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Acquiring Customers CRM

Posted in Management Accountant, Technology on December 25, 2008| Leave a Comment »

The primary role of management accountant is to work with the business and also how business works. You should take efforts to understand the Customer Relationship Management (CRM) on your company and evaluate how your company acquires customers and retains them.
A couple of days back, I bought a Nikon S52c Digital camera from Jessops. The deal from Nikon is you get upto £ 50 Cash Back when you buy a digital picture frame with this camera. That’s cool. So I registered on Nikon website with details and ticked the check-box which say “Offers from Nikon and its selected affiliates”. With A £50 cash back strategy, Nikon has enticed me with offers that they would send me by emails and posts and then I would continue to do business with them. There would thousands of customers like me which Nikon has acquired with a £50 carrot. That’s cheaper than TV commercials.

There are numerious methods of acquiring customers and continue to do business online.

Search Engine Marketing

  • Pay Per Click: A sponspored link will be displayed on the top left corner and a vertical link hand corner of the search engine results. Adverts are determined the phrases you search on the search engine and a click will take to the website. This concept was pioneered by Google (Adsense) where the advertiser pays on number clicks. The advertiser has to bid on the key words. So advertiser has to carefully budget his advertisement expenditure.
  • Search Engine Optimisation: This would require techniques to improve the position of company in the search engine results for key words. The visitor will more like to click on result when it is in Top 10. Increasing the number of in-bound link to the website will enhance the page rank in Google. There are SEO experts in the market place. However Google advises you to write the content of your website for the readers and not for search engines. Google says that they are smarter.
Online PR

  • Use online media and PR journalist to write about your Company website
  • Participate in the Community Site like Nikon has http://www.Mypicturetown.com where Nikon enthusiast share photos with their friends or encourage a discussion portal related to line of business of the company.
Online Partnership

  • Affiliate Marketing: This is a commission based marketing arrangement with the affliates where the affiliates will showcase the product link on their website. You will notice news websites and blog selling amazon products. So every product sold by the affiliate, Amazon pays commission to them.
  • Co-Branding: This has been effectively followed by the credit card company like American Express to give a personal flavour to the credit card. You will see website like Financial Times having ads of premium products like cars or banks or financial institutions.
  • Aggregrators: These are price comparison website like Pricerunner.co.uk, confused.com where the prospect can analyse the deals provided by various service providers on various parameters like price, features, recommendations etc. A partnership with such website will help to acquire customer since the propective customer is making a decision by visiting to this market place.

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Interactive Adverts

  • Banners : This has been a tradition way of advertising by having a advertising banners on the reputed websites like Yahoo. The effectiveness of the advertising campaign depends on the number of visitors visiting the site.
  • Rich Media: The advertising has become more sophicated and the advertisement changes when a user hovers the cursor on the ad. This makes the ads more notifeable and the prospective is like to click on it when he clicks on it. The best example I can think of is ad of Visa Card.
Opt-in Email

  • When you visit any website, you will always notice a link to subscribe for updates. Subscribers will get updates on various offers available and they will be the first to know about it.
  • Co-branded Email: You will notice retailer sending emails advertising you on the offers for holiday on your loyalty card.
It is very important for your company to have a good online presence in the market place. You as a management accountant should also know of the online marketing strategies and accordingly structure the management reporting system. The changes in the technology, change the way the merchandise is sold and how you budget for various resources in your business.

That is what CRM is about. You acquire the customer and retain them forever.

