Management accounting involves partnering with management in 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 accounting reports provide information for planning, control, performance measurement, and decision making to managers and employees when they need such information. These reports have a flexible format; they can present either historical or future-oriented information expressed in dollar amounts or physical measures. In contrast, financial accounting reports provide information about an organization’s past performance to owners, lenders, customers, and governmental agencies on a periodic basis. Financial accounting reports follow strict guidelines defined by generally accepted accounting principles. Management accounting supports each stage of the management process. When managers plan, they work with management accounting to establish strategic, tactical, and operating objectives that reflect their company’s mission and to formulate a comprehensive business plan for achieving those objectives. The plan is usually expressed in financial terms in the form of budgets. When managers implement the plan, they use the information provided in the budgets to manage the business in the context of its supply chain. In evaluating performance, managers compare actual performance with planned performance and take steps to correct any problems. Reports reflect the results of planning, executing, and evaluating operations and may be prepared for external or internal use.