What is the job description and role of a Chartered management accountant? What are the duties and responsibilities of a Chartered management accountant?
Chartered management accountant Job Description
A chartered management accountant prepares, develops and analyses key financial information to ensure that an organisation’s management makes well-informed decisions to ensure future stability, growth and profitability.
They establish and maintain financial policies and management information systems, as well as provide a high quality support service by liaising with management colleagues on all aspects of finance. The role combines accounting skills with business management skills.
A chartered management accountant’s role is to look to the future. They analyse the performance of a business and advise on how to pre-empt problems, adapt to changing circumstances and improve value. This is done by managing and reducing operational and production costs and implementing newer, more effective strategies. They can work in a specific division or across the whole organisation.
Job Description / Duties / Functions / Roles / Responsibilities of a Chartered management accountant
- informing key strategic decisions and formulating business strategies;
- advising on the financial implications and consequences of business decisions;
- preparing periodic financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries;
- implementing corporate governance procedures, risk management and internal controls.
- liaising with other function managers to put the finances and accounts in context;
- providing a support service by working with all departments and the management team to help make financial decisions;
- ensuring spending is kept in line with the budget;
- offering professional judgement on financial matters and advising on ways of improving business performance;
- interpreting and communicating financial data to non-financial managers;
- monitoring and evaluating financial information systems and suggesting improvements where needed;
- analysing financial performance and so contributing to medium and long-term business planning/forecasts;
- negotiating on major projects, loans and grants;
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