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RIJBFA Volume 1, Issue 4(April 2012) ISSN: 2277 – 100X

A Journal of Radix International Educational and

Research Consortium

RIJBFARADIX INTERNATIONAL JOURNAL OF

BANKING, FINANCE AND ACCOUNTING

DECISION MAKING AND THE ROLE OF MANAGEMENT ACCOUNTING

FUNCTION – A REVIEW OF EMPIRICAL LITERATURE

Fitsum Kidane (Phd. Research scholar), Lecturer in Accounting and

Finance College of Business and Economics

Mekelle University

Mekelle, Ethiopia

ABSTRACT

This study examines decision making and the role of management accounting function in a business

organization. Using the review of literature, I identify management accountants perform a wide variety

of tasks. Only a part of management accounting activity is directed at performance improvement.

Some of the activities they perform are related to the statutory reporting requirements of the

organization. Some of these are related to the operational requirements of the finance function itself

such as processing transactions receiving money and paying bills. Literature foresees new

management accounting techniques and changes in organizational and business environments ha i g a

huge i pact o a age e t accou ta ts’ roles, yet e pirical evidence on fundamental shifts in these roles

remains relatively scarce.

Journal of Radix International Educational and Research Consortium

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KEYWORDS

Decision making, management accountant, management accounting

INTRODUCTION

Accounting can be defined as "the process of identifying, measuring and communicating economic

information to permit informed judgments and decisions by users of the information" (Hogget and

Edwards, 1987). The information in accounting systems relates mainly to financial data about business

transactions, which is presented in monetary terms. In addition to presenting financial information

about past transactions, the accounting system enables to generate forecasts and predictions as an aid

to decision making.

Accounting is sometimes efe ed to as the la guage of usi ess . It offe s a ediu through which the

marketing, production, human resources and other impacts of a decision may be reflected in monetary

terms. This indicates the way in which most companies use accounting and finance as an integrative

function to show the combined consequences of a proposed course of action on the firm's financial

situation.

The American Accounting Association formulated the definition of Accounting as the process of

identifying, measuring, and communicating economic information to permit informed judgments and

decisions by users of the information. Accounting is a language that communicates economic

information to people who have an interest in an organization- managers, shareholders, potential

investors, creditors, government and the employees. The accounting literature identifies quite a

number of specialized fields of accounting. Among them, financial accounting is the original field of

accounting. Its main purpose is to record transaction details in monetary terms and


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prepare financial statements and reports in accordance with GAAP. The other part of accounting, Management accounting provides necessary information to assist management in decisions making and management control.

Management accounting provides necessary information to assist management in decisions making

and management control. The Chartered Institute of Management Accountants (2001) describes

Management Accounting as: - the application of professional information in such a way as to assist the

management in the formation of policies and in the planning and control of the operations of the

undertaking. Management accounting has been considered as an integral part of the management

process, and management accountants have been visualized as important strategic partners in an

organization's management team. Hilton (1999) states that the management team seeks to create value

for the organization by managing resources, activities, and people to achieve organizational goals

effectively. To this end, managers require information which is utilized in the decision making process

and in controlling operations. Management accounting thus serve management in providing the needed

data and information, including advice and recommendations. Although there is no

o o l a epted defi itio of a age e t a ou ta t , fo the pu poses of this

study, I use the term to refer to all people who report directly or indirectly to the finance function of an enterprise.

OBJECTIVE OF THE STUDY

The main objective of the present study is to identify the types of managerial decisions and the role of management accountant in decision-making process in a business organization.


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RESEARCH METHODOLOGY

The source for the data is entirely from secondary sources i.e., from books, published and unpublished journals, related websites in the internet, and other documents that are related to the topic under study.

