Business, Management and Accounting
4 years ago

Revolutionizing Financial Management: New Ways to Integrate Accounting Systems

Management Strategies Journal
Ways To Reconcile Financial Accounting And Management Accounting
Florin Radu

Paper Summary

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Reconciling financial accounting and management accounting is important, even if they are not fully integrated. Management accounting can be done in three ways: integrated with financial accounting, independent from financial accounting, or extra. In our country, management accounting is governed by OMPF 1826/2003, which allows for different approaches. Integrated or independent management accounting should follow the regular accounting practices of a company, but there may be challenges in getting relevant data quickly.