IntroductionRecently significant changes have taken place in society and business environment, in the pressure on business subjects and in the requirements of owners, managers, banks and other stakeholders for ensuring adequate information. These changes are reflected (among other things) also by need to consider practical ways of use traditional tools and methods of performance management. Undoubtedly management accounting which is often referred to as the backbone of information management ranks among these tools.Ensuring a satisfactory performance level is one of the fundamental prerequisites for the successful development of each company. Securing abundance of high quality information, which reflect the level of business performance and help all involved bodies to understand in what direction and why the performance is developed, as well as the possibility of controlling the way they should develop, requires the existence of quality and complex information system and management control system. Under the terms of such a corporate information system, particularly in matters relating to financial performance, an accounting subsystem plays an important role. Accounting is always associated with decision-making tasks of various subjects and therefore it should enable them to take the right decisions related to the company. European Financial and Accounting Journal, 2011, vol. 6, no. 3, pp. 38-65. 39This paper is a follow-up to an earlier one, which was processed within the project supported by the Internal Grant Agency of UEP "The Role of Accounting Information in Financial Performance Measurements". The core of an earlier output was measuring and assessing financial performance by external users of financial information (Halíř, 2010). This paper focuses on performance management from managers' viewpoints, thus enriches the previous output with a new perspective on the issue of performance measurement. The paper simultaneously tries to compare both approaches, if it is desirable.On the other hand, it should be noted that although the financial performance seems to be a key factor in the management control, it is still only a partial aspect that affects more complex performance at a broader level of understanding. The relationship between generally conceived performance and financial performance of the company (primarily from manager's point of view) will be an issue of further research and conclusions will be published in subsequent papers.The paper discusses the role of management accounting in performance management. It seeks to clarify the relationship between management accounting system and performance management system. Both of them can be understood as subsets of management control system in general, but they perform different roles within it. Then the paper deals with a dual concept of measuring and managing financial performance. It emphasizes different information needs of different groups of users with key regard to managers (internal users of management accounting information).In this regard, the p...