Abstract
Strategic management accounting is developed to solve the shortfall of conventional management accounting but literature is limited. This article aims to demonstrates a basic concept, definition, and application of strategic management accounting (SMA) and explore an important role of SMA in business sustainability. This article is valuable added to literature of strategic management accounting which is a tool for business sustainability.
Key words: Management Accounting, Strategic Management Accounting, Development of Management Accounting
1. Introduction
Simmonds (1981) initially defines the first definition of SMA which is substantially and continuously growing in literatures, but its exact definition and scope as well as the existing literature are not consensus and disjointed (Coad, 1996). The blur of the SMA also is reflected and insisted by Tomkins and Carr (1996) that SMA lacks a general framework and clear definition. SMA is scarce in empirically based research (Cadez & Guilding, 2008). There is an evidence of lack of concern among management accountants with strategic topics. For example, in 1988, the strategic topics in management accounting were not mentioned anywhere in the topics prescribed
by the American Assembly of Collegiate Schools of Business (AACSB) (Shank & Govindarajan, 1993). Hoffjan and Andreas (2006) also reports that SMA is not integrated into textbooks within a coherent and consistent framework though these textbooks often use several SMA sub-concepts so that core concepts of SMA are different between the German- and English-specking worlds.
In literature, the definition of SMA is represented into three areas. Combination between marketing management and management accounting is one of the SMA’s definitions emphasizing corporate competitive strategy. The blends of corporate strategy or operational strategy into management accounting are other two approaches of SMA.
Simmonds (1981) delivers the first definition and scope of SMA that SMA is a tool providing management accounting information in both business and its competitors. Bromwich (1990) presents rather the same approach of the definition of SMA, but focusing only financial information. He defines SMA that SMA is financial information related to the business’s market, costs and cost structure of competitors, and monitoring.
As for these definitions, SMA appears in marketing arena. SMA in this scope is a tool to support business strategy formulation. It aggregates external information such as competitors, customers, and other market factors.
SMA also relates in corporate strategy which is demonstrated through the definition provided by Ward (1992). This aspect views SMA as a future orientation. It integrates information from various external elements such as competitors, suppliers, customers, economy, regulation, and polity to support organization’s operation for their long-term goals and objectives.
Hoque (2002) presents SMA in a different paradigm. SMA in this view relates to operation management in the aspect of organizational effectiveness. This aspect emphasizes on continual feedback to ensure that information provision of SMA can serve operation management when its conditions and needs are changed (Hoque, 2002).
In conclusion, follow form above literature and in according to Wickramasinghe and Alawattage (2007), the definition of SMA represents an integration of other predominantly strategic disciplines into management accounting such as corporate strategy, competitive strategy, and manufacturing strategy.
2. Strategic Management Accounting Concept
SMA is rather messy as well as the evolution of SMA is divergent; some researchers try to study accounting in other disciplines while others try to fine-tune the definition and concept of SMA. The promising of SMA concept explicitly exists even if it is vague.
SMA concept appears to be integrative and comprehensive. In literature, there are a lot of perspectives of SMA. According to Shah et al. (2011), SMA comprises various approaches such as marketing focus (Roslender & Hart, 2002; Simmonds, 1981), future orientation (Wilson, 1995), competitors’ perspective (Bromwich, 1990; Guilding, 1999), non-financial aspects (Chenhall & Langfield-Smith, 2003; Kaplan & Norton, 1992), total quality management (Khan & Jain, 2007).
Strategric management accounting also appears in value chain of organizations. Shank and Govindarajan (1993) demonstrates that strategic cost management which is one of the SMA concept is defined as the managerial use of cost information explicitly through one or more of the four stages of the strategic management such as evaluating strategic alternatives, communicating the strategy throughout an organization, developing specific tactics, and monitoring the performance. SMA is not an end in management accoutning, but a means to support achievement of business success through collaboration in supply chain or all functions (Shank & Govindarajan,1993).
