The Role of Accounting in Organisational Decision-Making

Examination of the context and purpose of accounting

Accounting may be defined as a process of identifying economic information, measuring and communicating it “to permit informed judgements and decisions by the users of the information” (Bryant, 1985, pp.1–16).

Accounting can thus be sublimated into “financial accounting” and “management accounting”; management accounting practices are said to follow financial accounting practices (Hopper et al., 1992).

Accounting presents such economic information across key financial statements, “namely the income statement, the balance sheet and the cash flow statement” (Toudas et al., 2022).

Functions of accounting within the organisation

The accounting function discloses the present financial activities, such as ongoing transactions, and presents the financial position inferred through the recording of the financial statements (Abed et al., 2022). This function fulfils the fiduciary responsibilities of the firm, and through this management accounting uses economic information for useful decision-making (Duska, 2005).

Regulatory and ethical constraints

The regulatory constraints of the accounting function in the UK are found in the country’s adaptation of IFRS or International Financial Reporting Standards, and the GAAP based on company law requirements and the FRC or Financial Reporting Council (FRC, 2024).

These criteria evidence the constraints from a regulatory perspective; micro-entities under FRS 105 require measuring assets at cost, and not fair value or be revalued (FRC, 2024).

Ethical constraints are detailed as follows.

Integrity: Having integrity in financial accounting avoids unethical actions like embezzlement of company funds (Morales-Sánchez et al., 2020).

Confidentiality: Accounting practitioners have an ethical obligation to maintain confidentiality by not divulging such information to external persons or entities that violate the professional integrity of the practitioner (Woelfel, 1986).

Fair treatment of stakeholders: Accounting fairness helps stakeholders like the government, by ensuring tax-related financial statements are prepared by tax laws (Blaufus et al., 2023).

Prudence: This requires accounting to recognise expenses immediately while being careful in recognising revenue i.e. income until it is certain. This helps maintain trustworthy and accurate standards in financial reporting (Gaa, 2004).

Consistency: This ensures the reporting activities are aligned with current legislation and professional standards (Taylor and Williams, 2021, pp.59–97).

Objectivity: Through objectivity, the presentation of financial information becomes free of personal biases, rendering impartial judgment in the reporting of financial transactions (Taylor and Williams, 2021, pp.59–97).

Relevance: Accounting information must be reported with timeliness and transparency, so that the financial information is relevant for making decisions affecting the organisation (San-Jose et al., 2021, pp.559–575).

Accounting regulations

The FRS 100 framework shows FRS 105 for micro-entities and FRS 102 for small entities, depending on eligibility criteria. The classification of economic information follows professional accounting practices i.e. principles, and standards like GAAP or “Generally Accepted Accounting Principles” (Kothari et al., 2010). It also comes from legal requirements like the Companies Act 2006 for business entities (Collis et al., 2017).

Importance of accounting in providing information for decision making

Accounting enables stakeholders like managers, shareholders, suppliers, and participants to make key business decisions from the objectivity of accounting as a professional practice (Bryant, 1985, pp.1–16).

Credible financial information reduces credit risk for a business entity, which makes it favourable for suppliers to conduct business with the company (Mou et al., 2018).

Three key financial statements

Firstly, the income statement records the company's expenses and income to demonstrate the profitability of the business entity across a given period (Lessambo, 2022, pp.3–24).

Secondly, the balance sheet classifies a company’s “short-term and long-term holdings” i.e. “assets and liabilities” to present its financial situation (Lessambo, 2022, pp.12–23).

Thirdly, the cash flow statement records the flow of cash into and out of the company, from sources such as cash receipts or cash payments.

Consequences of non-compliance with regulatory and ethical controls within the organisation

Non-compliance with regulatory controls affects the organisation by threatening its business continuity. In the UK, the Financial Reporting Council regulates such consequences, which can involve a tribunal to determine penalties ranging from fines to broader sanctions that can threaten business operations (FRC, 2024).

Ethical non-compliance can incur similar penalties, in addition to harming the corporate brand image of the organisation. For example, reputation damage can affect the organisation’s standing with creditors and customers, which also threatens business operations (Zaby and Pohl, 2019).

Evaluate the context and purpose of accounting function in meeting organisation stake and societal need and expectations

Firstly, income statements generated through the accounting function may be used by investors to assess the value of investing in a company over its competitors, and similarly assist lenders and potential acquirers in assessing profitability (Türegün, 2022).

Secondly, the accounting function helps decision-makers by informing on the share of assets or equities against liabilities or debts; a company using debt financing is more vulnerable than a company that funds itself (Nazara et al., 2023). This can help identify the need for diversification or divestment to reduce business risks (Amit and Livnat, 1988).

