Management Accounting: Turning Data Into Strategic Decisions

Abstract

This article discusses the critical role of management accounting in transforming data into effective strategic decisions in the modern business context. With the advancement of technology and the increasing complexity of the business environment, the ability to analyze and utilize accounting data has become crucial for managers in decision making. This article identifies relevant data sources, as well as the processing and analysis processes required to produce reliable information. Through the use of decision-making models, such as cost-volume-profit analysis and variance analysis, companies can make more informed and strategic decisions. In addition, this article explores the challenges faced in management accounting, including data quality and changing business environments, and how emerging technologies can help address these challenges. By providing in-depth insight into the practice of management accounting, this article aims to help managers and stakeholders understand how accounting data can be utilized to achieve better organizational performance.