Although the framework of SMA is still ill-defined because of diversification and interdisciplinary concepts, Tomkins and Carr (1996) demonstrate a systematic formal analysis framework for strategic investment decisions which represents SMA in the framework. The framework structure broadly follows the three dimensions of Shank: strategic positioning analysis, value chain analysis, and cost driver analysis (Shank & Govindarajan, 1989, 1993). It also integrates all of the large recent developments in management accounting which have strategic implications into one framework (Carr & Tomkins, 1996). Figure 1 demonstrates a systematic formal analysis for strategic investment decisions.
Tomkins and Carr (1996)’s framework also demonstrates three main strategic management disciplines integrated into management accoutning of which Wickramasinghe and Alawattage (2007) defines: corporate strategy, competitive strategy, and manufacturing strategy. These main three disciplines obviously demonstrate and involve in SMA. They are also being the directions of SMA’s evolution (Wickramasinghe & Alawattage, 2007). Figure 2 shows three-way strategic extension of management accounting.
2.1 Strategic management accounting and corporate strategy
Management accounting has been developed in the discipline of corporate strategy since the origin of contingency theory which is initiated by Woodward (1958). She dicovers that technologies have a direct impact on differences in organizational characteristics in the light of span of control, centralization, and formalization. Lawrence and Lorsch (1967) reports in their study that the greater uncertainty or unstable the environment is, the more flexible and informal structure the organization needs. Organizatons have to faces with high competition and uncertainty of currently economic environment so that they certainly needs more support from SMA which can provide appropriate tools for this flexible environment. The implementation of appropriate management accounting system, especially for SMA in this fast moving and dynamic environment, is also supported by the study of Miles et al. (1978) that the suitable management accounting system and design in firm’s strategy gives rise to be successful.
The evolution of management accounting in the corporate strategy approach emphasizes the identification, measurement, and management of the key financial and non-financial drivers of strategic success and shareholder value (IFAC, 1998; Russell et al., 1999). Strategic performance measurement (SPM) systems appear to respond in this evolution. The strategic performance measurement can provide information for firm to identify proper strategies and align management processes with the chosen strategic objectives (Gates, 1999; Otley, 1999). Firms can be better performance when they employ an integrated performance measurement system (Lingle & Schiemann, 1996) which aligns with the firm’s strategy and value drivers (Fisher, 1995; Langfield- Smith, 1997). These measurement techniques such as the balanced scorecard, causal business modeling, and economic value measurement closely relate the contingency perspective (Ittner etal., 2003; Kaplan & Norton, 1992, 1996; Libby et al., 2004; Young & O’Byrne, 2001) which is in the corporate strategy appoarch of SMA.
The seminal works of Kaplan and Norton (1992) and Kaplan and Norton (1996) show linkage between corporate performance measurement system and business strategy by using management accounting system. This strategic performance measuremnt system is the balance scorecard (BSC). It proposes strategic linkage between short-term actions and long-term strategy as well as provides mechanism that translates strategy into action (Wickramasinghe & Alawattage, 2007). According to Ittner et al. (2003), firms employ an integrative performance measurement by using financial and non-financial information as strategic management device in order to pursue better performance.
In sum, SMA in the paradigm of corporate strategy emphasizes the integrative performance measurement which has mechanism for firms to drive strategic implementation throughout an organization as well as to monitor and measure result and process in order to achieve the chosen strategic goals.
2.2 Strategic management accounting and competitive strategy
There is a debatable concept against SMA in corporate strategy approach. Wilson (1995) argues that SMA should interface with marketing management rather than with strategic management approach. Bromwich (1999) also views that the essence of all related SMA approaches is to apply management accounting to serve marketing management in instead of only production area.
