With the substantial changes in the service sector have emerged new competitors and greater freedom in setting prices and determining the mix of products offered. Well-managed service firms with a good understanding of their product and management efficiency can become much more profitable in a competitive environment. In addition, functions such as marketing, selling, distribution, service, research and development and general administration in manufacturing have become more significant expenses than in the past. Traditional costs accounting systems have neglected the flourishing investments and expenses in organizations’ service functions (Hussain and Ko ¨ck, 1994). In recent years, there has been a substantial amount of turmoil and competition within the financial services industry for the dramatic improvements in information technology.
Moreover, the integration of the EU opens up more intense competition on the European banking markets, which may potentially result in substantial structural changes within the banking industries. In today’s environment there are other EC competitors and non-banks that should be viewed cautiously. Japanese and US institutions have been hampered by adverse developments in their own markets. Thus it is generally believed that they have expanded as much into Europe as they can afford. As European banking and capital market institutions approach the mid-1990s, they are being affected, perhaps as never before, by fundamental changes in their external environments. Now a new European economic superstructure with its own set of regulations has emerged. Therefore, the competition has become fierce and managing costs is the key issue (AA, 1993) of the competitive position of the company. Because management accounting gives banks a wider market, they need awareness, the ability to measure customer needs and to evaluate competitive opportunities. Management accounting helps the bank to enhance cross-functional communication, integration and cooperation in order to help bank management to face the deep competitive changes that have occurred in the last decade and to carry out the customer orientation needed. However, the scope of management accounting has widened towards effectiveness, control, market analysis, quality assessment, customer satisfaction empowerment, and competitive status management (Ostinelli andToscano, 1994).
In order to identify the need for managing costs, AA (1993) has conducted an empirical study with 200 leading banks which has revealed that management information in the areas of market planning and analysis, monitoring the quality of customer service and product pricing, is currently inadequate. In AA’s study, Finnish respondents anticipated that management style will change over the next five to seven years. Strategies will be moulded by the lessons gleaned from the banking crisis and the need for industry restructuring. Therefore, current management reporting and risk management systems are considered to be unsatisfactory and significant improvements are needed.
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