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You may also like to read

  1. Customer Satisfaction – CRM Concepts
  2. Guy Kawasaki – The Art of the Start
  3. Strategy Development
  4. Porter’s Diamond
  5. Management Accountant Job Board
  6. Home

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Acquiring Customers CRM

Posted in Management Accountant, Technology on December 25, 2008| Leave a Comment »

The primary role of management accountant is to work with the business and also how business works. You should take efforts to understand the Customer Relationship Management (CRM) on your company and evaluate how your company acquires customers and retains them.
A couple of days back, I bought a Nikon S52c Digital camera from Jessops. The deal from Nikon is you get upto £ 50 Cash Back when you buy a digital picture frame with this camera. That’s cool. So I registered on Nikon website with details and ticked the check-box which say “Offers from Nikon and its selected affiliates”. With A £50 cash back strategy, Nikon has enticed me with offers that they would send me by emails and posts and then I would continue to do business with them. There would thousands of customers like me which Nikon has acquired with a £50 carrot. That’s cheaper than TV commercials.

There are numerious methods of acquiring customers and continue to do business online.

Search Engine Marketing

  • Pay Per Click: A sponspored link will be displayed on the top left corner and a vertical link hand corner of the search engine results. Adverts are determined the phrases you search on the search engine and a click will take to the website. This concept was pioneered by Google (Adsense) where the advertiser pays on number clicks. The advertiser has to bid on the key words. So advertiser has to carefully budget his advertisement expenditure.
  • Search Engine Optimisation: This would require techniques to improve the position of company in the search engine results for key words. The visitor will more like to click on result when it is in Top 10. Increasing the number of in-bound link to the website will enhance the page rank in Google. There are SEO experts in the market place. However Google advises you to write the content of your website for the readers and not for search engines. Google says that they are smarter.
Online PR

  • Use online media and PR journalist to write about your Company website
  • Participate in the Community Forum like Nikon has http://www.Mypicturetown.com where Nikon enthusiast share photos with their friends or encourage a discussion portal related to line of business of the company.
Online Partnership

  • Affiliate Marketing: This is a commission based marketing arrangement with the affliates where the affiliates will showcase the product link on their website. You will notice news websites and blog selling amazon products. So every product sold by the affiliate, Amazon pays commission to them.
  • Co-Branding: This has been effectively followed by the credit card company like American Express to give a personal flavour to the credit card. You will see website like Financial Times having ads of premium products like cars or banks or financial institutions.
  • Aggregrators: These are price comparison website like Pricerunner.co.uk, confused.com where the prospect can analyse the deals provided by various service providers on various parameters like price, features, recommendations etc. A partnership with such website will help to acquire customer since the propective customer is making a decision by visiting to this market place.

Platinum CashBack Credit Card

var uri = ‘http://impgb.tradedoubler.com/imp?type(inv)g(642778)a(1586041)’ + new String (Math.random()).substring (2, 11);
document.write(‘‘);

Interactive Adverts

  • Banners : This has been a tradition way of advertising by having a advertising banners on the reputed websites like Yahoo. The effectiveness of the advertising campaign depends on the number of visitors visiting the site.
  • Rich Media: The advertising has become more sophicated and the advertisement changes when a user hovers the cursor on the ad. This makes the ads more notifeable and the prospective is like to click on it when he clicks on it. The best example I can think of is ad of Visa Card.
Opt-in Email

  • When you visit any website, you will always notice a link to subscribe for updates. Subscribers will get updates on various offers available and they will be the first to know about it.
  • Co-branded Email: You will notice retailer sending emails advertising you on the offers for holiday on your loyalty card.
It is very important for your company to have a good online presence in the market place. You as a management accountant should also know of the online marketing strategies and accordingly structure the management reporting system. The changes in the technology, change the way the merchandise is sold and how you budget for various resources in your business.

That is what CRM is about. You acquire the customer and retain them forever.

Do you like this article. To receive updates first

Subscribe to Management Accountant by Email

Subscribe in a reader

You may also like to read

  1. Guy Kawasaki – The Art of the Start
  2. Strategy Development
  3. Porter’s Diamond
  4. Management Accountant Job Board
  5. Home

Read Full Post »

CMA Chanda Kochhar CEO ICICI Bank

Posted in CMA, Management Accountant on December 20, 2008| Leave a Comment »

ICICI Bank has formally announced CMA Chanda Kochhar as CEO and Managing Director of ICICI Bank. She will succeed one of the most powerful personalities in the bank industry Mr. K V Kamat.

