Accounting Information for Managers to Make Better Decisions

In: Business and Management

Submitted By reguna
Words 2005
Pages 9
Accounting Information for Managers
To Make Better Decisions
1 Abstract
This paper analysis how the accounting information would support the decision making process. The main goal of an accounting system is to provide financial information about the organization including financial situation and the performance of the organization. The decision makers should know the situation of the organization either by comparing competitors or previous periods’ performance in order to achieve the objectives of the company and this being possible by using accounting information. In addition, this thesis studies the importance of having effective and efficient accounting system to make better decision as it relates to increase the profitability target of an organization. Organizations should replace their weak accounting system in order to ensure that each team member in the Accounts Department is conscious of their role to produce good accounting information (1, Okoli Margaret). The result of this paper describes that providing right information to the right people in time via management reporting to maximize the use of reports in decision-making.
2 Introduction
Any organization should survive and excel in the fast paced and ever changing market. We are living in the digital era so information can be found everywhere via websites, databases documents, reports, and emails. However, it’s important to read the historical data-set during decision making process but providing report in quick & timely manner, creating quality insight, different types of reports, and opportunities to learn from new data are basis to make better decision. As per Axson, information is the lifeblood of the modern corporation so decisions cannot be made without having information, customers cannot be served, and earnings cannot be grown. Refer to the Harvard Business Review Analytics Services (2014),…...

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