Account Manager - Niftel Resources Pvt. Ltd.

05May

Understanding The Scope Of Management Accounting

Niftel Resources Subject Matter ExpertAccount Manager

In this article, we seek to throw light on management accounting including the scope of management accounting. We intend to simplify it for our users. Keep reading.

The technique or process of assessing or employing accounting practices to retrieve and create multiple internal reports for presentation to business management is known as the scope management accounting.

Techniques, methods, and concepts in management accounting are used to help businesses plan effectively and achieve their goals. Management accounting and financial accounting are the two primary types of accounting. As previously stated, management accounting is the application of accounting abilities and professional knowledge to company analysis and decision-making.

Scope of Management Accounting

In addition to management accounting and financial accounting, the scope of management accounting also includes:

1. Cost Accounting

Cost accounting is the most essential accounting approach, or the main factor in management accounting because it offers a corporation with cost analysis capabilities. These can include marginal cost, inventory costing, operational costing, budget control, and other factors. The business management needs these for formulating and articulating the company’s requirements.

2. Budgeting and Forecasting

Budgetary control and forecasting procedures are also part of management accounting. Budgets are generated on a functional basis under a budgetary control system, and actual performance is measured to determine the discrepancy between actual and standard performance in order to take remedial actions. Budgeting helps management identify responsibilities and ensure collaboration in this way.

3. Revaluation Accounting

This form of accounting system guarantees that the capital is preserved in actual terms. The proper quantity of profit is computed and employed for managerial decision-making when this fact is kept in mind.

4. Inventory Management

Inventory control is the process of keeping track of how raw materials are used, how work in progress is processed, and how final goods are disposed of over a set period of time.

5. Cost Control Procedures

The management accounting process includes methods for cost control. Inventory control, time control, budgetary management, cost control and standard costing are all examples of inventory control.

2. Inflation Accounting

Inflation analysis is critical in the business world, and it is described as the quick shift in financial results when market prices change. Inflation accounting refers to the use of techniques to detect and eliminate the causes of inflation in order to improve performance.

7. Financial Statement Analysis

As previously stated in financial accounting, financial statements are created at the conclusion of each fiscal year to examine and analyse the business’s financial growth. By interpreting and drawing conclusions from the financial accounts, the financial statements provide insight into the firm and aid in its growth.

8. Reporting

There are two forms of reporting. Interim and external reporting are the two types of reporting. Information is provided to high management through interim reporting. External reporting is the process of providing information to third parties like shareholders, banks, and other financial institutions.

9. Internal Audit

The company organisation conducts an internal audit with the assistance of a salaried staff with extensive accounting skills. To ensure that the internal audit is completed effectively, all essential records are kept in the management accounting system.

29Apr

Accountant jobs in Lucknow – Find Latest Accounts Jobs & Career

Niftel Resources Subject Matter ExpertAccount Manager, Banking Jobs, Jobs

Are you looking for Accountant jobs in Lucknow? If yes, then you are at the right place. In this article, I am going to share some information regarding the accountancy profession and its requirements.

The accounting profession has become very important in today’s world. There are various types of accountants who perform different functions. They are required to prepare financial statements, audit accounts, and provide tax services.

An accountant plays a vital role in the success of a company. He or she prepares the books of accounts, ensures that they are accurate, and provides timely reports to management.

What Is the Role of an Accountant?

Accountants are professionals who specialize in financial accounting. They prepare tax returns and audit companies’ books. What exactly does an accountant do?

An accountant helps businesses manage their finances. He or she prepares financial statements, such as balance sheets and income statements, and audits them to ensure they accurately reflect the company’s performance.

An accountant is responsible for preparing financial reports and auditing the books. The main tasks include ensuring accurate records are kept, identifying errors, and finding ways to improve efficiency.

Openings Accountant jobs in Lucknow

Are you looking for Accountant jobs in Lucknow? If yes, then you should check out our latest Job Openings in Lucknow. We have listed some of the top Accountant Jobs in Lucknow.