She is Associate Member of ICWAI. She did her Masters in Management Studies from the Jamnalal Bajaj Institute of Management Studies, Mumbai.

She has worked all the way from being a Management Trainee to become the CEO of ICICI Bank. On her way to way to the top, she has numerous achievements. Under her leadership,the Bank has won several prestigious awards:

  • * “Best Retail Bank in India” – 2005 – The Asian Banker
  • * “Best Retail Bank in India” – 2004 – The Asian Banker
  • * “Best Retail Bank in India” – 2003 – The Asian Banker
  • * “Excellence in Retail Banking Award” -2002 – The Asian Banker
  • * “Best Retail Bank in India” – 2001 – The Asian Banker

As recognition of her contribution to establish ICICI Bank as a leading player in the banking industry Ms. Kochhar has been:

* Ranked 33th in the Fortune’s List of Most Powerful Women in Business, 2007
* Ranked 37th in the Fortune’s List of Most Powerful Women in Business, 2006
* Ranked 47th in the Fortune’s List of Most Powerful Women in Business, 2005
* Awarded Business Woman of the Year 2005 by The Economic Times
* Selected as Retail Banker of the Year 2004 (Asia-Pacific region) by The Asian Banker from

amongst prominent retail bankers in the Asia Pacific region
* Selected as ‘Rising Star Award’ for Global Awards 2006 by Retail Banker International
I congratulate CMA Chanda Kochhar on her new appointment and wish her all the success in years to come.

Readers: Please congratulate CMA Chanda Kochhar by commenting on the blog post.


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Is social networking addictive

Posted in Management Accountant, Social Networking on December 14, 2008| Leave a Comment »

Just to let you know Management Accountant has been following NerdIndia on Twitter and become addictive to the updates. NerdIndian has been providing his social network updates on happening in Mumbai and I love to see pictures he takes from his Blackberry.

I realised that I check my facebook quite often and look for what others are doing. I have been looking for tools to incorporate in the Management Accountant Blog to connect people.

I like Firefox browser that allows flexibility of using add-ons and it is very user friendly. I installed an add-on Yoono to assist me. This has led me to create accounts in FriendFeed too. So when I start my work, I spend lot of time reading the updates.

The question that I ask myself, am I not wasting time in social networking ? The answer is readily available … www.tweetwasters.com . I queried about my use of time on twitter.

talk2santosh has 177 total tweets and assuming they spent an average of 30 seconds per tweet they’ve spent 5,310 Seconds or 89 Minutes or 1.48 Hours or 0.06 Days using Twitter!

Tweetwasters rank: #9113 – Can I consider this a medal

and what about Nerdindia

Shishir Dhulla has 2,053 total tweets and assuming they spent an average of 30 seconds per tweet they’ve spent 61,590 Seconds or 1,027 Minutes or 17.11 Hours or 0.71 Days using Twitter!

You know, Twitter would fail if everyone used it like you. Only 17.11 hours? C’mon!

Tweetwasters rank: #3148. Does he qualify for Guiness Record.

The world has shrunk in size and so it typing. The shrink sequel …. Typewriter -> computer keyboard -> Laptop keyboard -> Mobile keyboard. Not to mention of iPhone with a touch typing feature. You spend more time typing on the phone rather than talking to friends. Let me correct ….You want to talk your followers.

Yesterday OnStartup reached a milestone and the broadcast was

“Hit the 3,000 follower milestone today. Woo hoo! 9:42 PM Dec 12th from web. “

The race to make more friends Online.

Management Accountant Blog would like to know your views on:

  1. Do you have a twitter account ?
  2. Do you think social networking is beneficial or a waste of time ?
  3. Does social networking help you in anyway ?
  4. What do you do when you get an invite from your friend to open an account in new social networking site?
  5. Have your organised your well on the web ?

