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Books on Management Accounting

Management accounting is the process of evaluating and developing business processes that create a financially secure organization. It includes budgeting and forecasting and involves analyzing both historical data and projecting future results. Common management accounting titles include staff accountant, Chief Financial Officer (CFO), Controller and Treasurer; however, this type of accounting affects everyone and understanding how it works is a good way to understand why certain managerial decisions are made. Books on management accounting are a good way to self-educate.
  1. History

    • Historical knowledge in the field of management accounting can provide you with precedent and save you time from trying failed processes. "Relevance Lost: The Rise and Fall of Management Accounting" edited by Thomas H. Johnson provides an overview of management accounting in American business.

    Introduction

    • Not everyone who needs to understand the basics of managerial accounting has time to earn a degree in accounting. Books like "Schaum's Guideline of Managerial Accounting" by Jae K. Shim give you a quick overview on the topic along with examples and practice problems and solutions. This book is also a good reference when new financial situations arise as the business grows. "The Essentials of Finance and Accounting for Nonfinancial Managers" by Edward Fields is written to facilitate a layman's understanding on the subject.

    Industry Specific

    • Many industries face unique accounting challenges. Addressing those challenges requires specialized knowledge, hence to popularity of industry-specific management accounting books. "Accounting and Financial Analysis in the Hospitality Industry" by Johnathan Hales and Hubert B. Van Hoof addresses concerns of hotels and restaurants. "Accounting and Financial Management for Residential Construction" by Emma S. Shinn provides contractors, builders and remodelers with construction-specific guidelines, such as how to deal with project management and scheduling. The book "Healthcare Finance: An Introduction to Accounting and Financial Management, Fourth Edition" by Louis C. Gapenski handles the subject of managerial accounting from a healthcare perspective.

    Just In Time

    • One of the most well-known management techniques for controlling cost in manufacturing is Just-in-time manufacturing (JIT). JIT is based on ordering materials as needed and producing inventory when ordered rather than tying up resources in warehousing products. The process saves warehouse space and funds that are tied up in the purchase of materials that have not been sold yet and reduces the amount of goods than may end up written off the accounting books as obsolete. Read "Just-in-Time Accounting: How to Decrease Costs and Increase Efficiency" by Steven M. Bragg to learn more.

Nonfiction

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