Case Assignment Essay examples

The purpose of this paper is to recommend how to implement a world-class managerial accounting and reporting system. My employer has indicated the current system is not working and profits are down.

The first step in implementing a new managerial accounting system is to develop a balanced scorecard. The scorecard uses critical success factors that lays out a strategy map to be used in a company’s success (Blocher, Cokins, Juras, & Stout, 2013). By measuring profitability, market value, quality, service, low cost, efficiency, effectiveness, as well as the ability to develop and utilize resources, a company can successfully achieve its goals. With the development of the scorecard, comes the strategy map. The strategy map links all of the scorecard components together in order to have a better understanding of how improvements to one area contributes to the goals of other areas (Balanced Scorecard Institute, 2014). For example an increase in knowledge and skills increases process eficiency which lowers the cycle time, thus lowers wait time, improves customer retention and finally increases revenue (Balanced Scorecard Institute, 2014). The balance scorecard has helped many companies achieve goals and be competitive.
Douglas County, Colorado needed a way to “translate the high level goals and results that they had developed under the Policy Governance model into operational terms and activities” (Balanced Scorecard Institute, 2014). By implementing the balance scorecard, Douglas County has been able to strategically “align” their organization from employees to management (Balanced Scorecard Institute, 2014). Another success story is with Mecklenburg County, North Carolina. The county was struggling with ways to control costs for its residents while experiencing across-the-board cuts. By implementing the balance scorecard, Mecklenburg County has been able to focus on its residents while being more transparent and accountable. According to County Manager Harry Jones, “Using the balanced scorecard has helped us identify our priorities and any reductions in spending will be made in the context of those priorities” (Balanced Scorecard Institute, 2014). Another important step in implementing a managerial accounting and report system is to find out what your strengths and weakness are. SWOT analysis is a procedure that will help to identify Strengths, Weaknesses, Opportunities, and Threats (Blocher et al., 2013). By looking inside the company, several resources need to be reviewed. You need to look at products and/or services to see if you are offering too much or too little. Management must be skilled and capable of making sound decisions. Research and development must be in line with the latest products and services. Operations need to be reviewed to see if improvements are needed. Marketing should also be reviewed to see if the company is being promoted effectively as well as a clearly defined corporate strategy (Blocher et al., 2013). By looking outside the company, opportunities and threats can be identified. Barriers to entry, intensity of rivalry among competitors, pressure from substitute products, and customer and supplier bargaining power are five forces to look for. SWOT

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