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Discussion: Importance of Managerial Accounting Significant posts are at least 300 words and require some information from the text, academically reviewed papers, some significant commentary that requires knowledge of the subject matter, a web link to an article or other sources in order to be accepted 3 post required to a student comment , attached below and should be at least 150 words and require some information from the text, academically reviewed paper, some significant commentary that requires knowledge of the subject matter, a web link to an article or other sources in order to be accepted. Provide appropriate APA in-text citations and references. Student-1 comment, Response required for below: Managerial accounting is critical in evaluating the internal financial matters of the users within the organization. They include product managers, executives, and any person who use the accounting data to make course-changing decisions. It deals with future projections and helps the organization to make decisions to improve productivity. An increase in productivity may lead to increased revenue and profits. For managerial accounting purposes, organizations need to consider both the non-financial and financial information for decision-making purposes. Managerial accounting can also be used for planning and control purposes. Organizations can use planning to implement ideas based on tedious research conducted over the years. Planning can be used to create goals and communicate those goals to the entire staff and executives of the organization. Planning can be achieved through the budgeting process. Budgeting allows organizations to set funds for various tasks in the future. These financial allocations allow the organization departments to receive those funds and turn them around for implementing the plans. The control process involves checking whether those planned financial allocations have worked as planned.  The controller in the organization is tasked with the responsibility of managing the accounting-related office staff. Managerial accountants prepare accounting information that is useful for decision-making in the organization. The managerial accountant reports directly to the controller in most of organizations. Managerial accounting is different from financial accounting where the emphasis is on the historical data and providing information to the public. Financial accounting follows the US Generally Accepted Accounting Principles (U.S. GAAP) and provides an overall picture of the organization. Managerial accounting is applicable irrespective of the size of the company. Shelleman (2016) discussed managerial accounting in micro-SMEs where the author conducted a sample survey and provided its important role in the organization planning and execution. Reference: Shields, J., & Shelleman, J. M. (2016). Management Accounting Systems in Micro-SMEs. Journal of Applied Management & Entrepreneurship, 21(1), 19–31.   Student-2 comment, Response required below: Managerial accounting as a “decision-making tool” always plays a crucial role in taking big steps with wise decision-making processes and strategies. It assists to understand various factors to predetermine and evaluate the current and future problems and to find out a solution for them. It also helps in understanding the capital budgets for creating effective revenue-generating projects. If we talk about the managerial accounting tools there are many to name and a few are capital budgeting, financial analysis, costing, distribution analysis, etc. These tools help in assisting the organization from the perspective of analyzing its overall financial information and trade transactions. Managerial accounting attributes to draw very sounding and accurate information by collecting data for economic and share market conditions and evaluate critical aspects that determine to take a wise decision that benefits the organization. In an article author Pekar (2017) has described how online companies over the internet are becoming an attractive topic for doing market analysis and a hot spot for private businesses. The articles help us to understand the disadvantages of using old evaluation techniques for finding out the worth of a company with a real-time comparison of the market value. Also, it concludes that using the new economic specific managerial accounting evaluation techniques it is easy to identify many conversion aspects which further help to understand the actual valuation of the company. In another article one of the authors has described how we can go with a systematic approach to understand managerial accounting for a company. He is further describing a few factors which are of utmost importance to describe the structure of such an approach which produces: Transformation, Self-Adjusting, The Principle of Totality. When we refer to the plus value creation, the total value would be more than the sum of the parts (Cristian, 2014). Therefore, in order to achieve the goals of each targeted system, the important source of data and information is the accounting management.   References: Cristian, D. (2014). The Importance of Managerial Accounting in Managerial Accounting System. Analele Universitatii Maritime Constanta, 15(21), 173–176. Pekař, J. (2017). Importance of Managerial Accounting from High Growth Online Company Valuation Perspective. European Financial & Accounting Journal, 3, 129–144. Student-3 comment, response required below: Managerial accounting impacts various areas of the business such as finances, performances and cost management if implemented properly. To understand the importance for the business, Manufacturing industry and cost optimization has been discussed briefly. In manufacturing industry, managerial accounting could improve performance by more streamlined cost and resource allocation. For effective utilization, areas of best performance are identified systematically, and more resources and cost would be allocated based on better returning areas. It also helps on increase capital by reducing spending on weak sectors. Additionally, manufacturing industries usually opt for periodic budgeting practices which is also an extension of the identifying best performers and improve future budgeting for those segments. Moreover, implementation of the Managerial accounting emphasizes on CVP analysis in manufacturing industry which is essential especially for the major investments (Waihenya, C. , 2018). To realize all the benefits of managerial accounting practices, various tools are being used in different industries. Studies have been done on utilization and effectiveness of different tools to understand profitability, fixed expenditure, and break-even costs of the business operations. These tools can be applied to almost all sizes and scales of the business. In manufacturing industry, tools such as work in progress products and inventory analysis are essential part of the accounting in terms of capital allocation and business forecasting. Another important aspect is strategy in finance and costing. Strategies provide optimum financial resource allocation in parallel with access resources dedicated to investing in new avenues for the business growth and operation improvement projects (Wong, I. , 2018). After reviewing above research material and examining other studies, it can be evidently seen that managerial accounting plays an important role in improving overall financial decision-making process in different industries which eventually results in future readiness and better financial practices throughout the organization. Further studies can be done in establishing new costing strategies and tools as well as improving existing methods based on business needs to further enhance benefits of this practice.   Reference Waihenya, C. (2018). Effects of Managerial Accounting Practices On Financial Performance: A Case of Manufacturing Firms in Industrial Area, Nairobi (Doctoral dissertation, United States International University-Africa). http://erepo.usiu.ac.ke/xmlui/bitstream/handle/11732/4543/CONSOLATA%20WAIHENYA%20MBA%202019.pdf?sequence=1&isAllowed=y Wong, I. (2018). Managerial Accounting Strategies for Optimal Costs. https://doi.org/10.15760/honors.604