Assignment Brief

BA (Hons.) International Business & Finance

Academic Year 2018-19
Module Information:
Qualification: BA (Hons.) International Business & Finance

Module Code & Title: BAIBF 10022Strategic Performance Management

Assignment Title: Individual Report

Component Weighting: 30%

Date of Issue:05-04-2019 Due date:22-04-2019, 5 PM

To be filled by the student:

Student ID:

Date of Submission:

*All work must be submitted on or before the due date. If an extension of time to submit work is required, a Mitigating
Circumstance Form must be submitted.

Has an extension been approved? Yes No

If yes, please provide the new submission date ….…/.…./……., and affix appropriate evidence.

First Marker: Second Marker:

Agreed Mark: Refer: Yes / No

General Guidelines
1. A Cover page or title page – You should always attach a title page to your assignment. Use
previous page as your cover sheet and be sure to fill the details correctly.
2. This entire brief should be attached in first before you start answering.
3. All the assignments should be prepared using word processing software.
4. All the assignments should print in A4 sized paper, and make sure to only use one side
printing.
5. Allow 1” margin on each side of the paper. But on the left side you will need to leave room for
binding.
6. Ensure that your assignment is stapled or secured together in a binder of some sort and send
the Softcopy of your final document to assignment.bahons2016@gmail.com
7. The submission of your work assessment should be organized and clearly structured.
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4. Use footer function on the word processor to insert Your Student ID, Name, Subject, Module
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Important Points:
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submissions will not be accepted.
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3. Don’t leave things such as printing to the last minute – excuses of this nature will not be
accepted for failure to hand in the work on time.
4. A printed version of the assignment needs to be submitted physically along with
ansoftcopymailed to the email mentioned above on or before the stated deadline.
5. You must take responsibility for managing your own time effectively.
6. If you are unable to hand in your assignment on time and have valid reasons such as illness,
you may apply (in writing) for an extension.
7. Non-submission of work without valid reasons will lead to an automatic REFERRAL. You will
then be asked to complete an alternative assignment.
8. Take great care that if you use other people’s work or ideas in your assignment, you properly
reference them in your text and any bibliography, otherwise you may be guilty of plagiarism.

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
 Statement of Originality and Student Declaration

I hereby, declare that I know what plagiarism entails, namely to use another’s work and to present it
as my own without attributing the sources in the correct way. I further understand what it means to
copy another’s work.
1. I know that plagiarism is a punishable offence because it constitutes theft.
2. I understand the plagiarism and copying policy of the University of the West of Scotland.
3. I know what the consequences will be if I plagiaries or copy another’s work in any of the
assignments for this program.
4. I declare therefore that all work presented by me for every aspect of my program, will be my
own, and where I have made use of another’s work, I will attribute the source in the correct
way.
5. I acknowledge that the attachment of this document signed or not, constitutes my agreement
on it.
6. I understand that my assignment will not be considered as submitted if this document is not
attached to the attached.

Student’s Signature: Date:

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
TASK I

The role of management accountant today in a computerized environment and challenges in future

Total word Limit: 2500

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
ROLE OF MANAGEMENT ACCOUNTANT
TODAY IN A COMPUTERISED
ENVIRONMENT

MANAGEMENT ACCOUNTANT
Management accountants aid managerial planning and commercial decision-making tasks by
providing appropriate financial information and undertaking related accounts administration.

Management accountants are key figures in determining the status and success of a company.
Some choose to become a Certified Management Accountant (CMA), a similar credential to
CPA, but with a greater focus on cost accounting, financial planning, and management issues.
Management Accountant is an accountant who helps managers decide how to make profits or
to save money by examining information relating to the costs of
running a business and analysing how much the profit different parts of thebusiness are
making. Management accountants have a great experience of
the business planning processes.

The role of the management accountant is to perform a series of tasks to ensure their
company’s financial security, handling essentially all financial matters and thus helping to
drive the business’s overall management and strategy.