To join the rat race, be my friend on

  1. Follow me Twitter
  2. Be my friend on Stumbleupon
  3. Add me as a friend on Digg
  4. Follow me on FriendFeed
  5. If you are a blogger, join me on blogcatalog

Regards,

Santosh Puthran

PS: Latest update from NerdIndia before I publish this post. Just saw a Bandar and it goes on.
Post Accountancy Jobs on Management Accountant Job Board


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  1. Kick start your career with Linkedin
  2. iGoogle The best way to start your day
  3. How to overcome Resistance to Change
  4. Requirement Analysis
  5. Go Home

Read Full Post »

Is social networking addictive

Posted in Management Accountant, Social Networking on December 14, 2008| Leave a Comment »

Just to let you know Management Accountant has been following NerdIndia on Twitter and become addictive to the updates. NerdIndian has been providing his social network updates on happening in Mumbai and I love to see pictures he takes from his Blackberry.

I realised that I check my facebook quite often and look for what others are doing. I have been looking for tools to incorporate in the Management Accountant Blog to connect people.

I like Firefox browser that allows flexibility of using add-ons and it is very user friendly. I installed an add-on Yoono to assist me. This has led me to create accounts in FriendFeed too. So when I start my work, I spend lot of time reading the updates.

The question that I ask myself, am I not wasting time in social networking ? The answer is readily available … www.tweetwasters.com . I queried about my use of time on twitter.

talk2santosh has 177 total tweets and assuming they spent an average of 30 seconds per tweet they’ve spent 5,310 Seconds or 89 Minutes or 1.48 Hours or 0.06 Days using Twitter!

Tweetwasters rank: #9113 – Can I consider this a medal

and what about Nerdindia

Shishir Dhulla has 2,053 total tweets and assuming they spent an average of 30 seconds per tweet they’ve spent 61,590 Seconds or 1,027 Minutes or 17.11 Hours or 0.71 Days using Twitter!

You know, Twitter would fail if everyone used it like you. Only 17.11 hours? C’mon!

Tweetwasters rank: #3148. Does he qualify for Guiness Record.

The world has shrunk in size and so it typing. The shrink sequel …. Typewriter -> computer keyboard -> Laptop keyboard -> Mobile keyboard. Not to mention of iPhone with a touch typing feature. You spend more time typing on the phone rather than talking to friends. Let me correct ….You want to talk your followers.

Yesterday OnStartup reached a milestone and the broadcast was

“Hit the 3,000 follower milestone today. Woo hoo! 9:42 PM Dec 12th from web. “

The race to make more friends Online.

Management Accountant Blog would like to know your views on:

  1. Do you have a twitter account ?
  2. Do you think social networking is beneficial or a waste of time ?
  3. Does social networking help you in anyway ?
  4. What do you do when you get an invite from your friend to open an account in new social networking site?
  5. Have your organised your well on the web ?

To join the rat race, be my friend on

  1. Follow me Twitter
  2. Be my friend on Stumbleupon
  3. Add me as a friend on Digg
  4. Follow me on FriendFeed
  5. If you are a blogger, join me on blogcatalog

Regards,

Santosh Puthran

PS: Latest update from NerdIndia before I publish this post. Just saw a Bandar and it goes on.
Post Accountancy Jobs on Management Accountant Job Board


Do you like to be updated in Accountancy ?
Subscribe to Management Accountant by Email


Or


Subscribe in a reader



You may also like to read
  1. Kick start your career with Linkedin
  2. iGoogle The best way to start your day
  3. How to overcome Resistance to Change
  4. Requirement Analysis
  5. Go Home

Read Full Post »

Accounting Technician Course launched by ICAI and ICWAI

Posted in ICAI, ICWAI, Management Accountant on December 10, 2008| Leave a Comment »

The Institute of Chartered Accountants of India (ICAI) has launched Accounting Technician Certificate Course in India on Dec 10, 2008. Similarly ICWAI has launched its own course.

The publicity in the press about the Accounting Technician Course by ICAI.

