Financial reporting is compliance-oriented and utilized for external purposes
whereas managerial reports are focused on segments of the business and is for
internal use only. There really are no advantages of accountants focusing only
on producing financial statements and leaving the design and production of
managerial reports to information systems specialists. b I believe accountants
should be actively involved in the design and production of managerial reports
as they could help with organizing and formatting the reports. It would not be
cost effective to have both financial reporting and managerial reporting in
place, instead it would be more cost-friendly to the company to have one
system in place that captures both the operational and financial aspects.
Accountants are specialists when it comes to retrieving, handling,
storing, analyzing and reporting company data, so having them involved in
more than just producing financial reports would be beneficial to a company.
Accountants would be able to assist in analyzing and organizing data, such as
performance measures.
Reference
Romney, M., Steinbart, P., Summers, S., Wood, D. (2021) Accounting
Information System (15e) Pearson, Prentice Hall.
