The Use of Accounting Information as a Management Tool for Decision Making

Description

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Abstract

The act of management has always had an essential role in human community activities. The efficiency of a company depends on the quality of the managerial process. This requires performance management, which means competence and rational decisions. Accountancy can support the decision-making process and management activity.

The objective of an accounting system is to provide financial information concerning the studied company. The information concerns the financial situation and the performance of a company and there is intended for the users to taking decisions.

For taking decisions by the management in order to achieve the objectives of the company it is necessary to know exactly the situation of the company, either compared to other companies that work in the same field or in relation to previous periods, this thing is possible through the accounting information.

Introduction

Accounting information is the language of business as it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect business enterprises. It processes all documents of a business’s financial performance from payroll, cost, capital expenditure, and other obligations to sale revenue and owners’ equity.

It provides financial information about one’s business to internal and external users, such as managers, investors, and others. It is sometimes referred to as a means to an end, with the ending being the decision that is helped by the availability of accounting information (Arneld & Hope, 2009).

The making of decisions, as everyone knows from personal experience is a burdensome task (Wada, 2006). In most cases indecision is as disastrous as making a wrong one, therefore a plan of action is indispensable.

Management is constantly confronted with the problem of alternative decision making especially knowing that resources are alternatively scarce and limited.

It is therefore pertinent that good accounting information is made available for proper and accurate decision making, maximization of profitability, and optimal utilization of scarce resources. Accounting information is not only necessary for evaluation of the past and keeping the present on course; it is useful in planning the future of the enterprise.

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