Thirdly, the accounting function helps sustain the organisation’s business operations through timely repayment of bills and expenses (Myers and Rajan, 1998). For example, managers can optimise the cash flow by reducing the lead time between receiving payments and clearing upcoming expenses (Dechow et al., 1998). This helps internal stakeholders (e.g. managers, employees) work transparently with external stakeholders (e.g. suppliers, creditors) to meet their needs and expectations.

 

Preparation of financial statements for assessing organisational performance

Producing financial statements for sole traders, partnerships, and not-for-profit organisations

Drafted Income Statement for Marks Fish n Chips for the year 2024

Particulars	Amount (£)
Sales	48000
Add: Purchases	25200
Less: Closing Stock	3600
Cost of Goods Sold	21600
Gross Profit (A)	26400
Telephone Expenses	1800
Add: Outstanding Expenses	600
Telephone Expenses after deduction	2400
General Expenses	16800
Insurance	2400
Less: Prepaid Expenses	240
Insurance after deduction	2160
Depreciation @ 15% (Furniture at cost)	1440
Bad Debts	1200
Add: Provision for doubtful debts	240
Adjusted Bad Debts	1440
Total Expenses (B)	24240
Net Profit (A-B)	2160

 

Drafted Balance sheet for Marks Fish n Chips for the year 2024

 

Particulars	Amount (£)
Fixed Assets
Furniture at cost	9600
Less: Depreciation @15%	1440
Total Fixed Assets	8160
Current Assets
Stock as of 30th September 2024	3600
Prepaid Expenses @ Insurance	240
Total Debtors	6000
Less: Bad Debts	1200
Total Debtors after deduction of bad debts	4800
Less: Provision for Doubtful Debts	240
Total Debtors after adjusting provision for doubtful debts	4560
Cash	1680
Total Current Assets	10080
Total Assets	18240
Current Liabilities
Trade Creditors	8280
Outstanding Expenses	600
Total Current Liabilities	8880
Capital
Capital	7200
Add Net Profit:	2160
Total Capital	9360
Total Capital and Liabilities	18240

Drafted Income Statement for Together Co Ltd for the year 2024

 

Particulars	Amount (£)
Fixed Assets
Furniture at cost	9600
Less: Depreciation @15%	1440
Total Fixed Assets	8160
Current Assets
Stock as of 30th September 2024	3600
Prepaid Expenses @ Insurance	240
Total Debtors	6000
Less: Bad Debts	1200
Total Debtors after deduction of bad debts	4800
Less: Provision for Doubtful Debts	240
Total Debtors after adjusting provision for doubtful debts	4560
Cash	1680
Total Current Assets	10080
Total Assets	18240
Current Liabilities
Trade Creditors	8280
Outstanding Expenses	600
Total Current Liabilities	8880
Capital
Capital	7200
Add Net Profit:	2160
Total Capital	9360
Total Capital and Liabilities	18240

 

Drafted Balance Sheet for Together Co Ltd for the year 2024

 

Particulars	Amount (£)
Fixed Assets
Furniture at cost	9600
Less: Depreciation @15%	1440
Total Fixed Assets	8160
Current Assets
Stock as of 30th September 2024	3600
Prepaid Expenses @ Insurance	240
Total Debtors	6000
Less: Bad Debts	1200
Total Debtors after deduction of bad debts	4800
Less: Provision for Doubtful Debts	240
Total Debtors after adjusting provision for doubtful debts	4560
Cash	1680
Total Current Assets	10080
Total Assets	18240
Current Liabilities
Trade Creditors	8280
Outstanding Expenses	600
Total Current Liabilities	8880
Capital
Capital (Lucky: 3600 + Stefan’s: 3600 contributions)	7200
Add: Net Profit	2220
Less: Interest on Drawings	60
Total Capital	9360
Total Capital and Liabilities	18240

 

 

Drafted Income and Expenditure statement for Bright Futures for the year 2024

Particulars	Amount (£)
Income
Fundraising Income	48000
Total Income	48000
Expenses
General Expenses	16800
Insurance	2400
Less: Prepaid Expenses	240
Insurance after Deduction	2160
Depreciation @15% on furniture at cost	1440
Telephone Expenses	1800
Add: Outstanding	600
Telephone Expenses after adjustment	2400
Staff Costs	25200
Total Expenses	48000

 

