Life Insurance had designed and implemented an accounting system a few years ago that provided wonderful functionality. This system is being used by most of the enterprise although there is no corporate mandate requiring administration areas to use it. While the functionality of this system is quite detailed and impressive, it fails to meet all of the needs of the annuity business customers... displayed 300 characters
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Because the annuity business requirements were quite extensive, the life insurance group could not commit to the necessary enhancements that would be required to their system to satisfy annuity users. Because of these business requirements, we then conducted an extensive analysis to determine what Annuities IT could do to satisfy the business requirements... displayed next 300 characters
They also use non-financial information about the company, such as customer satisfaction levels and competitor data. Internal users focus on detailed information that reveals the performance of particular subunits of the company, such as divisions or departments...
To effectively begin to run a business you need to start with a managerial accounting system. Every department manager needs to be able to keep track of projects, make decisions, and plan for the future...
Financial accounting provides relevance to aid in decision-making. Financial accounting must be reliable, comparable and consistent. Managerial accounting does not have to follow the same rules as financial accounting...
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