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Managerial accounting

What is managerial accounting?

Managerial accounting, also known as cost accounting or management accounting, is a type of accounting focused on providing internal financial information to a company's management for decision-making purposes. It's less about adhering to public reporting standards and more about providing actionable insights to drive strategic business decisions.

Managerial accounting covers a broad range of activities. This can include budgeting, forecasting, cost analysis, profitability analysis, variance analysis, and more. The goal is to give managers the financial tools they need to make informed business decisions. Unlike financial accounting, which is strictly regulated, managerial accounting is more flexible and can be adapted to the specific needs of the company.

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