Planning:
Management accounting short
term and long-term plans and implementation to achieve the particular goal of
Amway Company.
When planning, management the accountant should use various techniques such as budgeting, standard costing,
marginal costing and other to fixing targets to help Amway in future to control
the cost, to achieve a particular level of profit. It is because the Amway
products have an excellent reputation, so Amway should get a high level of
profit.
Organizing:
Management accounting can help
managers of Amway to provide reports and information to adjust the activity in
the light of change conditions. For example, management accountant can provide
sales report and production report of Amway product, so that managers in
organization can decide whether to add or eliminate a product line in the
current product.
Controlling:
Management accounting able to
assist in the control function by producing performance reports and control
reports, if which display discrepancy among expected and actual performances. The
manager in the organization will usually investigate to determine what is going
wrong and possibly, which employee or units might need help. So, these reports
serve as a basis for taking necessary corrective action to control the operations
of Amway.
Decision-making:
Management accounting should
play an important role in the decision-making process. The management
accounting can assist the management of Amway in formally structuring decision
problems as well as placing the alternatives and their consequences in the form
that will be easier for management to evaluate.
When developing and collection
information for decision making the objective, the management accountant should
involve qualitative information also in his report to help managers of Amway to
complete their decision-making tasks.
Maintaining operational status:
The management accountant
keeps a record of the functions that take place in the Amway. For example, it
keeps a track of the work in progress and the stage of completion which the
produced product of Amway is in. Further, it also helps in calculating and
analyzing the cost of production altogether. And helps the managers in tackling
those errors.
Performance rating:
The Management accountant in
Amway can provide data on the inputs of employees from different departments
and organizations. This data helps in analyzing the input rate and the resultant
profit. Moreover, it helps in rewarding the deserving candidate.
Protection of Business Assets:
The management accounting will
be responsible for the protection of Amway assets. The management accounting
will pay attention to whether have enough funds are available for repairs,
maintenance, and replacement of fixed assets so that the production ability of the
Amway may not be badly affected. The management accounting also needs to ensure
the assets of Amway are properly insured.
Provide good advice and strategy:
Management accounting also
can provide useful information to departments of different functions for Amway. For
example can supply necessary accounting information and suggestion for product
price determination and pricing decisions and helps to make strategic decisions
as seasonal or provisional suspension of production, make or replacement
decision and expansion particular department.
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