STRATEGIC MANAGEMENT AND PROFESSIONAL USE OF ACCOUNTING DATA FOR COMPANIES BENEFIT

posted on January 24, 2020

CHAPTER ONE

1.0 Introduction

Strategy management can simply be defined as the effective control of available resources in an organization and the professional uses of accounting information for companies benefit in under to determine the managerial performance of industries professional use of accounting data provide information that can be expressed in financial term i.e Naira and kobo. Accounting data in an organization are usually flexible dependable and hence, it will assist the management of the organization in decision making. Furthermore, the introduction of this topic is to take a deep look into the accounting data and the records collated to access the future of the business positively as a result of strategic management and professional use of accounting data. Due to the fact that sole trader has limited resources, strategic management and professional use of accounting information is needed as one-man business is a business organization owned run and managed by a person if he intends to use a trade name different from his surname of fore-name he/she must register the trade name under the registration of business under dubious character setting up a business under dubious name and defrauding the public. It also ensure that two or more person setting up in separate business does not use the same name in way as to confuse the public.

Through strategic management sole trader reaps the profits of the business for himself and also all the possess are borne by him as the case may be. Strategic management and use of accounting data need for effective management control system in a large scale industry as regard profits and loss ration the law regulating partnership Act 1890 which is applicable to the whole of the federation except the western and mid-western states where the partnership law 1859 applies in relation to an organization that directly with the public like the Nigeria bottling company strategic management and professional use of accounting data information is needed for companies benefit to determine the areas with immediate demand of a product also to determine the managerial performance of the company at the end of the accounting year. It is very important to know in each and every organization that if you fail to plan, you plan to fail. This implies that it is very important to adopt strategic management and professional use of accounting data for managerial purpose and future references in an organization. Strategic management and professional use of accounting in administration may be defined as a proves of maintaining an organization and at directing if for the purpose of achieving predetermined goals. Accounting data is an organization that are usually flexible dependable and hence, it will assist the management of organization in decision making. Furthermore, the introduction of this topic is to take a deep look into the accounting data and the records collected to assess the future of the business positively as a result of strategic management and professional use of accounting data.