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What benefits does the institute offer?
- The creation of a greater demand for the service of members in commerce and industry with subsequent bargaining power
- Recruitment and placing of members in the labour market
- Standardising academic training of business accountants
- Establishing and extending the business accountants profession with the total spectrum of the economy
- Providing a service to members
- Representation on accounting committees
What does the institute requires from its members?
- Act in accordance with the ethical code of professional conduct
- Be loyal to the institute
- Be actively involved in the institutes activities and contribute towards the development of the institute
- Share knowledge with other members of the institute
- Identify problem areas in the profession and find acceptable and appropriate solutions.
The task and field of operation of the business accountant
Ignorance and confusion reign in practice about the role and value of the Business Accountant in an organization.
The accent in business accounting falls on the analysis of management and financial actualities which timeously inform, warn and require corrective action, contrary to the role of the Chartered Accountant whose most important task is to establish the correctness of recorded figures.
It is especially important that the practice realize that management accounting systems are not limited to any particular type of organization, but that systems which timeously give information to management are of advantage to both small organizations and large corporations.
The privatization of government corporations and services which the public sector provides will make stiff demands on the private and public sector in the next decade.
The Business Accountant can provide valuable information in helping to establish a new culture of profitability. It is, therefore, of extensive importance that organizations appoint a Business Accountant as a member of the strategic planning team so that management can be made aware of the financial possibilities and the implications of strategic aims.
Thus, the Business Accountant aim is to assist management in the managerial task by:
- providing planning information on what products to sell, in which markets, at what prices, the evaluation of proposed capital projects and co-ordination of the preparation of the short-term and the master budget.
- aiding the control process by preparing performance reports which compare actual with planned results;
- identifying the elements of an organizational structure most prevalent and essential of the proper functioning of the business accounting system;
- aiding the communication function by installing and maintaining an effective communication system; and
- by producing the budget and performance reports to motivate personnel of the organization.
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