To make the best financial decisions, it’s important to have access to your financial data and be able to analyze it accurately. Managerial accounting is a type of accounting that helps teams set strategies and goals.
It is used for internal purposes only and does not have a set of standards to follow. Financial advisors, like CFOs, utilize managerial accounting to aid decision-making.
Some tasks managerial accountants perform include cost accounting, inventory turnover analysis, constraint analysis, budgeting, and forecasting.