Management accountingIntroductionDue to the cutthroat competition in the market environments, this has seen rapid upheavals in the 21st century and the consistent shifts by organizations from focusing too much on products and market share, to focusing on customer shares and what their needs, hopes and expectations. Organization management is finding it necessary to rely on management or managerial accounting. Management accounting refers to providing organization managers with accounting data, in order for them to make informed choices, business decisions, thus, helping them accomplish their administrative and management duties. Management accountants carry out the function of management accounting.
Therefore, this report will highlight the management accounting, Barclays Bank and its information needs, and management accounting techniques that should be, used. In addition, the report will review the nature and function of management accounting and the strengths and weaknesses of the report’s analysis of management accounting techniques recommended for Barclays Bank. Barclays BankBackgroundBarclays Bank is an international financial institution that offers financial products and services, whose headquarters is in London, UK. Currently, the bank is, ranked the 10th, 21st, in terms of its broad banking, and monetary services and organization respectively.
The bank has spread its operations and wings across all major global continents namely Europe, Africa, Asia, South, and North America. The company boosts of not less than 50 million customers globally. It has segregated its business operations into Global Retail Banking unit and Corporate & Investment Banking and Wealth Management unit, with the latter, consisting of investment banking - where customers are, advised on vital issues such as mergers, initial public offers, and equity and loan origination services, purchases among others, commercial banking, and wealth management.
The former consists of provision of credit card and loan offering, United Kingdom Retail banking, Barclays Africa and Western Europe Retail Banking. The bank is an active participant in h New York and London Stock Exchange. In the year 2009, the financial institution recorded an operating income of more than four billion pounds, private equity revenue amounting to 30 billion pounds, and a net income of more than 3.5 billion pounds. Moreover, the bank had total assets equivalent to 1.4 trillion pounds with a total equity of not less than 47 billion pounds.
As of the year 2010, the bank had a workforce of more than 144, 000 staff. The Barclays Bank’s product and services integrated within Global Retail Banking unit and Corporate & Investment Banking and Wealth Management unit include specialist industry information and advice, business finance, consumer banking products and services such as insurance, saving and banking services, underwriting mortgages, online banking and savings, and employee banking among others. There are also priority banking services and products which include priority benefits and solutions, SME banking which entails cash management, trade finance, SME treasury services among others and wholesale banking which includes transaction banking, financial trading and markets, corporate and principal finance among others services.
The main competitors of Barclays Bank are Bank of America, Standard Chattered Bank, The Hong Kong and Shanghai Banking Corporation (HSBC), Citigroup, JP Morgan Chase Bank (JPM) and the Royal Bank of Scotland (RBS). Their policies are offering customer friendly services, and integrating employee, customer, organization and stakeholders’ objectives and goals into production of their goods and services.