Benchmarking Managerial Accounting and Financial Accounting Are Essay

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Benchmarking

Managerial accounting and financial accounting are based on different principles. Financial accounting is a formal system that is based on reporting to both internal and external stakeholders. As a result, financial accounting is based on a set of rules that is common to all public companies. Within these rules, the methods of accounting and reporting must be similar at these companies, so that people viewing the financial information can compare across companies. In contrast, the target audience for managerial accounting consists of internal stakeholders. The company defines the measures used in managerial accounting and is free to develop its figures in any way it likes. The use for managerial accounting output is primarily to aid in internal decision-making, so the accounting conducted will be skewed towards getting managers the information they need to make better decisions.

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Technology utilization can have a wide range of effects on business. Most technology is adopted in order to improve efficiency or effectiveness. Benchmarking allows the former to be analyzed -- the efficiency of the business after the introduction of the new technology can be measured against the efficiency level of the business before the new technology. Similarly, benchmarking against managerial accounting metrics can help the business to identify what improvements to overall effectiveness -- quality levels for example -- derive from the impact of new technology.

Technology utilization can also help to create market opportunities for businesses. New technology can allow businesses not only to gain competitive advantages in efficiency or effectiveness, but they can also provide opportunities to enter new markets,….....

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"Benchmarking Managerial Accounting And Financial Accounting Are" (2011, August 07) Retrieved May 19, 2024, from
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"Benchmarking Managerial Accounting And Financial Accounting Are", 07 August 2011, Accessed.19 May. 2024,
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