Strategic managemnet accounting in this appoarch is a interdisciplinary evolution between management accounting and marketing concept. An aim of this apporach is in the pursuit of sustainable competitive advantage (Roslender & Hart, 2002). SMA appears in the role of strategic positioning by applying various management acconting techniques including competitor position analysis, target costing, life-cycle costing, product attribute analysis, and buyer value chain analysis (Roslender & Hart, 2002). Wickramasinghe and Alawattage (2007) demonstrate a SMA concept in order to pursue competitive advantage through market positioning strategies in Figure 3.
For strategic market positioning, benchmarking is apparently in vogue of competitive analysis. Elnathan et al. (1996) clearly demonstrate the use of management accounting for benchmarking through all three consecutive variables: antecedent varibles, contextual variables, and outcoume variables.
In summary, SMA this view, competitve strategy, emphasizes strategic market positioning and benchmarking. The strategic market positioning employs various managenent accounting techniques such as competitor position analysis, target costing, and life-cycle costing to support management for sustaining competitive advantage.
2.3 Strategic management accounting and manufacturing strategy
The blend of management accounting and manufacturing strategy in SMA has a new dimension captured even if it appears to be a normal approach and akin to the same concept as conventional management accouning or cost accounting. Overall business strategy requires manufacturing strategy which determines the firm’s condition on a set of critical success factors such as quality, cost, speed of delivery, dependability and flexibility (Wickramasinghe & Alawattage, 2007). Strategic management accunting in the view of manufacturing strategy comes from a seminal work of Johnson and Kaplan (1987), mainly the “relevance lost”. The work shows irrelevance of management accounting in more dynamic and fast moving environment in which an organization currently exists. The conventional management accounting cannot efficiently support an organization to overcome or even survive in turbulent circumstance. Wickramasinghe and Alawattage (2007) also report that, in the 1980s, a lot of American firms faced a crisis situation under the pressure from Japanese competition which embraces various efficiently manufacturing techniques such as participative management, quality control, zero defect, kanban system, and continuous improvement. The way of Japanese manufacturing systems stimulates the emerging of current manufacturing strategy under lean production (Wickramasinghe & Alawattage, 2007). SMA extension in this sphere integrates a new set of manufacturing techniques such as enterprise resource planning (ERP), activity-based management (ABM), computer-aided manufacturing, just-in-time (JIT), value-chain analysis, quality costing, and continuous improvement (Wickramasinghe & Alawattage, 2007).
SMA in this approach has developed so as to appropriately respond to those new manufacturing techniques. Carr and Tomkins (1996) demonstrate in their refective work in the use of SMA in a framework of strategic investment decision (see in Figure 1). The framework intergates the separately recent developments in SMA. This framework demonstrates some related management accounting techniques which have strategic manufacturing implications such as attribute costing, target costing, product life cycle analysis, and quality costing.
3. Strategic Management Accounting Application
Almost all Organizations have SMA in their strategic management processes: developing a strategic vision, setting objectives, crafting a strategy to achieve the objectives and vision, implementing and executing the strategy, and monitoring development and evaluating performance and making corrective adjustments (Thompson et al., 2008). SMA techniques and a role of accountant in strategic management processes are inevitably implicated in strategic management processes.
The development of SMA has been started from cost accounting since the 1940s. This development comes from the failure of cost accounting in decision analytic framework which is popular in the 1950s (Shank & Govindarajan, 1989). This development is not appear only for SMA techniques but the parallel evolution in role of accountants in strategic management process as well (Bhimani & Keshtvarz, 1999; Fern & Tipgos, 1988). Strategic managemenet accounting application is therefore composed of two perspectives: the strategic management process involvement by accountants and the use of SMA techniques (Cadez & Guilding, 2008, 2012).
3.1 Accountant involvement of strategic decision-making processes
While management accounting techniques play a vital role in strategic management support, the accountant participation in strategic management is also very important. Unlike the conventional accountants, strategic management accountants are no longer seen merely as information providers (Cadez & Guilding, 2012), they now represent active actors in the strategic management process. Strategic management accountants have moved away from purely financial aspects to wider business matters in strategic decision-making (Ma & Tayles, 2009).
