7-1 Investor Report

Surname 2

Managerial and Financial Accounting

Hello, my name is Alexis. I am 26 years old and a mother of two boys, both 4 and soon to be 1year olds. The field I would take part in is associate in accounting which involves basic bookkeeping activities. The primary roles of an associate accountant are to write reports, provide data analysis and data entries as well as help in maintaining a good relationship between clients to boost the image of the company. Generally, accounting associates are viable for the provision of help to the top-level accountants in a company, the rest of the finance employees, and auditors.

The potential positions which are related to managerial accounting would be a Budget Analyst and a manager or director in either data analysis or strategic planning. Management accounts are responsible for the preparation of data through recording and crunching of numbers where the specific companies use the data to plan and budget for business activities. Managing accountants also take part in planning, risk mitigation, and business decision-making processes both in the private and public sectors. In my opinion, Budget analyst work relates to that of managing accountants where they prepare budgeting reports and help in monitoring expenditure in companies in both public and private sectors (Gardi, 91). The most important qualities for budget analysts include analytical skills to process a variety of information and evaluate with the aim of decision-making to solve problems. Additionally, they should be good in communication, math, and writing skills in detail to give comprehensive knowledge on way forward in terms of finance in a company.

Mangers also require knowledge from managerial accounting since their role is responsible for the financial health of an organization. Data analytics managers give direction for the team of data analysts and in overseeing the work of the team members. To meet their role, they require knowledge in business skills and data analytics to meet the accuracy of data for reporting. On the other hand, strategic management's responsibility is to develop plans that are expected to be implemented through reviews and the establishment of priorities in an organization. Through proper strategic planning based on knowledge from managerial accounting, focus and increase in collaboration are met.

Budget Analysts and managers' job positions under managerial accounting are different compared to those who know financial accounting. Financial accounting jobs require budgeting, performing internal audits, and the management of tax payments. They still act as consultants for senior managers through the provision of revenue analysis and cost. However, the difference comes in where financial accounting jobs handle organizational external processes while managerial accounting knowledge aims at organizational internal financial processes with short-term goals that relate to economic maintenance. Most of the non-profitable organizations, small businesses, and corporations employ financial accountants to run their external financial activities and give reports in financial statements.

Work cited

Gardi, Bayar. "Investigating the effects of Financial Accounting Reports on Managerial Decision Making in Small and Medium-sized Enterprises." Available at SSRN 3838226 (2021).

Teacher Feedback & Peers

Hi Alexis. Very good choices! You did very well examining the key role and responsibilities of each position!

Managerial accountants help the business managers to make good decisions. Examples might include production and the supply chain. Management wants to ensure that they are using suppliers that can give them quality products at a fair price within a reasonable timeframe. This helps to reduce interruptions in the production process.

Here's some additional food for thought…

Class, when considering potential suppliers, what are some key factors and/or considerations that we might look for?

Brandy

Hi Alexis, I agree with you I like doing the data analysis and writing reports in accounting, anything with numbers but as soon as taxes come into play I really am not a fan.

Nice to meet you, Alexis! I like your choices for job positions related to managerial accounting. You did an incredible job explaining the importance of managerial accounting skills for budget analysts, data analytics managers, and managers of strategic planning. For me, being a budget analyst sounds interesting, but the other two positions don't appeal to me too much. I completely agree with your well-worded comparison of jobs that require skills from managerial accounting as opposed to jobs that require skills from financial accounting. Thanks for your informative discussion post, and I look forward to reading your next post.

You sound like a very busy momma! Having 2 kids myself, I understand the struggles of juggling work, kids and school so good luck with everything! The job position of budget analysis is detrimental to the success of running a business. You cannot be successful if you do not know where and what you can spend in terms of running a business. I looked at more of a risk analysis position because of what my business entails. My fiancé and I run a commercial trucking company and there are many risks that are involved with such a business. It is important to know where we need to really spend our time and resources on to make sure that we manage our business as successfully and safety as possible.

Hello Alexis!

The roles that you chose are similar to some of my roles that I chose. The two positions you mentioned about was the Budget Analyst and a Manager or director in either data analysis or strategic planning. These both relate to managerial account because they would have to analyze and communicate financial data to other managers, or use that information to make business decisions. Thank you for sharing! Good luck on your other assignments!

Thank you,

Isaiah