Abstract
The purpose of the paper is to determine the role of modern effective tools for management accounting in the context of increasing the total value of the enterprise. The article deals with the basic tools of management accounting and details the essence of their transformation in modern conditions. Current market conditions require modification of individual management accounting tools and methods, which are described in detail and substantiated in the article. In Ukraine, the value of management accounting remains undervalued, because, unlike the major international accounting systems, the use of management accounts in correspondence with financial accounts is in no way intended. Management accounting as such is at the discretion of the enterprise. Therefore, this function - meeting the specific management information needs - is often entrusted with analytical accounting data which, by its very nature, cannot fully accomplish such tasks. The author specifies some atypical modern tools not only the management accounting process, but also its support. Business value estimation is presented as a kind of management accounting tool that allows, at the same time, to create reputation capital, and to become an element of it. As a result, the system of the newest management accounting tools in the system of value-based management was improved by determining the essence of transformation of its components, which allowed to establish their role in identifying and counteracting factors of negative influence in terms of growth of enterprise value. The research substantiates the role of each single up-to-date management accounting tool (application of modern e-document flow in management accounting, cost-oriented controlling, actuarial calculations, international accounts, electronic forms of analysis, forecasting and mathematical modelling, reporting forms and their dissemination by modern means of communication) in identifying and eliminating problematic factors to the implementation of value-based management.
Highlights
The globalization of the world economic space is posing more new challenges to management
The enterprise management and, information requests for management accounting should be aimed at increasing the total business value, i.e. to become value-based
The process of dissemination of management accounting in Ukraine is faced with a lack of understanding of the basic methods and tools of individual managers of the enterprise
Summary
The globalization of the world economic space is posing more new challenges to management. Management's information needs often go beyond the basic indicators of financial reporting or macroeconomic statistics and contain a significant component of management accounting data. Management accounting by itself is left to the discretion of the enterprise. This function – meeting the specific information needs of management – is often entrusted to the data of analytical accounting, which in essence cannot implement such tasks in full. One of the features of the modern market is its financial and investment orientation: the performance of conducting business is assessed by indicators of profitability or cost-efficiency and from the standpoint of the state of the enterprise in a competitive environment, the level of its capitalization. The enterprise management and, information requests for management accounting should be aimed at increasing the total business value, i.e. to become value-based
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