Many recommendations suggest that accountants have an highly important role in strategic management process (Bhimani & Keshtvarz, 1999; Cadez & Guilding, 2008; Fern & Tipgos, 1988). Bhimani and Keshtvarz (1999) use a questionnaire approaching to accounting managers in large British companies and report that those managers are involved in producing of information for relevant strategy. Accountant participation in strategic management process is also mentioned in the study of SMA in contingency framework by Cadez and Guilding (2008) that accountants have a significant influence in the use of SMA techniques. Accountants also can serve management to pursue objects. Chenhall (2003) provides evidence of this role that accountants have responded to the need of multiple and potentially competing goals’ satisfaction by refining triple bottom line reporting, environmental accounting, social corporate reporting and corporate sustainability (Epstein, 2000).
Management accountants play an important role in supporting information crossing value change and cross-functional team-based structures (Chenhall, 2008) which is the trend of the reaction of more competitiveness structures (Baines & Langfield-Smith, 2003; Chenhall & Langfield-Smith, 2003). Management accountants also support for the financial strategy control as recommendation of Bhimani and Roberts (2004) that management accountants need to engage in strategic management process so as to obtain more understanding of organizational realities. Budgetary controls in uncertainty environment require more accountant involvement (Cadez & Guilding, 2012). Ezzamel (1990) evidences that high environmental uncertainty requires high participation and interpersonal interactions between superiors and subordinates which also requires substantial interactions between accountants and others to cope with dynamic conditions (Chenhall, 2003).
The participation of accountants in decision-making process of an organization is crucial in the development of SMA. Accountants must change their role to be a business partner instead of score keepers. The strategic role of accountants develops from conventional role to meet the demands of fast-moving environment. Accountants need to proactively participate in strategic management process by involving in the decision-making process and having future and forward oriented thought (Oliver, 1991). Strategic accountants assume a liaison role across functions and among management levels to serve the strategic collaboration between accounting personnel and non- accounting personnel (Coad, 1996; Parker & Kyj, 2006; Rowe et al., 2008). Because of this strategic structure and a new role of accountants, Cadez and Guilding (2008) reveal that there are several terms have occurred such as coordination (Håkansson & Lind, 2004), inter-departmental teams (Scott & Tiessen, 1999), teamwork (Bromwich, 1999), interfunctional cooperation (Roslender & Hart, 2003), team-based structures (Baines & Langfield-Smith, 2003), and cross- functional teams (Rowe et al., 2008).
The accounting participation also influences SMA techniques. Chapman (1998) evidences this effect through his study of accountants in organizational networks that accountants play a vital role in shaping accounting techniques through the on-going process of controls. The role of accountants is important in strategic management so that strategic accountants influence the usage of SMA techniques. Accountants usually engage various roles in strategic management such as monitoring, feedback in the budget, and relationship moderating as well as they also substantially involve in uncertainty situation by having more interaction between accountants and other managers (Chapman, 1998) so that the more accountant participation in strategic processes gives rise to high SMA usage (Cadez & Guilding, 2012) the greater involvement in strategy can inculcate accountants with an appreciation of information needs posed by strategic management (Abernethy & Bouwens, 2005).
Accountant involvement in strategic decision-making process is therefore important mechanism in strategic management. This involvement also affects the usage of SMA techniques. The participation of accountants is one of the SMA application and one of the management accounting research trends.
3.2 Strategic management accounting techniques
In the literature and according to Guilding et al. (2000) who originally refine SMA techniques and provide criteria to categorize strategic accounting techniques, (Cadez & Guilding, 2008), SMA techniques have to meet main two conditions of strategy implication: a long-term future-oriented time frame and an externally focused perspective (Mintzberg, 1987; Mintzberg & Hunsicker, 1988; Porter, 1997). Guilding et al. (2000) and Cravens and Guilding (2001) extract sixteen SMA techniques which are classified into five broad categories: 1) costing, 2) planning, control, and performance measurement, 3) decision-making, 4) competitor accounting, and 5) customer accounting (Cadez & Guilding, 2008). Table 1 demonstrates these techniques separated in each approach.