Drafted Balance Sheet for Bright Futures for the year 2024

Particulars	Amount (£)
Fixed Assets
Furniture at cost	9600
Less: Depreciation @15%	1440
Total Fixed Assets	8160
Current Assets
Prepaid Expenses @ Insurance	240
Bank	6000
Cash	1680
Total Current Assets	7920
Total Assets	16080
Current Liabilities
Trade Creditors	8280
Outstanding Expenses	600
Total Current Liabilities	8880
Capital
Accumulated Funds	7200
Total Accumulated Funds	7200
Total Capital and Liabilities	16080

 

Profitability Ratios

Gross Profit Margin= Formula= Gross Profit/Net Sales*100

 2023 =24000/96000*100=25%

 2024=28800/144000*100=20%

 Operating Profit Margin= Formula= Operating Profit/Net Sales*100

 2023=12000/96000*100=12.5%

 2024=18000/144000*100=12.5%

Liquidity Ratios

Current Ratio= Formula=Current Assets/Current Liabilities

2023= 54000/6000=9

2024=48000/12000=4

Acid-Test Ratio= Formula= Current Assets/Current Liabilities

 

2023=54000-18000/6000=6

 

2024= 48000-21000/12000=2.25

Turnover Ratio

 Inventory Days= Formula= Average Inventory/Cost of Goods Sold*365 days

 2023=19500/72000*365=99 days

 2024=19500/115200*365=62 days

The interpretation of the above ratio computations can be as follows.

Firstly, the organisation John Ltd has displayed better usage of its direct costs which is mainly composed of the cost of goods sold (Pollard et al., 2007, p 315). Therefore, the gross profit margins of the organisation registered a 20% growth for the year 2024. However, it was considered an overall slump by the company, with the past year of 2023 showcasing a gross profit percentage of 25%. This explains that the cost of goods sold variable might have increased between the periods of 2023 and 2024, which also confirms a 5% decline in the margin. Meanwhile, the company would consider their gross profit margin for 2024 to be at par with the industry benchmark of 20%. That further confirms that other similar enterprises operating within the sector have also utilised similar expense levels to bring about similar gross profitability (Pollard et al., 2007, p 295).

Secondly, another profitability ratio of operating profit margin demonstrated how during the years, the administrative and operating expenses remained the same without compromising on the overall profitability (Nilsson and Stockenstrand, 2015, p 195). That brought about similar results for John Ltd in both years of 2023 and 2024, showcasing 12.5% each. In both years, the operating profit margins were comparatively higher compared to the industry benchmark of 10%. This was indicative of a 2.5% growth in the margins within John Ltd, whereas other organisations might have experienced a 2.5% decline in the same. That shows that the latter companies have been unable to control their operating and administrative expenditures (Nilsson and Stockenstrand, 2015, p 215).

Thirdly, even if their liquidity was managed with precision, John Ltd experienced a drop in their current ratio from 9:1 to 4:1 from 2023 to 2024 respectively. This might have indicated an overall increase in the current liability factor, which might have prevented the company from using its immediate assets (Renaldo, 2022). Still, by comparing it with the industry benchmark of 3:1, John Ltd could better dispatch its current liabilities when compared with other companies involved in the same industry. Also, the former organisation has strengthened their financial stability, which is allowing it to use its current assets at a low capacity (Renaldo, 2022). This enables the company to get over its current liability more consistently.

Fourthly, another liquidity ratio measure of the acid test showcased otherwise in terms of the outcomes. John Ltd experienced a ratio of 2.25:1 for 2024, which was a large reduction from the previous year of 2023 that brought about a 6:1 ratio. This explains that after the reduction of its inventory value from the current asset factors, the overall liquidity gets curtailed due to higher inventory holding costs being applied by the company (Patin et al., 2020, p 356). Compared to the industry benchmark of 2.50:1, the other organisations were more successful in generating sales by focusing on reduced inventory holding costs. That did not get added to the current liabilities.

Fifthly. The turnover ratio through inventory days depicted controlled for John Ltd. By comparing both 2023 and 2024 the former year had a 99-day inventory holding period, whereas the latter year had a 62-day inventory holding period. Therefore, John Ltd was able to bring down its inventory holding costs over the years, which allowed it to flourish with better sales margins as it applied itself over time (Patin et al., 2020, p 421). Whereas, the industry benchmark showed a 70-day inventory holding period, thereby allowing other organisations to draw sales but not better than John Ltd (Patin et al., 2020, p 455).

Justification of budgetary control solutions and its impact on decision-making

Discussion of benefits and limitations of budgets for planning and control 

Benefits

Firstly: Valuable for investors- budgetary established finances often indicate the commitment of an organisation to appealing to investors. A well-planned budget often arranges costs in a way that leaves room for adequate surplus which eventually gets converted into revenue contributions (Bartocci et al., 2022). As a result, the investors get interested towards contributing gradual finances to the company.

