The Changing Role of Organizational Accounting

Paper Summary:

This paper discusses how the accountant in a modern organization must be able to perform many more functions than in the past. Managerial accountants are important in assuring that the organization is on target for meeting strategic goals. It looks at how it is no longer enough to have a basic understanding of receivables, payables and cash flow and how accountants now play an active role in management and decision making. They are responsible for goal setting, forecasting and many other activities that were previously in the realm of management and must consider corporate culture and be able to adapt their techniques to meet specific company needs.

From the Paper:

"Corporate culture and accounting used to be two terms that should never occur in the same sentence. Accounting was a separate entity from other systems in the organization. Now accounting is an integral part of every phase of the business including legal, political and social systems within an organization (Shraddha and Sidney, 1997). As the needs of an organization change, so do the accounting system change to meet these changing needs. A modern accountant must be more flexible in practice than in the past. Modern accounting practices must be able to adapt a trait that was not synonymous with accounting in the past. Accounting used to adhere to a rigid set of rules and procedures, but now they must remain flexible and willing to change on short notice. "

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