Business Standard Dec 9, 2008

The institute of chartered accountants of India (ICAI), to fulfill the demand for trained accounting professionals and to support chartered accountants (CAs), is launching a new course for the second tier accountants or the accounting technicians.

India Edu News Dec 10, 2008

The Accounting Technicians would not only fill the gaps at the operational level, but would also ensure that the value chain in the accounting process does not suffer.

With the launch of this course, students who have enrolled for the CA course, but for some reasons are not able to complete the course would have an option of becoming an Accounting Technician.

However at the same time, there is a scope for them to acquire CA qualification even after qualifying the Accounting Technician Course.

That’s the positive side of the news.

Read further….

“People who have qualified intermediate exams and have completed three to five years of articleship, but couldn’t become CAs would be eligible for this one year course.”

“With the launch of this course, students who have enrolled for the CA course, but for some reasons are not able to complete the course would have an option of becoming an Accounting Technician.

However at the same time, there is a scope for them to acquire CA qualification even after qualifying the Accounting Technician Course.”

Check the application form on the ICAI website

This is to inform that as per amendment carried to the regulations vide notification dt 3rd December,2008 all such students who have passed either PE-II or Intermediate Exam and has completed the article training are eligible for grant of Accounting Technician Certificate on making an application . Accordingly all such eligible person are requested to make such application.

I believe it is an unethical way to convert the students who did not pass the flagship courses of ICAI to become a Accounting Technician. When anyone starts pursuing a professional qualification, he/she aspires to become a professional accountant. If he does not pass the exams, then this does not make him/her eligible to become a technician. A backward progression !!!

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What is the value of a certificate course in comparision to a University degree ?

How CAT Technician progresses to become ACCA qualified Accountant in UK ?

“Whether you wish to start a career in finance, gain recognition for the wealth of skills and experience you have already achieved, or want accelerated progression to the ACCA Qualification and a more senior position in accountancy, ACCA’s Certified Accounting Technician (CAT) qualification will help you towards your career of choice.” Details here.

“Once you have completed all of the Certified Accounting Technician exams, you will automatically be transferred onto the ACCA Qualification and be awarded exemptions from the Part 1 papers 1.1–1.3 of the current syllabus (examined up until June 2007) or Papers F1–F3 on the new syllabus (examined from December 2007), unless you indicated on your registration form that you did not wish this transfer to be effected.” Details here

No such exemptions is spelt out for those who pass as Accounting Technician and want to pursue further professional qualification like CA or ICWA in India. This clearly indicates that such courses are beneficial more to the Institutes rather than students.

Ramesh Joshi, Practising Cost Accountant says

“ICAI has its core competency in Financial Accounting. Their efforts are it is heard, more with the objective to ensure “Articled Students” for practicing CAs. they are finding it difficult to get them. That is the reason they also lowered their entry level……… And all said and done, it is in their own core competency area…….. In ICAI we don’t hear the financial gain as a major factor, for them it is more in the nature of supporting their Members in Practice.”

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I agree with views of Ramesh Joshi.

Just look at the stipend an articled clerk gets for three years of articleship. A guess – 90% will never become a Chartered Accountant. ( I have never seen ICAI publish the exam passing rates on the website or their journal – a case of non disclosure. A hearsay the pass percentage is 2 %).

Regards,

Santosh Puthran

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  1. Accounting Technician Course – Preview
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Performance Prism – A Performance Measurement Approach

Posted in Management Accountant, Management Accounting on November 29, 2008| Leave a Comment »

As the companies grow in the size, the number of stakeholders increase. Companies have to cater to the interests of its stakeholders such as local communities, vendors, employees, legislators so on and so forth.

Performance Prism is one of the development in management accounting put forth by Cranfield University. The theory is performance of an organisation depends on how effectively it meets the needs and requirements of all its stakeholders.