Table 1 Types of strategic management accounting techniques
| SMA techniques categories | SMA techniques | SMA approach |
| Costing | 1. Attribute costing | Competitive strategy Operations strategy |
| 2. Life-cycle costing | Competitive strategy | |
| 3. Quality costing | Operations strategy | |
| 4. Target costing | Operations strategy | |
| 5. Value-chain costing | Competitive strategy Operations strategy | |
| Planning, control, and performance measurement | 6. Benchmarking | Corporate strategy Competitive strategy Operations strategy |
| 7. Integrated performance measurement | Corporate strategy | |
| Strategic decision-making | 8. Strategic costing (strategic cost management) | Competitive strategy |
| 9. Strategic pricing | Competitive strategy | |
| 10. Brand valuation | Competitive strategy | |
| Competitor accounting | 11. Competitor cost assessment | Competitive strategy |
| 12. Competitive position monitoring | Competitive strategy | |
| 13. Competitor performance appraisal | Competitive strategy | |
| Customer accounting | 14. Customer profitability analysis | Competitive strategy |
| 15. Lifetime customer profitability analysis | Competitive strategy | |
| 16. Valuation of customers as assets | Competitive strategy |
Source: Cadez and Guilding (2008) and Wickramasinghe and Alawattage (2007)
4. Strategic Management Accounting and Business Sustainability
Recently, business sustainability is a popular topic and having affected our business world. The above mentioned SMA applications have a vital role in enhancing business sustainability, especially at board level. One of the duties of the board of a business is that they have to maintain
sustainable competitiveness of a company. To maintain sustainability, the company has to concern environmental, social and governance (ESG) (Spitzeck & Lins, 2018). Environmental and social would be more interesting and be concerned by the board because they can enhance value-creation levers (Spitzeck & Lins, 2018) such as pricing power, cost reduction, attraction and retention of talents, tax incentives, co-financing, market share, entry in new markets, stock pricing, risk management and access to the capital market. SMA can support the board to provide valuable information and applications of environmental and social information KPIs and monitoring tools so that the company can have sustainably and highly competitive advantages. The examples of SMA applications supporting value-creation levers for business sustainability can be demonstrated in Table 2.
Table 2 Examples of SMA applications supporting value-creation levers
| Value-Creation Levers | Details | SMA support |
| Price Power | Products or services provided by the company which concerns environment and society could be charged higher price. | Target costing could support to control cost of products or services to gain desired profit. |
| Cost Reduction | To save environmental condition, a company can reduce its cost e.g. using solar electricity generation system can significantly decrease electricity expense. | Quality or environmental costing could be applied to report information of cost reduction so that management can monitor and management. |
| Attraction and retention of talents | A firm which vividly demonstrates environmental and social concerns trend to attract more talent people. | Integrated performance measurement could be smart tool for measure talent people so that they are satisfied. |
5. Conclusion
This article explores main concepts of SMA in three approaches including corporate strategy, competitive strategy, and manufacturing strategy. It also clearly demonstrates two main criteria for classification of management accounting to SMA, future and external oriented. This article explains SMA application into two aspects: the participation of accountants in strategic decision making and the usage of SMA techniques which comprise five categories following each approach. This article provides vividly insight into SMA concepts and this knowledge is added literature of a SMA area as well as can link SMA to business sustainability.
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Author:
Teerachai Arunruangsirilert, PhD, CPA, FCMA, FAC
Assistant Professor of Accounting Thammasat Business School, Thammasat University
First Vice President, Federation of Accounting Professions (TFAC)