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Summary: Strategic management accounting is usually done in larger companies, and it involves an accountant taking information and trying to analyze the impact of future decisions. Discover how companies use strategic management accountants in order to decide whether or not to make purchases with help from an accountant in this free video on strategic management accounting.
Spencer Cottam and Jeannine Smith work together at Account Team in Salt Lake City, Utah.read more
"I'm Spencer Cottam with Account Teams in Salt Lake City. We help people with their accounting problems and help them sort out some things that make their businesses run better. Today I want to talk to you about the role of strategic management accounting. Most people are not as familiar with this type of accounting and it's usually done in larger companies. A certified public accountant will usually look at all the records and determine what has happened in the past and try to analyze it. It's like a man sitting on a horse backwards and he sees where you've been but not where you're going. On the other hand the strategic management accountant, he takes information, he tries to analyze what future decisions, the impact of them, what the rate of return on the money is, whether to buy one piece of equipment or another and which is going to give you the most profit but not necessarily which one will work the best for your operations, and how to maximize your profits from your future decisions. You can get a CMA certification which is different than the CPA. A certified management accountant is able to analyze things as they apply to the future decisions where as a certified public accountant would analyze things that have happened and tell you how healthy you are up to now."
eHow Article: The Role of Strategic Management Accounting
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