LITERATURE REVIEW

DECISION MAKING

Decision making is a fundamental part of management. Before discussing what

decision-making is, let us discuss what decision is, because decision-making is a

p o ess of de idi g. Colli s defi es de isio as the a t of aki g up o e s i d

by collecting, sharing and gathering significant ideas from different sources. Moreover,

Lo g a defi es that de isio as a hoi e o judg e t that ou ake afte a

pe iod of dis ussio o thought . Lo g a s defi itio is e lea ut it gi es ise to a

question on the definition of deciding or decision-making. In the end decision-making is to make a choice or judgment about something, especially after a period of not knowing what to do or in way that ends in disagreement (Alam, 2008).

Moreover, Fullan (1982) asserts that decision-making is the process of identifying and choosing

alternative courses of action in a manner appropriate to the demand of the situation. The act of

choosing implies that alternative courses of action must be weighed and weeded by sharing. Fremount,

et, al,. 1970 defined decision-making as the o s ious and human process, involving both individual and

social phenomenon based upon factual and value premises, which concludes with a choice of one

behavioral activity from among one or more alternatives with the intention of moving


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toward some desired state of affai s . It ep ese ts a ou se of eha io o a tio

about what must or must not be done (Herbert, 1960). Decision making is the selecting of action from

among alternatives to achieve a specific objective or solve specific problem (Donald, 1963). The art of

decision-making provide us a variety of approaches, methods and techniques helpful and useful for

making high quality of decision. A decision maker, as an individual, or as a member of formal

organization with his own philosophy and perception of the organization, selects for optimizing values

within the constraints imposed by the organization (Varshney, 1997).

Decision-making and its role in organizations can be viewed in a number of ways. Kreitner (1999) believes good management can be defined in terms of good

oo di atio of a o ga izatio s e plo ees. Mulli s , Moo head a d G iffi

(2000) posit that decision making is one of the first and a crucial step in management. Criteria of

decision and its nature vary in terms of kinds and types. Decision-making is the backbone of

administrative functions. This is because decisions direct actions (Marvin, cited in Igwe, 1995). Good

and effective decisions can only be made when right information is made available at the right time to

the right recipient. Johnson, Newell and Vergin (1972) stated that information for decision-making is

dynamic; therefore, it needs to be constantly up-dated. Decision-making, itself, is a dynamic process

(Harrison, 1995; Daft, 1983). Managers need continuous flow of information in order to make

appropriate decisions. Decision-making efficiency of managers can therefore be greatly enhanced by

the quality of information they are able to utilize in decision-making.

Right decisions give direction for a right course of action. Daft (1983) stated that when an organization is designed to provide correct information to managers, decision processes work extremely well and tasks will be accomplished. However, when


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information is poorly designed, problem-solving and decision processes will be ineffective and managers may not understand why.

An individual or multiple participants that are involved in decision-making can be called decision

makers. Individual decisions can be made by a computer or a single person meanwhile the multi

participant decision makers can be divided into unilateral and negotiated decisions. In the first one,

which is also called team decisions, one of the participants has the power to decide. The others

although, can highly influence how the decision will look like. In negotiated decisions the participants

share the authority of making a decision. This type distinguishes between group decisions where the

participants have nearly equal authorities and discuss their different viewpoints in various meeting and

organization decisions. In the latter one the authority of making a decision is unequally shared

according to the organizations hierarchy and the coordination between the decision participants is

highly structured.

Classification of decisions

From the descriptive model of the basic features and assumptions of the management accounting

perspective of business, it is easy to recognize that decision-making is the focal point of management

accounting. The concept of decision-making is a complex subject with a vast amount of management

literature behind it. How businessmen make decisions has been intensively studied. In management

accounting, it is useful to classify decisions as:

1. Strategic and tactical

2. Short-run and long-run


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Strategic and Tactical Decisions

In management accounting, the objective is not necessarily to make the best decision but to make a

good decision. Because of complex interacting relationships, it is very difficult, even if possible, to

determine the best decision. Management decision-making is highly subjective.

Whether a decision is good or acceptable depends on the goals and objectives of management. Consequently, a prerequisite to decision-making is that management

has set the o ga izatio s goals a d o je ti es. Fo e a ple, a age e t ust

de ide st ategi o je ti es su h as the o pa s p odu t li e, p i i g st ateg , ualit

of product, willingness to assume risk, and profit objective.

