing chargeback was elegant, and the reader can get a grasp of the concepts in the discussion. I agree with you on the fact that chargeback systems are developed to evaluate the cost of projects and the value of services provided and hire effective staff to complete a job. Moreover, the role of shared services in an organization is to reduce costs by allowing other external organization to assist in some operations. It is imperative that you used the school you worked at as an example for the discussion.