What is the difference between Management Account Service and typical bookkeeping?

[accountingbyte]

Records transactions in books. They are interpreted in Management Account Service. Bookkeeping asks the question of what happened? Management accounts provide answers to the question of why it occurred and what to do next? The management accounts turn raw numbers to business intelligence. They emphasize profit margins, areas where they are losing, cost leakages, revenue drivers, cash problems, and future forecasts. The owners of the businesses that utilize management accounts have quicker decision making, enhanced pricing, and enhanced financial management. It is proactive accounting that is aimed at improving performance. Conventional bookkeeping is predominantly compliance based. Management account service is strategic, future looking and growth oriented.

Source: https://accountingbyte.com/management-ac...-services/