List of indian companies using cost and management accounting as a tool for performance evaluation
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Explanation:
MENTS
India is undergoing a rapid transformation. Recent events, including its currency demonetization, the rapid rollout of digital banking, and the introduction of a new nationwide goods and service tax (GST), are signs of the dramatic economic, social, and political changes taking place. This transformation will provide significant opportunities—and challenges—for Indian businesses.
Management accountants can play a unique role in guiding their organizations in this changing business environment. No longer is their role confined to the accumulation and reporting of financial data. IMA® (Institute of Management Accountants) research has shown that finance and accounting professionals around the world are partnering with others inside their organizations to help formulate, evaluate, and implement their organizations’ strategy.
How prepared are Indian management accountants to serve in this capacity? There has been relatively limited research on the role that Indian management accountants play within their organizations, the enterprise performance management (EPM) systems that they help deploy, or the tools and techniques they use. To explore these issues, IMA partnered with MyCFO, India’s market leader in the CFO service category, to conduct a survey of finance and accounting professionals working inside businesses. The Indian Institute of Directors (IOD) provided additional support.
The survey was conducted during the May-June 2017 time frame, and we received a total of 169 responses. Survey respondents came from businesses of various sizes, with midsize (100 to 999 employees) and large (greater than 5,000 employees) the most numerous. Approximately half the survey respondents worked for companies organized as a parent company with separate operating divisions, and the balance worked for companies that were single operating entities or single companies with multiple factories. Respondents came from a diverse group of industries, including manufacturing, information and communication technology, government/not-for-profit, and others. The majority of respondents worked for privately held companies, followed by publicly traded companies and wholly foreign-owned companies.