Managerial accounting and decision making, in energy industry

Managerial Accounting is the branch of accounting that supports company management in planning, decision making, control and analysis. Effective use of this tool by operational management will ensure profitable growth and business optimization. For making business decisions, business owners or managers need financial and economic information relevant and structured according to their needs and analysis of information resources and business results. But financial statements provided by accounting professionals are hard to be understood, as economic content, and are insufficient for understanding the sources of income and loss of business or to identify ways to stabilize financial and economic optimization of business. It is therefore, necessary to develop managerial accounting business, which means: developing a system for recording financial and non-financial information according to the needs of business management, to monitor sources of income and losses of the business, developing initial reports, analyzes and dashboards on revenues and costs, debts and liabilities, receipts and disbursements, funding needs and sources of business; continuous adaptation of management. (C) The Authors. Published by Elsevier Ltd.