Operational Accounting Services for Businesses
At Money Mastery, LLC, we offer a lot - including operational accounting services. These services include advisor, management, and forensics accounting. Each of these main service categories is broken down into further services. For example, one of our management services that we offer is called operational accounting.
What is Operational Accounting?
Simply put, operational accounting, sometimes referred to as cost accounting, is when an accountant is dealing with the financial side of running a business or company. However, this shouldn’t be confused with a financial accountant.
While financial accountants track transactional data and other things associated with it (such as debt and asset appreciation), operational accountants are focused on the plan, direction, and control of the operating costs for a business or company.
When it comes to operations accounting, the accountant will take a look at past performance reports and provide details on operational expenses and profits found within these reports.
On the other hand, when operational accountants are directing, they’re tasked with providing data involving production levels, purchases, hours worked, etc to managers. This way, managers can see what adjustments need to be made when it comes to employee activities.
Then comes in the controlling aspect of the accountant’s job. This is the process that occurs when the accountant is in charge or reviewing the employee activities in comparison to the activities that are planned by the manager. This allows management to see the difference in actual and projected revenues and expenses.
Of course, an operations accountant may provide different services depending on the needs of the company they’re working for, but main duties for this role include:
•Setting & achieving financial goals
•Creating budgets for operations
•Reporting for revenue and expenses
•Tracking costs associated with labor and procurement
If you’re in need of operational accounting services for your business, contact Money Mastery. Also, be sure to check out our other advisory, management, and forensics offerings to see what else we may be able to do for your business.