Secondly: Arrangement of sales: Although companies emphasise the revenue margins through their business processes, it is through budgets that they can arrange expenses whereby sales goals can be met (Khan, 2019, p 155). In other words, the sales department of any organisation participates with the financial authority within the firm, to extract cost management principles in such a way that generates higher levels of sales on a consistent level.

Thirdly: Large financial decisions are answered: Operational decisions are often answered using budgets, as any company looking to expand their operational performance often checks with budgetary controls. That involves exercising flexibility of budgetary figures, or waiving off certain portions of the expenses while concentrating the same for operational performance (Bartocci et al., 2022). For instance, a manufacturing company might look to increase their facility space for inhabiting more equipment and machines. That will require them to check with the budgets before going on to allocate extra expenses for the same machines.

Limitations

Firstly: Estimates are only assumptions: Despite effective budgetary planning, budgets suffer from predictability which allows the majority of their values to be projected on a hypothetical basis. Meanwhile, there can be major overlaps in budgetary figures when unforeseen market conditions rock companies (Matějka et al., 2020). For instance, recessionary and inflationary periods might increase the actual costs allocated for a specific budget distributed by the company during a financial year.

Secondly: Requires time and effort consolidation: Budget control can only be achieved when the parties involved in its preparation can dedicate the required time (Alsharari, 2019). This can be dubious considering other duties of a financial head and his or her constituents, as they allocate costs after consultation with company departments, and insert expenditures after speculating past cash flows or revenue growth trajectories (Najera Ruiz and Collazzo, 2020). At times, the same financial representatives fail to involve themselves with the necessary planning required for budgets. As a result, the budget is not prepared with the required effort or patience.

Thirdly: Lacking flexibility: Planned budgets follow strict control on the expenses covering key elements during a financial year (Najera Ruiz and Collazzo, 2020). This makes it too rigid towards exercising adjustments, which also prevents a company from meeting numerous demands which might be directed at the enterprise from time to time.

Preparation of cash budget for the 3 months ended using a spreadsheet

Particulars	January Amount (£)	February Amount (£)	March Amount (£)
Beginning Cash Balance
Add: Cash Sales	7900	5200	6000
Total Cash Receipts (A)	7900	5200	6000
Less: Cash Disbursements
Cash Purchases	1900
Credit Purchases	2050	2100
Total Cash Purchases	1900	2050	2100
Rent Payable	450	450	450
Salary Payable	300	300	300
Drawings	500	500	500
Total Cash Payments (B)	3150	5350	5450
Cash in Hand	4750	-150	550

 

Justifying budgetary control solutions for Robes in Roses and its impact on the business

Firstly, in February and March, the company exercised too much importance on credit purchases. That was not used to its planned levels, which decidedly brought down the cash sales for the months (Mungal, 2014). This is indicative in February and March, where the cash-in-hand showed a negative value of -150 and a partial increase respectively. Overall, the cash-in-hand value reduced considerably from January 2025, further suggesting that Robes in Roses must have a strategy to convert their purchases into better sales margins (Schreft, 1992). Also, they might look to reduce the expenses especially when the purchase levels reveal higher values.

Secondly, the cash payments within February and March 2025 have also gone up for Robes in Roses. Strategically, the company might have decided to reduce their dependence on drawings for the same months, especially when the cash purchases went up consecutively (Reid, 2003). However, these criteria show that Robes in Roses have lesser control over their cost management practices. The budget indicates that the company needs to improve on this aspect if it intends to improve its cash-in-hand margins (Lee and Lee, 2006, pp.393–404).

Thirdly, the overdrawn balance of £3100 was recovered by the sole proprietor in January 2025, and the following months of February and March of the same year hardly tried to improve on the same (Abdullah et al., 2022). In fact, rather than keeping a healthy surplus of £1650 or more, the month of February showed that it was edging towards a loss. Therefore, it is clear that Robes in Roses lacks planning towards bringing revenue-building schemes and strategies (Abdullah et al., 2022). This needs to improve if the company intends to achieve successful business outcomes.

Conclusion 

Financial accounting has many facets which can be adopted by stakeholders for bringing decision-making practices within a company. Each facet should focus on ethical and regulatory needs, along with its constraints affecting the same. The financial statements for companies like Marks Fish n’ Chips, Together Co Ltd, and Bright Futures displayed different characteristic findings. The final part of the report understood how budgets need to be planned, after focusing on the problems affecting Robes in Roses. The company is also required to take control over a few of its figures and their application within a budgetary practice.

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