Critically appraise the changing role(s) of management accountants Essay

Critically appraise the changing role(s) of management accountants - Essay Example It is obvious that as over the years business and corporate world has evolved and gone through many changes thus management accountants being part of this system would also face transformation in their roles. It is the versatility that is being demanded today therefore a professional cannot limit or restrict itself to its particular job. It is a fact that today management accountants face many challenges especially competition from other managers as they are performing multiple jobs. Therefore the aim of this report is to highlight how the corporate world has evolved over the years; how it demands changes in the role of management accountant and what are the factors that have contributed to these changed roles. As the business world changes so have the roles of professionals that are involved in it however some are the factors that have necessitated the changes in the roles of management accountant they are discussed as follows: A very rapid technological development is witnessed, use of computers and accounting and analytical software allows the management to keep record, provide information, issue reports and even perform analysis. These advanced software and ease in access to the internet management accountant to perform more sophisticated analysis and decision support activities. These software are often automated they just require data entry and have made accounting departments more of an information providers rather participators in the decision making. Therefore this advancement in technology requires the management accountant to modify their roles and gain some extra skills. Business world has seen exceptional rise in competition different strategies and steps are taken to respond and sustain in the market. The major focus of the organizations has been on increasing the production and quality of the products and services that they provide. This shift in priorities