According to the Institute of Management Accountants (IMA):
"Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy".
Management accountants are also called managerial accountant as look at the events that happen in and around a business while considering the needs of the business. From this data and estimates emerge. Cost accounting is the process of translating these estimates and data into knowledge that will ultimately be used to guide decision-making.
The Chartered Institute of Management Accountants (CIMA): the largest management accounting institute with over 100,000 members describes "Management accounting as analyzing information to advise business strategy and drive sustainable business success".