In setting goals and objectives, it is useful to distinguish between strategic and tactical decisions.

Strategic decisions are broad-based, qualitative type of decisions which include or reflect goals and

objectives. Strategic decisions are non quantitative in nature. Strategic decisions are based on the

subjective thinking of management concerning goals and objectives. A strategic decision is one which

is made during a current time but whose primary effect will be felt during some future time. Strategic

decisions affect organizational structure and objectives. Strategic decision cannot be delegated lower

than a particular level (March, 1988).

Tactical decisions are tactical in nature and called routine decision. They are important repetitive need

little thoughts with few alternatives. The decision are taken up by middle and first line managers and

do not involve any higher risk or uncertainty. Tactical decisions support and compliment

organizational strategy. The tactical decision may be delegated to lower levels in the organization.

Moreover, what might


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be strategies decision for one organization may be tactical decision for another? (Prasad, 1997)

Tactical decisions are quantitative executable decisions which result directly from the strategic

decisions. The distinction between strategic and tactical is important in management accounting

because the techniques of management accounting pertain primarily to tactical decisions. Management

accounting does not typically provide techniques for assisting in making strategic decisions.

Once a strategic decision has been made, then a specific management tool can be used to aid in

making the tactical decision. For example, if the strategic decision has been made to avoid stock outs,

then a safety stock model may be used to determine the desired level of inventory.

The classification of decisions as strategic and tactical logically results in thinking about decisions as

qualitative and quantitative. In management accounting, the approach to decision-making is basically

quantitative. Management accounting deals with those decisions that require quantitative data. In a

technical sense, management accounting consists of mathematical techniques or decision models that

assist management in making quantitative type decisions.

Short-run Versus Long-run Decision-making

As stated above, decisions can be grouped into short- and long-term decisions. It is necessary to consider decisions from both perspectives. Drury (2000) defined the short-term is usually as being one year or even less. In short-term decisions the


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importance of the time value of money is low. These decisions are mainly based on toda s data. “ho t-

term decisions can usually be changed easily as opposed to long term ones. Operating activities

encompass what managers must do to run the business on a day-to-day basis. Operating decisions for

manufacturing companies include whether to accept special orders, how many parts or other raw

materials to buy ( or whether to make the parts internally), whether to sell a product or process it

further, whether to schedule overtime, which products to produce, and what price to charge. Other

operating decisions affecting all organizations include assigning tasks to individual employees,

whether to advertise, and whether to hire full-time employees or to outsource.

Long-term decisions have effects on longer periods of time. Consequently, such de isio s de a d a fi s esou es fo a lo ge episode of ti e. “u h de isio s a

influence future decisions and can have an impact on long-term potentials. Strategic planning

addresses long-term questions of how an organization positions and distinguishes itself from

competitors. Long-term decisions about where to locate plants and other facilities, whether to invest in

new state-of-the-art production equipment, and whether to introduce new products or services and

enter new markets are strategic planning decisions. Strategic planning also involves the determination

of long-term performance and profitability measures, such as market share, sales growth, and stock

price.

MANAGEMENT ACCOUNTANT’S ROLE IN DECISION MAKING

The decision making process can be looked at as a group of people (decision makers, agents, actors) trying to decide on the correct actions to achieve goals using


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information about the results of past actions. It is clear that management accountants have - as they've

always had - a significant contribution to make at each stage of the decision-making process (see

figure 1.1below). This is good news for financial managers who have technical know-how, understand

the business and use good communication and influencing skills.

The decision-making process can be characterized by the following (Peter Simons, 2007):

Decision-making is not the end of the process. It extends through to achieving results and is a continuous process.

Accountants contribute to the strategic planning and enterprise governance framework (the CIMA Strategic Scorecard}, which articulates the business's competitive position and objectives,

Individuals' personal contexts and attitudes can impair decision-making, but business partners can address this problem by championing evidence-based decision-making.

