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The Company Accounting Department Currently Needs to Hire Another Managerial Accountant to Focus on the Company Internal (Managerial) Accounting System. the Ceo Is Uncertain and Not Convinced That a Managerial

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The company accounting department currently needs to hire another managerial accountant to focus on the company internal (managerial) accounting system. The CEO is uncertain and not convinced that a managerial accountant is needed at this time. A managerial accountant would benefit the company in a great way. The internal accounting system and developing important accounting information would be the accountant main focus. The managerial accountant would also hold up the company code of ethics. Internal accounting is also known as managerial accounting. There are different objectives of managerial accounting which includes gathering, developing, and transferring information needed by the company. Even though managerial accounting differs from financial accounting, the managerial accountants pay close attention to the company financial statements. The statements provide information that the accountant would use to develop reports on cost of products, fraud, and future on products. Another objective includes planning. A successful company starts with short term and long term goals that are considered strategic plans. “Strategic plans usually set a firm’s long-term direction by developing a road map based on opportunities such as new products, new markets, and capital investments” (Shaw & Wild, 2012 ). The managerial accountant develops goals for the company that is accurate for them to reach. The accountants not only plan on future goals/plans, but also short term. The planning process will allow the accountant to develop the company annual budgets which are important to the business. Controlling is another objective of internal accounting. The accountant can see if changes need to be made and gather then develop more accurate information that is needed. They will know how to go about and handle the business operations for the present and the future. Managerial

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