The five facets of the Performance Prism:

1. Stakeholder Satisfaction
2. Stakeholder Contribution
3. Strategies
4. Processes
5. Capabilities

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Approach: Starting with Stakeholders, not with Strategy. Five key questions for measurement design:

  1. Stakeholder Satisfaction – who are the key stakeholders and what do they want and need?
  2. Strategies – what strategies do we have to put in place to satisfy the wants and needs of these key stakeholders?
  3. Processes – what critical processes do we require if we are to execute these strategies?
  4. Capabilities – what capabilities do we need to operate and enhance these processes?
  5. Stakeholder Contribution – what contributions do we require from our stakeholders if we are to maintain and develop these capabilities?

Once the answers to the above questions have been dealt, Performance Prism can use the results to identify performance measures which will enable the company to monitor the success of processes in place.

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Further Reading:

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  1. Business, Customer Value & Management Accounting 19-June-08
  2. Activity Based Management – Dispelling the myths Par I – 13-June-08
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  4. Transfer Pricing
  5. Stakeholder Analysis
  6. Strategic Drift
  7. Strategy Development
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Performance Prism – A Performance Measurement Approach

Posted in Management Accountant, Management Accounting on November 29, 2008| Leave a Comment »

As the companies grow in the size, the number of stakeholders increase. Companies have to cater to the interests of its stakeholders such as local communities, vendors, employees, legislators so on and so forth. Performance prism is an ideal tool to analyse.

Performance Prism is one of the development in management accounting put forth by Cranfield University. The theory is performance of an organisation depends on how effectively it meets the needs and requirements of all its stakeholders.

The five facets of the Performance Prism:

1. Stakeholder Satisfaction
2. Stakeholder Contribution
3. Strategies
4. Processes
5. Capabilities

Try Lovefilm for 2 weeks of FREE DVD rentals!

Approach: Starting with Stakeholders, not with Strategy. Five key questions for measurement design:

  1. Stakeholder Satisfaction – who are the key stakeholders and what do they want and need?
  2. Strategies – what strategies do we have to put in place to satisfy the wants and needs of these key stakeholders?
  3. Processes – what critical processes do we require if we are to execute these strategies?
  4. Capabilities – what capabilities do we need to operate and enhance these processes?
  5. Stakeholder Contribution – what contributions do we require from our stakeholders if we are to maintain and develop these capabilities?

Once the answers to the above questions have been dealt, Performance Prism can use the results to identify performance measures which will enable the company to monitor the success of processes in place.

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Further Reading:

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You may also like to read

  1. Business, Customer Value & Management Accounting 19-June-08
  2. Activity Based Management – Dispelling the myths Par I – 13-June-08
  3. Learning Curve Theory
  4. Transfer Pricing
  5. Stakeholder Analysis
  6. Strategic Drift
  7. Strategy Development
  8. Combined Code of Corporate Governance UK
  9. Management Accountant Job Board
  10. How to Share Blog posts with friends 25-May-08
  11. Management Accountant Blog Home

RSS Feeds to keep you alive and up-to-date

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  2. Accountancy News
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Changing role of Management Accountants

Posted in CIMA, ICWAI, Management Accountant, Management Accounting, Management Fundas on October 25, 2008| Leave a Comment »

A couple of months back, Management Accountant Blog posted a guest post by CMA V R Kedia on “Emerging Role of Management Accountants in New Economy”. The role as described by CMA Kedia expected the management accounting practitioner should have attributes of a learning professional, a change agent and be hands on latest technology.

Management Accounting techniques has undergone a lot of development from preparing Cost-Volume-Profit Analysis to latest techniques like EVA, Activity Based Management, Target Costing, Kaisen and many more. The expectation from management accountant has been changing consistently with the advancement of technology and new challenges faced to analyse business for its competitiveness.

I wondered Management Accounting is a specialized field ….. is it necessary to have an accounting background ?

