PUBLISHED: June 18, 2021
With accounting being a broad field, it is so to its profession. There are Bookkeepers, Tax Accountants, Chartered Accountants, Forensic Accountants and Management Accountants. But who are Philippine Management Accountants? What do they do? Where can you find them – if you need them? In this article, we will tackle everything and anything about Philippine Management Accountants to help us further understand them.
THE PHILIPPINE MANAGEMENT ACCOUNTANTS
Before anything else, who are Philippine Management Accountants? Also known as corporate accountants, they are the one who provides financial advice and data to a company or organization for the proper management and development of its business. Their duties include recording and crunching numbers, helping to decide and manage company investments, risk management, budgeting, planning, strategizing, and ultimately in decision making. Management accountants must have an ability and interest in math, numbers, and business process, together with accounting skills, knowledge in Generally Accepted Accounting Principles (GAAP), and of course leadership skills. Generally, management accountants ensure the company’s financial security and overall business management and strategy.
THEIR SKILL SET
Philippine Management Accountants are tasked to perform many crucial and sometimes even critical decisions that will help make or break a company. In order to carry on with their jobs, they must have the following:
- Strategic Planning – where they define a company’s strategy or direction by making decisions to allot specific resources to support a company’s strategy or goal.
- Variance Analysis – involves measuring the difference between set or budgeted amounts and the actual amounts incurred.
- Business Development – looking at the capability of the company to gauge a component of the performance of the company.
- Cost Analysis – analyzes different elements that make up the cost of the product or service.
- Capital Budgeting – comprises planning process to determine if long term investments are worth pursuing or not.
- Resource Allocation and Utilization – the process of determining the best allocation of company resources to achieve its goals and objectives.
THEIR EDUCATIONAL BACKGROUND
According so some accountants, the minimum requirement to be a Philippine Management Accountant is to have a Bachelor’s Degree preferably in Accounting or Finance. But the mentioned degree can be any aside from the mentioned in order to obtain a Certified Management Accountant (CMA) certification. They can also have a Certified Public Accountant or CPA title.
THEIR ORGANIZATION
There is an organization called the Philippine Association of Management Accountants (PAMA) where they promote management accounting. PAMA members mainly belongs to some of the leading accounting firms in the country and consists of the ones in the management accounting profession, or those who occupy the top three positions in financial management. The organization’s professional development includes membership meetings, seminars and webinars, annual conferences and more that experts in specific areas of interest are invited to speak and share their knowledge.
They also offer AMAP or the Accredited Management Accountant Philippines, a course program aimed towards providing the competitive edge to management accountants who wants to add significant value to the enterprise that they serve that can be completed in 72 hours.
To sum it all up, Philippine Management Accountants plays an important role in a company as they are the ones responsible in planning, executing, and decision making of a company. An in order to complete their tasks, they can also choose a variety of Accounting Software Philippines.
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