Introduction

The planning tools are of significantly important that enables the management accountant to facilitate the effective decision making, improve overall performanceof the company, add value in the product or services offered in the market and support strategic objectives. The planning tools used in management accounting allows managers to identify the most suitable tool and get the maximum value from the planning tools.

The planning tools discussed below will support and provide help to businesses in gauging the value and usefulness of the top management accounting tools, the organization and management accountants would get help to choose the suitable and appropriate tool, in addition to this, it would provide best practices and guidanceon ways of implementing those tools.

Planning Tools in Management Accounting

Planning tools are a set of techniques and tools used to help in managing different types of business operations and plans effectively. The planning tools are highly intended to guide the company in making a most effective plan, analyze and go through the process of decision making. All the tools have been used by different company for diverse reasons and purposes, thus they have assembled as a bundle of methods so that efficiencies could be achieved in management and planning of operations.

1.     Strategic planning tool:

Strategic Planning Tool is the tool which relates to creation of an effective plan in relation to the change of events or occurrences which need an organization’s focus for sustainability. Examples of events can be Competitor Stance, New Product, New Market, Specific Events, etc. This tool is useful in attaining synergies, it helps in facilitating the collaboration between managers.This tool is used in management accounting which aids in providing the strategic reasons for the development of the company.It is used in identifying the strategic intent and the goals and an objective is created which might envision the company’s future. Since the ultimate purpose of managementaccountingis to take effective and vital decisions for the betterment and bright future of the company, it might be one of the most useful and valuable tools used in management accounting. It helps in making decisionsthrough informing the company of plans, strategic changes and implications of the current situation along with what are the expected changes to be done in the forthcoming years. Furthermore, new products, strategies, services, objectives and goals tend to require allocation of resources which can be done when they are aligned with the strategic objectives.Thus, it also helps in achieving sustainable competitive advantage.

On the second note, the human resource planning and marketing is costly and there is a need for putting additional efforts in hiring strategic planners and managers in order to properly analyze the internal and external environment(Jurevičienė, 2013).

2.     SWOT Analysis:

A SWOT analysis is the basic and fundamental tool used in management accounting because it helps in identifying the key issues which have a greater impact on the sustainability of the business. Since the objective of management accounting is to provide the necessary information used in planning and taking decisions for the company, the SWOT analysis helps in finding the solution for the issues..................

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