Bai-Tech Financial Group

Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.

In contrast to financial accountancy information, management accounting information is:

·         forward-looking, instead of historical;

·         model based with a degree of abstraction to support decision making generically, instead of case based;

·         designed and intended for use by managers within the organization, instead of being intended for use by shareholders, creditors, and public regulators;

·         usually confidential and used by management, instead of publicly reported;

·         computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.

·         Financial accountancy (As seen by the COB) (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power.[1] The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.

·         Financial accountancy is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company. Management accounting provides accounting information to help managers make decisions to manage the business.

·         In short, Financial Accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization.

·         Financial accountancy is governed by both local and international accounting standards.

·         Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-job experience or have previously met it but in the meantime have lapsed their continuing professional education are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the "CPA" designation is restricted, the practice of auditing is not.

·         Many states have a lower tier of accountant qualification (below that of CPA), usually entitled "Public Accountant" (with designatory letters "PA"). However the majority of states have closed the designation "Public Accountant" to new entrants, with only about 10 states continuing to offer the designation. Many PAs belong to the National Society of Accountants.

THE BAITECH COMPETITIVE EDGE

 As a specialty firm, BAI-Tech Financial Group, CPAs & Business Advisors offers clients advantages over more traditional accounting firms:

 Experience:  Our  Associates and Consultants are often certified and /or licensed in their chosen discipline with 5+ years of practical hands-on experience

  Continuity:  We maintain continuity of staff assigned to our clients.

 Non-seasonal:   BAI-Tech Financial Group, CPAs & Business Advisors is not a traditional accounting firm and therefore not subject to the " Busy Season" syndrome that requires many accounting firms to prioritize client needs at peak periods.

Cost:  Our per hour rates are only 50% of what is charged by the competition.  If your space is limited we perform most of the routine task at our own offices(s).