Definition: is a financial reporting process that deals with factors affecting a company’s decision-making process, managerial planning, and functional control, and that is needed to help reach the organization’s administrative goals. Such reports assist managers and administrators in evaluating and enhancing the day-to-day operations of the organization, and thus, increasing its profitability. Administrative accounting includes a standardized methodology consisting of collecting, recording, and analyzing financial information that is directly connected to managerial planning and supervision.
In a Sentence:
The latest administrative accounting report suggests that we should look for a way to minimize expenses on our inter-departmental communication system.
If Re-Invest wants to meet its administrative goals, they need to improve their administrative accounting, as that will allow them to plan their activities in a cost-efficient manner.
The lack of administrative accounting at Wesley’s Robotics is seriously hurting the company, as a lot of their financial data is being left unchecked.
Synonyms and related words: administrative costs, administrative expenses, accounts administrator, fund administration, general expenses