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The Many Faces of Management Accounting

Wednesday, June 30th, 2010

Management accounting is a vital subfield which provides information to management employees in a company. It allows managers to make important, informed business decisions on a daily basis while maintaining said information confidentially. By using management information systems combined with a company’s own internal rules and controls, management accountants create information which will be utilized in future transactions- and never intending to be used as a record keeper of past transactions.

Cost, industrial, managerial, private, and corporate accountants are all entities that perform some kind of management accounting. In each area, the work remains relatively the same. However, professionals holding management accounting positions are required to analyze and document financial information that is directly related to their employers. They are responsible for performance evaluations, budgeting, cost management, and asset management. Many times they are vital participants of executive teams who are targeting new product development or strategic planning for their company. Overall, they are responsible for evaluating financial information that is required by corporate executives when making critical business decisions.

Management accountants have also been known to create financial reports for tax authorities, creditors, stockholders, and even regulatory agencies. Cost accounting, budgeting, planning, and financial analysis are also on a management accountants “to do” list if they are employed as part of an accounting department. We believe that management accounting is a growing field with much potential for new hires. It is important to note, however, that most management accounting positions are usually given to professionals with previous accounting experience or through inner organization promotions. With the position supplying vital information needed and used in a company’s decision making, skills close to perfection are looked for when hiring.

Choosing a Payroll Outsourcing Company

Thursday, January 14th, 2010

Many companies now outsource some of their administrative functions because of the many benefits and advantages it offers. One of the common tasks that is being outsourced now is HR functions particularly payroll processing. Processing payroll within your company is sometimes not practical since this can cost you more than seeking the services of payroll professionals. This is the reason why more and more companies are restructuring their organisations and instead seeking the services of a payroll outsourcing company to do the job for them.

When choosing a payroll professional to help your business. The ideal payroll outsourcing company for your business is the one that has previous experience working with businesses with the same size as that of your organisation. Making sure that you choose a payroll outsourcing company that can provide you excellent customer support that are especially designed and scaled for the needs of your business. If you wish to seek the services of a professional payroll company, you need to be specific in terms of the level of involvement you want them to have, whether you want them to be in-charge of the whole process or just focus on one element.

The company you choose must have a good reputation and proven excellence in the field of payroll processing to ensure that you get the best of the best. Ensure that you carefully explain the whole process with the payroll company such as the deductions, adding employee if your company expands, and the frequency of payslips so that they understand the needs of your business. Once you have chosen a payroll outsourcing company, you need to carefully analyse the contract and ensure that you will be able to monitor their level of service and required actions are properly carried out.

Payroll outsourcing has more to offer other than a simple cost efficient benefit. Other than the obvious margin between in-house and outsourcing, it has been proven more efficient and allows your internal HR professionals to focus on managing human capital and improving the company’s “human assets”..