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Essay / Research Paper Abstract
This 3-page paper focuses on how balanced scorecard systems can help in the profession of accounting Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTbascac.rtf
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Unformatted sample text from the term paper:
in CMA Management. The main purpose of this article was to explain how a scorecard system could be used in the accounting profession.
One main problem with the accounting profession is that its sometimes difficult to analyze performance, or to determine cost/benefit balance. The authors note in this case that the scorecard
system is invaluable because it helps an organization match employee behavior with the companys goals and strategies. Even better, according to the authors, scorecards can be used for many functions
beyond the corporate office - such as individual managers, teams, divisions, functional areas and even product/service functions. Before we go into more
detail, lets first discuss what, exactly, scorecards are about. Basically, the Balance Scorecard Approach to Strategic Management was the result of a study group that was sponsored by The Nolan
Norton Institute, David P. Norton and Robert S. Kaplan, who was a professor at the Harvard Business School (Dialogue Software, 2003). The theory behind the Balance Scorecard was that organizations
should judge and focus on metrics that matter, based on a strategic point of view (Dialogue Software, 2003). Such metrics include customer service and retention, internal processes and learning/growth perspectives
(Dialogue Software, 2003). With this analysis of metrics, the companys intangible strategic vision and plan can be converted into clear and management objectives, as tangibles are being measured and analyzed
(Dialogue Software, 2003). How, then, does the balance scorecard pertain to accounting professions? This is what the authors of the above-mentioned article
are trying to determine. They note that one role of the scorecard system is to monitor and report strategy execution - yet they also note that before implementing a scorecard
...