Business partners can help to "frame" a decision, provide management information, and contribute insights and analyses alternatives to help the decision maker.


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Figure 1.1: depicts the six steps in the decision process, and the relationship between quantitative and qualitative analysis

1. Clarify the decision

2. Specify the criterion

Management accountantQuantitative 3.Identify the alternatives

AnalysisParticipates as part of

Cross-functional

management team

4.Develop a decision model

Primarily the

Responsibility of the

Managerial5.Collect the data

Accountant

Qualitative considerations

6. Make a decision

Source: Adapted from Hilton et al., 2008


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The a age ial a ou ta t s ole i the de isio -making process is to provide data

relevant to the decision. Managers can then use these data in preparing a quantitative analysis of the

decision. Qualitative factors are considered also in making the final decision. In order to be relevant to

a decision, a cost or benefit must: (1) bear on the future, and (2) differ under the various decision

alternatives.

Tasks of managerial accountants

In business organizations, accountants have remained to be primary providers of financial data and

analytical reports on which managers rely to pass decisions. The paper by M. Newman, C. Smart and

I. Vertinsky (1989) suggest that major tasks of management accountants are score-keeping and

maintenance of financial records for internal and external users. However, in 1995 R. Kaplan

identified new tasks and roles for management accountants. Kaplan (1995) proposes that in the future

management accountants would be involved in formulating and implementing corporate strategy and

designing organizations management information systems. Similarly, Cooper (1996a, 1996b) argues

that management accountants need to develop skills in systems design and implementation, change

and strategy management as well as in cost management.

The role of the Management Accountant in particular, has become more important, not only in the

corporate level, but also at the national level, and even more importantly, at the international level.

Management accountants have long played multiple roles variably described as scorekeeping,

attention-directing, and problem-solving roles (Simon, Kozmetsky, Guetzkow & Tyndall, 1955).

Whereas scorekeeping and attention-directing roles typically focus on compliance reporting and

control-type issues respectively, the problem-solving role centers on providing business unit managers

with relevant information for decision making (Hopper, 1980). These roles respectively match two

commonly held images of the typical accountant: the bean


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counter and the business partner (Friedman & Lyne, 2001; Granlund & Lukka, 1998; Vaivio, 2006; Vaivio & Kokko, 2006).

Two roles played by the management accountant are commonly highlighted: the role of bookkeeper

and the role of decision-making facilitator (Emsley, 2005; Hopper, 1980; Indjejikian & Matejka, 2006;

Sathe, 1978; 1982; 1983). Each of these roles may be associated with both benefits and risks (Sathe,

1983). The bookkeeper management

a ou ta t ust e su e that the fi a ial data of a usi ess u it is fai a d that

i te al o t ol p a ti es o pl ith p o edu es a d the o pa s poli (Sathe,

1983: 31). The benefit tied to the bookkeeper is that this role ensures accurate information and financial reporting about an entity and its activity (Maas & Matejka,

. The isk is that the ookkeepe a e see as a outside , the e aking

a efo e the fa t o t ol diffi ult to a hie e “athe, . The ole of aidi g

decision making makes mid-level operational managers the primary clients of

a age e t a ou ta ts. He e, the a ou ta t s ai task is to p o ide a age s

with data required for self-control (Hopper, 1980: 402). The benefit associated with this style of management accounting function is its contribution to business decision

aki g G a lu d & Lukka, . Ho e e , the a age e t a ou ta t s

involvement can also stifle operational management initiative and creativity (Sathe, 1983).

In particular, it was speculated that management accountants would become full members of

management team and regain a central role in performance management (Couto et al, 2005; IBM

Business Consulting Services, 2004; Kaplan, 1995). In the wake of the publication of the Johnson and

Kaplan book, a number of new tools were proposed including Strategic Cost Management, Activity

Based Costing, EVA and the Balanced Scorecard. However a strong argument can be made that

changes in management accounting practice so far have not been significant.


