CMAs To Deliver Both Profit & Purpose For Businesses
The conventional number-crunching Certified Management Accountant (CMA), running through historical records and churning out financial statements, is rapidly dying out as organizations need a broader perspective than just the bottom line. Making US CMA certification as a go to credential to get recognized in the F&A space.
The accounting and finance role can become a proactive and forward-thinking strategic business partner, emphasizing profit as well as purpose. However, to achieve this, CMA review courses driven by industry experts can give a deeper dive into the accounting management skills required to collect and decipher data on business performance beyond just bottom lines.
Finance Data Redefined by CMAs
The “six capitals of integrated reporting” - financial, intellectual, human, natural, manufacturing, social, and relationship - can help recognize the insights CMAs must deliver.
Financial resources are no longer something to look at separately. CMA training is necessary to integrate skills in managing these capitals to create an overall view and analyze business-wide insights to offer valuable information.
With the involvement of the six capitals in decision-making, certified management accountants will have to become the organization's conscience, offering guidance to take more complex and purposeful decisions.
Tech Innovations and Data-driven Insights
As digital innovation, emerging technologies, and automation disrupt and challenge CMAs, loads of non-financial insights, KPIs, and metrics are becoming available to extract data. While this can significantly extend CMA’s capabilities, it can only be a catalyst. The change challenge is broader and includes re-inventing the role and purpose of CMAs.
Further, CMAs must play an instrumental role in optimizing business operations to leverage financial and non-financial information, help generate insights that have an economic impact, and fuel performance against organizational purpose instead of just profit.
For instance, utilizing innovative technologies to retrieve updated information on the production processes or the product life-cycle can empower more nimble decision-making. Further, smart workplaces and optimized supply chains will offer real-time data, wherein the ability of CMAs to act fast will be crucial.
A forward-looking certified management accountant needs to adopt this tech-powered transition. By becoming more tech-savvy and leveraging at-scale automation and the profusion of new data at hand, they can develop a more dynamic role that helps businesses deliver on purpose and profit.
New Focus, New Function, New Accounting
As businesses start thinking differently about performance, CMAs need to put themselves at the heart of the change.
The role of CMAs who have a worldview supported by a clear understanding of the business and the data will be essential. But to deliver this, they need to adapt. They must become proactive units that offer strategic advice and recommendations to shareholders based on loads of data sources and expert knowledge.
This must be underpinned by an ecosystem that accepts agile cooperation and is conducive to creating valuable insights.
Miles Education is a premier CMA training institute for finance & accounting professionals looking to earn US CMA credentials. The focus of Miles Education is to provide CMA courses to up-skill students and professionals to help them be future-ready and enable their career progression through the US CMA qualification.
Committed to achieving this goal, today, Miles is India's largest and #1 CMA review course! It has been instrumental in building India's CMA ecosystem, holding offices in 9 cities and partnerships with 100+ MNCs, including all of the Big 4s. Miles Education provides student/professional-centric services while keeping concept-based learning at its core which has helped it climb to the top ranks in the US CMA course in India.
Connect with Miles Education to know more about the US CMA eligibility or US CMA syllabus.