Accountants play a vital role in every organization. They ensure that the financial statements are prepared correctly and are accurate. The accountant also ensures that the company complies with the accounting standards and regulations.

Accountants are responsible for preparing the accounts of companies. They prepare various reports such as balance sheets, income statements, cash flow statements etc. They also prepare tax returns and other related documents.

Roles and Responsibilities of an Accountant?

What does an accountant do? How much would they earn? And what skills are needed to get into this field?

Accountants play a vital role in every organization. They ensure that financial transactions are carried out properly and accurately. In addition to their accounting duties, accountants also prepare tax returns and perform audits.

An accountant‘s job description usually involves preparing accounts and auditing them. This means that he or she has to check whether the company’s books are accurate and complete. The accountant then prepares reports based on these findings.

An accountant’s primary responsibility is to ensure that the financial statements are prepared accurately and timely. This includes preparing the balance sheet, income statement, cash flow statement, and other financial reports.
An accountant’s secondary responsibility is to provide advice regarding accounting policies and procedures.
An accountant’s tertiary responsibility is to assist management in making sound business decisions.
An accountant’s quaternary responsibility is to help clients understand their financial situation.
An accountant’s quintuple responsibility is to provide assistance in developing and maintaining effective internal controls over financial reporting.
An accountant’s sextuple responsibility is to prepare tax returns.

04Apr

Sales Account Manager Jobs: A Rundown

Niftel Resources Subject Matter ExpertAccount Manager

In this article, we will learn more about sales account manager jobs and the talents required to help find success.

Sales account managers are sales professionals who work closely with customers and clients to ensure that the company’s demands are met. To be an excellent sales account manager, you’ll need a variety of talents, including communication, leadership, and negotiating. Some sales account managers already have the majority of these talents, while others learn them with the correct training and competence over time.

They are the members of a company’s management team that are in charge of monitoring individual sales representatives. These individuals monitor sales performance, evaluate sales data, and implement sales tactics to improve results. Analysis, critical thinking, decision-making, and organising are secondary abilities that are necessary for senior sales account manager jobs.

Common Duties in Sales Account Manager Jobs

Sales account managers have to perform some vital tasks in an organization. Some of these are as follows:

Creating and maintaining successful client connections.
Recognizing and appreciating the needs and goals of clients.
Managing a significant account portfolio.
Managing team members that are responsible for customer accounts.
Assisting customers as a point of contact.
Troubleshooting and resolving issues.
Using a customer network to generate new business.
Setting and monitoring sales goals.
Working with Key Performance Indicators (KPIs).

Common Job Responsibilities In Sales Account Manager Jobs

To guarantee that all client demands are addressed swiftly and competently, manage various sales accounts and monitor the accompanying salespeople.
Review sales figures for your allocated accounts, identify improvement areas, engage with sales reps to validate issues, collaborate to find a solution, and establish new methods to boost sales.
Direct sales reps to potential new clients and guide how to best establish a relationship with them.
Participate in scheduled training programmes to assist salespeople in developing the appropriate sales tactics, abilities, and knowledge.
Fill out forms, create reports, and enter data into spreadsheets as part of your administrative responsibilities.
Prepare sales reports for all of your allocated accounts, including all aspects of the sales reps’ performance and sales data, to be delivered to the director of sales.
When clients want it, interact with them to ensure that they are content and that all issues are dealt with swiftly and efficiently.

Importance of Relationship Building and Negotiation

As a sales account manager, it’s critical to establish excellent relationships with clients so that they develop trust in the organisation, which leads to long-term relationships. Account managers must be adept at connecting with people of various personalities for clients to have a positive experience with the company.

When sales account managers deal with clients to establish or renew a contract, they must be skilled negotiators to persuade them to purchase certain services that the company provides. One of their main objectives is to use their bargaining talents to generate exceptional sales that reward both the client and the organisation.