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The role of Management Accountant in a corporate world is closely involved in supporting, planning,

controlling, directing, communicating and coordinating with the decision-making activities.

Specifically, the role of management accountant in an organization is to support the information needs

of management. However, the type, size, structure, and form of the organization can affect the

complex role of management accountant (Kariyawasam, 2009). Management accountants were not

participants in the decision-making process but provide the information that can highly affect the

decision within the organization because they are the keepers of financial records.

The capacity for implementing change due to resource availability, supporting investment in new

technology, retaining and restructuring as part of adaptation of new roles for the management

accountant are part of the evolution (Cooper and Dart, 2009). The evolution of the role of a

management accountant defines its broad and deep responsibility. The accountant has the authority to

tell the executives about the information she or he gathered for over the years and expected to suggest

ways to improve the quality of the de isio “iegel a d “o e se , . The a ou ta ts credentials and skills are

needed for their own success as well as the organization. The communication, oral, written, and

presentation skills are highly appreciated by the business leaders to help them understand the financial

reports and react on it. Accountants have the ability to work in different surroundings and with a team

can make them have a solid understanding about the corporate accounting. And understanding the

business transactions can make it easier for an accountant to provide fruitful information (Siegel and

Sorensen, 1999).

The a age s i Pie e s a d O Dea s su e e phasized also tea o k.

Management accountants should work as a member in the management team and be

considered by him/herself and other managers as business managers with special


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knowledge in accounting and finance. I additio , pie e a d O Dea suggest

that future management accountants need not only knowledge of accounting and finance but also knowledge of the o pa s usi ess espe iall u de sta di g of production and sales activities.

In his research, Leonard (1950) explains the extent to which cost analysis is a major role of the

management accountant. The management accountant devotes a large share of his time in determining

what cost should be at a given level of output and then analyzing why, in fact, that target cost was not

achieved. An effective cost control program is usually built around the management accountant's

reports and summaries of operating data, and management's corrective action taken as a result of

studying these reports and summaries. Thus, cost control is the responsibility of both of the

management accountant and management. The management accountant is responsible for the

recording and reporting phase of cost control, while management is responsible for taking corrective

action (Crossman, 1953:25).

Accountants prepare and submit to management progress reports that summarize activities to show

how efficiently various divisions are performing. By comparing actual results with the budget

amounts, they identify areas of deviation where problems may be developing. They then provide feed

back or information about current performance designed to encourage needed changes (Rayburn,

1993:4). In cost-benefit analysis accountants undertake detailed analysis of the benefits and costs of

alternative course of actions. The manager then selects the optimal alternative that benefits his/her

organization. The alternative chosen depends on the manager's beliefs about the future events, the

accountant's forecasts or estimates, and the manager's feelings about the various outcomes. In deciding

what to forecast or estimate, Lere (1991) considers two issues: identifying the forecasts and estimates

that are relevant to the


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decision being made and selecting the forecasts and estimates that has potentially the greatest benefit over the costs.

CONCLUSION

This paper has provided in depth insights into the decision making and role of management accountant

in a business organizations. The role of an accountant is diverse and critical. They can affect the

decisions that the business leaders are going to create. They can also keep their eyes tracked in any

changes that might happen while the decision has bee i the p o ess of assi ilatio . A ou ta ts jo is oad a

d complex but still, those individuals can handle the presence of the pressure. The change of their role

in a management is another type of approach where they can manage the challenges brought by the

globalization and the change in the world of business.

It has been established that the role of the management accountant in an organization is to support the information needs of management. The type, size, structure and form of ownership of the organization will influence the management role, and thus,

dete i e the o ple it of the a age e t a ou ta t s ole. “u h diffe e es i

size do not change the basic role of the management accountant, nor the basic work which he or she

does. However, the size of the organization may change the degree of formality or sophistication with

which the function is carried out, or the level of resources devoted to management accounting. But, the

management accounting function remains essentially the same.

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