Financial and management accounting system

What is the difference between financial and management accounting?

What is the difference between financial and management accounting? They have different goals. Let's look at financial accounting first. Its goal is to generate reports for external users. It is conducted in accordance with international and state requirements. Certain periods are set for reporting. The company's financial results are mainly studied. Generalized data can be obtained from the final results.

The purpose of management accounting is internal control and analysis of the enterprise's activities. This is necessary for making correct and justified management decisions. There are no strict standards for management accounting. Reporting can be generated daily or as needed. Internal documents can be used for this, and detailing is also welcomed. To summarize briefly, financial accounting is official reporting for third-party organizations, and management accounting is a tool for internal business decisions.

Financial and management accounting system

The financial and management accounting system can be implemented through software from the USU company. This platform is capable of combining functionality for various areas of activity. We can provide you with a full consultation during a personal presentation. So, let's consider what functions we can offer you. For example, functions for managing income and expenses, while you can even achieve certain classifications in activities. Also, through the software, you can manage accounting entries and keep records. The software is designed to service cash transactions and register cash and non-cash payments, with full documentary support.

Organization of management and financial accounting

Organization of management and financial accounting in a company is a very important process, the USU platform will allow you to streamline processes, increase their transparency and accuracy. For example, through the software you can control accounts receivable and accounts payable. You will be able to easily manage debts and monitor the timely repayment of obligations.

Thanks to the UMS, it is possible to conduct timely management of assets and liabilities. For example, it is possible to register depreciation, leasing, loans. When working with budgets, it is possible to monitor the excess of planned indicators, and it is also possible to analyze budget execution.

Financial and management accounting

Financial and management accounting are related to the concept of cost price and calculations of production and service costs. In the UMS, you can register these indicators and analyze them. Also, through the platform, you can plan and forecast processes. Drawing up plans and modeling scenarios will allow you to predict the final results. After the implementation of projects, you can monitor budget execution: compare planned and actual data. Through the UMS, you can manage warehouse balances: control stocks, and automate purchases if necessary.

Maintaining financial and management records

Maintaining financial and management accounting is associated with profitability calculations. Through the software, you can analyze profits by areas, projects, and products. Also, through the UCS, you can manage personnel: salaries, bonuses, and work efficiency. The software provides analytics for determining the productivity of each employee. Also, through the software, you can build dashboards and analytical reports, and then analyze the generated indicators. Financial modeling is also available: forecasting profits, return on investment, and other components of the process.

The uniqueness of the USU platform is its flexibility and the possibility of application to various business entities: the program can be used for personal purposes, for managing a small or large enterprise. At the same time, we apply a personal approach to each of our clients. You can verify this yourself by exploring the information field of our site or you can send a request for a presentation.