Abstract:In dynamic and constantly changing contemporary business conditions, it is of key importance to dispose of adequate and relevant information on movements in the manufacturing process and to make adequate business decisions. Traditional accounting is not able to respond to all challenges, and thus it is necessary to enable better understanding of the manufaturing processes and the effects of various factors on the final outcomes and product costs. Several different models of cost accounting have been proposed with certain advantages and flaws, depending on the complexity of production and management requirements. Variance analysis is a tool that financial controllers and corporate financial managers use to interpret variations in operating results compared to the result envisaged by the budget or budget revision throughout the year. The aim of this paper is to analyse the effects of variance analysis in the manufacturing company as a result of its good managerial accounting. The subject of this paper is one company, and its course from the budget as the basis for implementation of variance analysis, to realization and explanation of discrepancies between these two scenarios.
Financial flows within a single company can be very complex and difficult to track, even when the business operations are monitored by use of advanced information systems. A large number of transactions, on one hand, and a large turnover of goods and / or services on the other, besides making difficult to perceive the current situation in full, creates a favorable environment for the emergence of financial crime. This paper describes a software tool developed in the form of web application that monitors data from multiple external sources (information systems) paraphrase, and then displays the obtained results graphically or in spreadsheet format. The purpose of this software is to make it easier for middle and top management to perceive the current balance of the company, controlling of vital financial information, budgeting and planning of capital expenditures, thus facillitating foreseeing and making of short and long-term business decisions. Although initially intendend for use in the university business environment, this software application possesses the potential to be used in other industries as well.
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