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The process of management has always been one of the most challenging aspects of any enterprise growth and professional development. Hence, managerial accounting as a notion stands for accumulating, analyzing, interpreting, and reporting financial data to the managers for them to reorganize the workflow in the right direction (Jiambalvo). One of the major pitfalls in terms of the accounting process is the considerable impact businesses obtain from external factors like a crisis, social tendencies, and political environment. The global COVID-19 outbreak had become one of the most critical catalysts for businesses reorganization and concept reconsideration. As a result, managerial accountants have faced some severe issues, including:
- Problematic primary data collection. Since the outbreak genesis, businesses started full-scale online management, making it hard for the accountants to reach out to all the necessary departments;
- Price allocation. With an increasing number of people infected, the overall world economy cannot remain stable for one day, making it difficult to analyze the data in terms of the epidemiologic situation in both local and outsourced regions;
- Responses by a business. The COVID-19 outbreak has significantly changed the relationship patterns both in the B2B and B2C sectors, changing the basic price policy on the production of the services, respectively.
An ongoing worldwide pandemic has, by all means, changed the way people used to perceive business communication and agile economy frameworks. On the one hand, the issue that tackled the whole world regardless of status and affiliation has shown that people were born equal and deserved access to some fundamental services. On the other hand, however, the vast majority of the world community has lost considerable amounts of money due to the lockdown and workforce reduction. Hence, a primary ethical issue managerial accounting is to face in 2020 is socioeconomic inequity among both customers and businesses.
Work Cited
Jiambalvo, James. Managerial Accounting. John Wiley & Sons, 2019.
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