The task of accountants is to ensure that public and private institutions and companies are properly managed, document their financial records, and that these records are realistic. The accountant performs this task through what is known as management accounting, government accounting, public accounting, and internal auditing,
What is management accounting:
It is one of the branches of accounting, which is one of the social sciences and management accounting is that financial management in the establishment that helps the management in making decisions, whether financial or quantitative decisions, decisions on increasing investment or financing, establishing a new branch or production line, or investment expansions through acquisitions mergers and it is based on Financial and non-financial data and its functions are the same as those of management in terms of planning, direction, supervision and control,
Planning: to work and set up prior mechanisms for the management accounting system and also set specific goals that the management is required to implement to achieve the desired goal
Guidance: by advising the management and providing it with data that helps it in making decisions
Coordination: Coordinating efforts between different departments and coordinating efforts between different departments
Supervision: overseeing the implementation of plans, objectives and strategies
Control: through follow-up, feedback or analysis of deviations and taking corrective actions on some matters that require attention.
The financial accountant is responsible for directing and registering in the accounting program, and in the end, preparing the financial statements for internal and external parties. As for the management accountant, his task is internal, as he provides the management with financial data and recommendations for the purposes of making financial decisions as well as operational ones such as Make or Buy.