Management accounting is a constantly evolving practice. But how is it changing? A recent report has highlighted the key factors driving the accounts departments at top corporates.
Four-fifths of respondents cite cost management as crucial to a company’s strategic goals, while three-quarters say the economic conditions in 2003 are prompting far greater interest in cost management and transparency.
But the willingness to adopt cost management tools, perhaps surprisingly, remains low. Budgetary procedures and ERP solutions take precedence, and if any cost management tools are adopted, they are invariably grown within the corporate.
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