Benchmarking

Managerial accounting and financial accounting are based on different principles. Financial accounting is a formal system that is based on reporting to both internal and external stakeholders. As a result, financial accounting is based on a set of rules that is common to all public companies. Within these rules, the methods of accounting and reporting must be similar at these companies, so that people viewing the financial information can compare across companies. In contrast, the target audience for managerial accounting consists of internal stakeholders. The company defines the measures used in managerial accounting and is free to develop its figures in any way it likes. The use for managerial accounting output is primarily to aid in internal decision-making, so the accounting conducted will be skewed towards getting managers the information they need to make better decisions.

Technology utilization can have a wide range of effects on business. Most technology...
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