According to New Accountant USA,

“According to a study commissioned by the American Institute of Certified Public Accountants (AICPA), the average cost of the finance function has dropped from 2.2 percent of revenues in 1988 to 1.4 percent of revenues in 1996. The study further projects that costs may be reduced by as much as 50 percent in the next few years and that the number of people employed in finance should drop by one-third. Those accountants trimmed from finance will likely be individuals who are unwilling or unable to switch their focus from historical-based data-gathering activities to future-oriented, decision-focused activities.”

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CIMA is one of the leading Management Accounting institutes in the world. The American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have agreed to collaboratively develop products and services that are in the common interest of their collective membership who work in business and industry. With its focus on management accounting and the latest developments in global business, CIMA is a natural partner for the AICPA’s Financial Management Center, which serves CPAs working in business and industry.

The first effort of the initiative is the “Developments in Management Accounting” series, which includes multiple titles concentrating on current management accounting issues and principles and strategies for implementation.

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Further AICPA has partnered with CMA Canada – for the benefit of their members in business – to undergo programs focusing on selected financial management issues, MAGs provide guidance on current and evolving strategic management practices and concepts.

Legally, the finance and audit profession is regulated and protected by various legislation. The accountants who are interested in practice will go for accounting profession. The people who would like to work with the business and take up new challenges will pursue management accountancy as it opens up wide array of activities like analyzing the competitiveness of business to designing a smart management information system.

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In future, courses like “Finance for non finance professionals” should be enough as a foundation courses for people pursing Management Accountancy. The course in management accountancy should cover in details about “Strategy”and more about management.

Regards,

Santosh Puthran

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  11. Resistance to Change 26-Apr-08
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Changing role of Management Accountants

Posted in CIMA, ICWAI, Management Accountant, Management Accounting, Management Fundas on October 25, 2008| Leave a Comment »

A couple of months back, Management Accountant Blog posted a guest post by CMA V R Kedia on “Emerging Role of Management Accountants in New Economy”. The role as described by CMA Kedia expected the management accounting practitioner should have attributes of a learning professional, a change agent and be hands on latest technology.

Management Accounting techniques has undergone a lot of development from preparing Cost-Volume-Profit Analysis to latest techniques like EVA, Activity Based Management, Target Costing, Kaisen and many more. The expectation from management accountant has been changing consistently with the advancement of technology and new challenges faced to analyse business for its competitiveness.

I wondered Management Accounting is a specialized field ….. is it necessary to have an accounting background ?

According to New Accountant USA,

“According to a study commissioned by the American Institute of Certified Public Accountants (AICPA), the average cost of the finance function has dropped from 2.2 percent of revenues in 1988 to 1.4 percent of revenues in 1996. The study further projects that costs may be reduced by as much as 50 percent in the next few years and that the number of people employed in finance should drop by one-third. Those accountants trimmed from finance will likely be individuals who are unwilling or unable to switch their focus from historical-based data-gathering activities to future-oriented, decision-focused activities.”

CIMA is one of the leading Management Accounting institutes in the world. The American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have agreed to collaboratively develop products and services that are in the common interest of their collective membership who work in business and industry. With its focus on management accounting and the latest developments in global business, CIMA is a natural partner for the AICPA’s Financial Management Center, which serves CPAs working in business and industry.

The first effort of the initiative is the “Developments in Management Accounting” series, which includes multiple titles concentrating on current management accounting issues and principles and strategies for implementation.

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Further AICPA has partnered with CMA Canada – for the benefit of their members in business – to undergo programs focusing on selected financial management issues, MAGs provide guidance on current and evolving strategic management practices and concepts.

Legally, the finance and audit profession is regulated and protected by various legislation. The accountants who are interested in practice will go for accounting profession. The people who would like to work with the business and take up new challenges will pursue management accountancy as it opens up wide array of activities like analyzing the competitiveness of business to designing a smart management information system.

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In future, courses like “Finance for non finance professionals” should be enough as a foundation courses for people pursing Management Accountancy. The course in management accountancy should cover in details about “Strategy”and more about management.

Regards,

Santosh Puthran

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