Management Accountants Helping Firms Survive The Recession

Tue, 06 Oct 2009

A new survey has revealed that most management accountants are confident that the companies they work for will be able to survive the rest of the economic recession.

According to the Chartered Institute of Management Accountants (CIMA) latest Mid-Size Business Confidence Monitor, some 85 per cent of management accountants at medium-size firms across the UK believe their company will still be in business once the recession finally comes to an end.

It also revealed that the role of management accountants has changed considerably during the economic turmoil, with 66 per cent now taking on a larger risk management role than ever before.

CIMA director Ray Perry explained that firms that are able to "manage risk and take on a more pro-active role" will be the ones that come out of the recession unscathed, and added that management accountants will play an important role in helping businesses achieve this.

A separate study carried out by CIMA and the Prince's Accounting for Sustainability Project warned that UK firms must make climate change a priority and urged management accountants to highlight the importance of the issue.

Helenne Doody, sustainability specialist at CIMA, said: "It is clear that there is a desire by finance to become more involved and they must step up to the mark to act as agents for change in the climate change debate."

"This is a key time for management accountants to bring their skills to the table."
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