Influence of Integration Managerial Accounting Skills on Small and Essay - 1

Influence of Integration Managerial Accounting Skills on Small and Medium Enterprises Business toward the Success and Growth of SMEs in Thailand - Essay Example This research will begin with the statement that SME has always been a very important aspect of the growth of national economies. Therefore, it becomes quite necessary to maintain the stability of the SME. The past evidence has the given enough of the significant contributions made by these SME toward the growth of an economy. The concentration of the SME within an economy is very higher and they face the completion from other SME’s and multinational enterprises. Therefore, maintaining a sustainable SME is the quite challenging task that requires a very effective integration managerial accounting skills. Besides, Thailand is rapidly developing the nation and in this regard, Thai SMEs have played a very vital role. Thai Government also strives to impose effective policies for SME developments. However, the government keeps trying to bring economic prosperity through SME development. On the other, the growth of SME also depends on the managerial skills of accounting and others. Chartered Institute of Management Accountants (CIMA) has identified the accounting skill set that includes analysis, strategy, risk, planning, and communication. In context to the rapid development of the Thai economy, the role of managerial practices in the growth of SME should be assessed for future of development. SMEs are exposed to a number of risks and challenges due to their vulnerable nature and size. The primary aim of the managerial practices in to overcome these challenge. Therefore, in order to present the theoretical background relating to this topic, the necessary theories that must be explained are managerial accounting skills like costing systems, risk management, budgeting, performance evaluation, financial communication and information for decision making and strategic analysis. Based on the core management accounting skills that include five major aspects i.e. financial communication and information, performance evaluation, risk management, and financial planning four hypotheses are framed and these are given.