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Changing Technology Due To Changing Manufacturing Environment

2157 words - 9 pages

1 Introduction

Today manufacturing environment is rapidly changing. Alteration stimulates the necessity of manufacturing companies’ owners and managers to make fast and smart decisions, going through the global variance of business, management, accounting techniques, high technologies and science. Management accounting destined to produce useful information about product cost, budgeting and performance report. There was significant influence in management accounting system because of changes, such as import tariffs reduction, employment practices and implementation of new practices. In order to succeed each company chooses its own way of guiding business through different ways of management accounting techniques. In the last few decades new tools and techniques of management accounting were developed through information and the latest manufacturing technologies. Investigation of new methods consequently became an occasion for partly losing the previous necessity of traditional techniques of management accounting system. The modern techniques like TQM (Total Quality Management), ABC (Activity Based Costing), JIT (Just in Time) were introduced and started to achieve popularity of usage among many manufacturing organizations. The presented assignment investigates either the traditional or modern methods of management accounting are useful in today’s era of global competition.
2 Main body

Modification at management accounting system became urgent owing to discontinuation keeping step with the last management philosophies and manufacturing technologies. That is why product costing, non-financial performance and capital investment appraisal were the cause for concern. Information Technologies were highly developed and management accounting processes had been partly automated. However, the drawback of management accounting proficiency with Information Technology skills was the cause of the deliberation of the field. The lack of knowledge about advantages of traditional management accounting praxis is exerted by the dimension of the company. It was observed that traditional tools such as cost standards, financial statement analysis, variance analysis and cost volume profit are widely used followed by CVP analysis, fund flow analysis and marginal costing. In Bangladesh the use of management accounting techniques either modern (about 30%) or traditional (over 45 %). Nevertheless, without further research it is impossible to prove whether the traditional or modern management accounting methods become useful in current manufacturing environment.
2.1 Benefits of traditional tools

Starting with traditional one, let’s briefly highlight the content of it. Traditional techniques involve standard costing, variance analysis, traditional budgeting and cost volume profit analysis. As long as these methods are used in manufacturing environment because of several benefits:
Firstly, one of the important elements of the management accounting by exception approach...

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