Challenges Faced by Management Accountants in the 21st Century (Essay Sample)

Topic: Business
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Challenges faced by Management Accountants in the 21st century.
Introduction.
This is a report based on a research that was carried out with the purpose of identifying the challenges facing management accountants. The research takes into consideration the various changes that affect management practices that cause challenges in the management profession.
Purpose of this paper is to identify the major challenges faced by management accountants.
The research was conducted based on previous case studies. It focused more on the factors that influence revolution of management accounting. Two categories, environmental factors and organization factors, were analyzed as the major causes of change in management accounting.
Environmental factors are majorly factors that are external to the organization. This include changes in technology, globalization of markets and intensifying competition. A change in business environment causes a direct change since they provide information that basically facilitates all business operations and the overall management. Organizational factors are internal. Management accountants are the intermediaries between the top level management and the daily operations therefore product quality, new management styles and changes in the work pattern are the major challenges that affect management.
Conclusion
Management accountants face new challenges and therefore should be competent by being engaged in the leadership and general ma...