Why Management Accounting is So Important for Your Business
The primary purpose of doing business is to earn and maximize profit. Good decision making can make it possible. The art of accounting provides support for these business decisions. There are two main branches of accounting, financial accounting, and management accounting. Financial accounting is used to report the business’s financial activities, which are afterward used by Internal and external stakeholders for their decision-making. In contrast, management accounting is solely used by the management for business decisions.