Management Accountants – An Approach to Diversity – Transform Information Through ‘Insight’ to ‘Influence’

Abstract

Management Accountants with their specialized and advanced knowledge in both Financial and Cost Accounting principles help Top Management in formulating and implementing a Strategy proved to be appropriate for a given problem. For the purpose they collect the relevant data/ information; sources being Financial Accounts (Aggregated in nature) and Cost Accounts (Provide elementwise Costs) along with the Firm’s Cash flows and or Fund flows with due consideration to Segregated Accounts and analyze the information, critically examine with minute details and forms an opinion or Strategy. For this purpose, he may acquire similar Company’s relevant information. The job is more practical than mere theoretical and depends solely on the knowledge, experience and the techniques applied; may vary from time to time and case to case. However, transformation of information ‘through’ ‘insight’ to influence is to be regarded as an approach to Diversity often practiced by Management Accountants.