Management accountants look after a company’s accounts. They advise managers about the
financial implications of business decisions to aid growth and profit.

Responsibilities of the job include:

 preparing reports, budgets, commentaries and financial statements

 undertaking financial administration and internal audits

 liaising with managerial staff and other colleagues

 supervising a team of accounting technicians

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
 developing and managing financial systems/policies

 negotiating and obtaining finance for major projects

 controlling and forecasting income and expenditure

 creating business strategies to generate shareholder value.

Opportunities to work overseas may be offered by some employers. With experience (at least
five years), management accountants can work their way up to senior roles such as financial
controller, finance director, or the CFO of a company.

NEED FOR COMPUTERISED MANAGEMENT

ACCOUNTING
Its need arises from the benefits of speed, accuracy and lower cost of handling the business
transactions. Also, it has the capability to record a large number of transactions with speed and
accuracy. It allows quick and quality reporting because of its speed and accuracy. Manual
accounting system requires large storage to keep accounting records, and vouchers. The
requirement of books and stationery and books of accounts along with vouchers and documents
is dependent on the volume of transactions. There is a need to reduce the paperwork and
dispense with a large volume of books of account. This can be achieved working with the help
of computerized accounting system.

Features of Computerized management Accounting Environment

This Accounting System and its awareness among entities have become a necessity in the
present environment. Businesses of whatever field and size are shifting from the practice of
maintaining accounts manually. The manual process is more time-consuming and exposed to
human error.

Storage and retrieval of data and generation of a report cannot be ensured in real time in the
traditional system. There is a need to shift to computerized accounting systems. They have
empowered business to project accurate information of financial performance.

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
 1. Simple and Integrated: It helps all businesses by automating and integrating all the
business activities. Such activities may be sales, finance, purchase, inventory, and
manufacturing etc. It also facilitates the arrangement of accurate and up-to-date business
information in a readily usable form.

2. Accuracy & Speed: Computerised accounting has customized templates for users which
allows fast and accurate data entry. Thus, after recording the transactions it generates the
information and reports automatically.

3. Scalability: It has the flexibility to record the transactions with the changing volume of
business.

4. Instant Reporting: It can generate a quality report in real time because of high speed and
accuracy.

5. Security: Secured data and information can be kept confidential as compared to the
traditional accounting system.

6. Quick Decision Making: This system Generates real-time, comprehensive MIS reports
and ensures access to complete and critical information, instantly.

7. Reliability: It generates the report with consistency and accuracy. Minimization of errors
makes the system more reliable.

Advantages of Computerized Management Accounting

1. Better Quality Work: The accounts prepared with the use of computerized accounting system
are usually uniform, neat, accurate, and more legible than a manual job.

2. Lower Operating Costs: Computer is a reliable and time-saving device. The volume of
job handled with the help of computerized system results in economy and lower operating
costs. The overall operating cost of this system is low in comparison to the traditional
system.

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
3. Improves Efficiency: This system is more efficient in comparison to the traditional
system. The computer makes sure speed and accuracy in preparing the records and
accounts and thus, increases the efficiency of employees.

4. Facilitates Better Control: From the management point of view, there is greater control
possible and more information may be available with the use of the computer in
accounting. It ensures efficient performance in accounting records.

5. Greater Accuracy: Computerized accounting make sure accuracy in accounting records

and statements. It prevents clerical errors and omissions in records.

6. Relieve Monotony: Computerized accounting reduces the monotony of doing repetitive

accounting jobs. Which are tiresome and time-consuming.

7. Facilitates Standardization: Computerised accounting provides standardization of

accounting routines and procedures. Therefore, it ensures standardization in the
accounting records.

