From http://costingblog.wvco.com/2012/07/30/the-costing-system-reporting-how-processes-interconnect/
William Vaughn Accounting and Business Consulting-
“….In fact, the establishment of accurate monthly financial statements in compliance with generally accepted accounting principles is the foundation of a good management reporting system.”
“As the CFO and the rest of the management team discussed their job costing and management reporting processes, it became clear to me that they were very sophisticated and very well informed about their manufacturing operations. This is a plus and surprise in an arena where most companies that we see, even Fortune 500 companies, are dealing with fundamental costing issues which call into question the strength of their entire management reporting process. As we left the conversation, I believe it was clear to all parties in the meeting that there were compliance assignments to be undertaken in a timely and accurate way. However, beyond that there were management reporting projects which were equal to or greater in importance which should needed to be dealt with just as quickly and proficiently as the compliance related projects.”
diogenesaccounting 