1. study them within the context of management levels (operational, middle vs. upper) 2. https://www.hierarchystructure.com//wpcontent/uploads/2013/05/Account-ManagementHierarchy.jpg Financial, Managerial, Cost See Course Syllabus​ and read it carefully​, It's a long presentation​ ,my part is Information Systems so please I need you to write 4-5 slides and summarize it​ in one page to present it​ on front of the prof Cost Accounting ● ● ● ● ● Role Data Information Disseminated Information Systems Emerging Technology Role The roles of cost accountants include the following: ● Performing accounting functions consisting of product inventory liability calculations ● Monitoring the cost of labor my monitoring overtime hours against staffing and production schedules. ● Anticipate needs from the management team related to product costing Data COST ACCOUNTING SYSTEM-It is a system that follows and records the progress of progress of inventory through out each process of production until it becomes finished goods. The COST ACCOUNTING SYSTEMS •Job order costing system- it is a cost system that treats each job independently with their own cost information e.g. unique products or special orders. Process costing system- It is a cost system that determines the cost of each process of production independently. It is used in situations where the product goes through multiple stages of production in multiple departments The cost allocation system •Traditional costing system- it is where a constant rate is used in calculating overhead for every job or every department,Activity-based costing system – it is where the overhead rate of each job or each department is proportionate to the activity rate Information Disseminated ●The process requires effective integration of information across the entire organization. ●The process is a one-way process with information coming from the topmost ●The process involves designing a suitable form to be used in collecting information and dissemination ●Information dissemination involves the following steps ●Collecting information ●Coding ● Storing, ●Disseminating, ●Retrieving, and using information by the targeted persons ●Because of the current technological advancement, PR Newswire is a best method Information Systems ●Information system in cost accounting involves : ●Information used in cost of products determination, marketing strategies and the process of recording such costs in accounting records ●Information system is the key tool used in management’s assessment used in assessment company’s effort towards achieving its goals in terms of profit making ●The system expresses its perceived usefulness by the users in terms of ● relevance in any organization, timeliness, usability, accuracy, compatibility with other organizational needs, reliability and thoroughness for decision‐making purposes. Information system requires Emerging Technologies ● The exponential jump in Cloud accounting. It is estimated that 90% of small and medium enterprises will be using Cloud accounting software by the end of 2017. ● Increase in automation and processes With automation electronic documents and software solutions, many companies can eliminate manual data entry processes. ● Rapid rise in data analytics Because of the development of data analytics, more valuable insights can be derived from existing data in businesses. Financial Accountants ● ● ● ● ● ● Theory vs. Reality Role Data Information Disseminated Information Systems Emerging Technology Role Financial accountants have many roles in a business including: ● Review financial records and transactions ○ Entering of transactions directly or reviewing transactions to post to the general ledger ● Report to and advise senior management ○ ○ Creation of reports that evaluate the meaning and trends shown in the transactions Interpret the impact on each sector of operations including HR, marketing, investing, and borrowing strategies ● Tax Issues ○ Tax advice to management includes recommending action plans that reduce the tax liability, tax deferred or tax free investments, non-taxable asset swaps, and cash flow planning so as to remain liquid at tax filing/paying dates, usually quarterly Data ● 5 main classifications of data used in financial accounting: revenues, expenses, assets, liabilities, and shareholder’s equity. ● Those data are separated into two main statements, the balance sheet and the income statement. ● The majority of data is collected through direct financial transactions, most commonly the purchase or sale of goods or services Information Disseminated ● Information is analyzed, compressed into comprehensible data and then given to managers ● Multiple ratios and equations are used to get a measure of how the business is doing and the direction it is going ● Upper level managers are typically the ones actually doing the analyzation, financial accountants are most typically the bookkeepers just keeping the numbers in order. Information Systems ● The purpose of an accounting information system (AIS) is to collect, store, and process financial and accounting data and produce informational reports that managers or other interested parties can use to make business decisions ● Excel ● Quickbooks ● SAP - integrates assets, receivables, payables, and inventory ● Sage ● NetSuite (ERP) - real time data and reporting ● Oracle ● FreshBooks Emerging Technology ● Yendo - Small Business ERP starting at $19 a month ● Cloud-Based Systems - Not necessarily new, but almost every business is making the switch ● Drones being used in auditing - FAA’s policies on drones are relaxing and making it easier to own drones ● Artificial Intellegence - Increasing cognitive capabilities in technology Managerial Accountants ● ● ● ● ● ● Theory vs. Reality Role Data Information Disseminated Information Systems Emerging Technology Role ● Upper-Level ○ ○ ○ organizing, planning and controlling the finance in the company Handle organization’s financial issues and its budgeting Ex: CFO, Senior Financial Analyst ● Middle ○ ○ ○ ○ Dave Hammack - Tax Partner WVC Planning, Structuring, Consulting Delegation “Head Coach” ● Operational ○ ○ perform under the proper guidance and supervision of the mid level professionals answerable for the financial records like maintaining the ledger and preparing the balance sheets Data ● ● ● ● ● Receive Financial reports (balance sheets, income statements,etc…) Interpret financial results Develop plan of action Type of data is similar across Upper and middle levels Operational ○ ○ ○ ○ Forecasting Budgeting Performance measurements Present to senior management Information Disseminated ● ● ● ● ● ● Internal use Budget reports Accounts Receivable Aging Inventory and Manufacturing Job Cost Reports Reports passed to upper management to make operational decisions Information Systems ● Heavily reliant on ERP ● Need information from so many different areas ● CRM to maintain close relationship with current clients and prospect new ones ● Most softwares still aren’t too user friendly; some parts work great, others too confusing Emerging Technology ● Cloud Computing ● Virtualization ● Mobile Access Bib page ● https://www.hierarchystructure.com/account-management-hierarchy/ ● http://smallbusiness.chron.com/responsibilities-financial-accountant10080.html ● http://www.cpapracticeadvisor.com/article/10268436/emerging-technologies ● http://www.symmetry50.com/blog/2014/11/8/the-top-20-accounting-softwareproducts ● http://aaajournals.org/doi/abs/10.2308/jeta-51704 ● http://aaajournals.org/doi/abs/10.2308/jeta-51730
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