8. Minimizes Mathematical Errors: While doing mathematical work with computers, errors
are virtually eliminated unless the data is entered improperly in the system

What are important features of computerized accounting? Some important features of

computerized accounting are:

 Simple & integrated

 Accuracy & Speed

 Scalability

 Security

 Reliability

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
MANAGEMENT INFORMATION SYSTEM
A management accountant also involve in management information system. Management
information system is a set of processes that allows companies to move information through
their business operations. Business owners and managers use the information to make
decisions, among other things. The expanding variety and use of information technology—
particularly computers—allows companies to automate this critical business function.

Identification

Many tasks in the business environment involve the use of computers. Employees input data
in software applications and programs that allow other individuals to view the information.
Owners and managers rely on computers to access the information from the management
information systems

Features

Computers can process certain types of business data quicker and more accurately than
employees. Accounting and finance departments, for example, typically input data and allow
the computer and software application to generate reports based on the financial numbers.

Benefits

Using computers can restrict employee access to business or financial information in the
management information systems. Most computers or software applications require
usernames and passwords to access data. This prevents individuals from filtering or altering
information prior to review by owners and managers

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
WHY MANAGEMENT ACCOUNTANT IS ESSENTIAL IN
COMPUTER
In virtually every business, a computer is an essential tool for running the day-to-day
operations, enhancing productivity and communicating with customers, suppliers and the
public. Managers use computers for a variety of reasons, including keeping their teams on
track, budgeting and planning projects, monitoring inventory and preparing documents,
proposals and presentations. Managers need to understand not only the basic functions of the
corporate software tools used in the office but also the Internet and other external computing
tools that can improve the way they manage their departments.

Business Planning

Business planning can take up a lot of a manager's time, but computer programs make it
easier. From using email programs like Outlook or Google Mail to set appointments, tasks
and deadlines to using financial tools to develop budgets and project proposals, using
computers to plan the day-to-day activities of a business is essential. Managers also use the
Internet to research their industries, the competition and to look for ideas to help them create
plans to engage customers, win more business and succeed in the competitive world of
business.

Record Keeping

Managers keep track of a lot of information that is vital to the company's success. From
customer records to financial records to employee records, the data a company has to store
are seemingly endless. Using computers to store and manage documents, files and records
reduces the amount of physical storage a company needs and also allows managers to have
easy access to their files using simple document search methods. Additionally, by keeping
records, managers can easily share information about an employee's history and job
performance with other managers in the company.

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
Communication

One of the most common uses for computers in business is communication. Communication
is essential not only between employees but with customers as well. Many customer service
departments use computers to log service issues and make a record of their resolutions. Using
email and instant messaging programs allows employees to gather information from one
another that they need to complete their jobs. It also allows managers to delegate work tasks
and follow up on projects.

Document Preparation

For creating spreadsheets, presentations, memos and other corporate documents, computers
are essential in business. Managers need to have a basic understanding of common workplace
productivity software such as Microsoft Office, but specialized industries such as advertising
and marketing also require managers to work with more advanced programs like Adobe
Photoshop and Illustrator to create visual materials for clients.

FUTURE CHALLENGES
Management accountant profession should adapt to the recent changes in order to be
relevant and competitive in the near future. Generally, there are several factors that may
influence the transformation to the current state of the management accounting profession.
Prior study by the (Talhaet.al, 2010), factors that caused the changes include:

 Environment of Business – Globalization, Customer focus and Rapid changes in

technology
 Responses by business – Flattering hierarchical structures, World class
manufacturing, Cell type of layout, Business to Business, Business to the
Customers, Reduce the inventory costs and Value Chain
 Management Accounting tools - Benchmarking, Activity Based Costing,
Enterprise resource planning, Balance Scorecard, Target the Costing, Supply
chain management and Just in Time inventory.

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management
References
Bureau of Labor Statistics: Most Common Uses for Computers at Work
How to Use Software to Plan and Prioritize Projects
How to: Use Technology to Manage People
https://dictionary.cambridge.org

MOHAMMED NARSHIL
BAIBF 10019
Strategic Financial Management