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The Importance of Financial Accounting Information for Business

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DOI: 10.15308/finiz-2018-75-81

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 Finiz 2018
THE ROLE OF FINANCIAL AND NON-FINANCIAL REPORTING IN RESPONSIBLE BUSINESS OPERATION

ACCOUNTING, AUDIT AND FORENSIC SCIENCE

Scientific - original paper
Singidunum University International Scientific Conference

THE IMPORTANCE OF FINANCIAL ACCOUNTING

INFORMATION FOR BUSINESS MANAGEMENT

Erika Besusparienė*, Abstract:

Edita Vitunskaitė, Financial accounting provides about 50% of effective information data. This information can be
used for decision making processes in business. Unfortunately, the existing situation shows the
Ričardas Butėnas issue of financial reporting quality. This may lead to the situation when owners and employees of
the companies do not trust financial accounting data and do not use it often for decision making.
Therefore, the aim of the research is to assess the areas of financial accounting information used
Kauno Kolegija/ in business management decision making in Lithuanian companies. To investigate the theoretical
University of Applied Sciences, aspect of the importance of financial accounting information for business management, systemic
Kaunas, Lithuania analysis and synthesis of the theoretical insights of scientific literature were applied. The empirical
results are based on a questionnaire survey among Lithuanian companies.

Keywords:
accounting information, business, financial accounting, management

INTRODUCTION

Scientists have still not sufficiently explored the institutional and social aspects
of financial accounting. One of the reasons is financial accounting form harmo-
nization or standardization problems, most countries still use diverse forms of
accounting, which depend at national level (Hopwood, 2000). Therefore, it is com-
plicated to make business management decisions at international level. Countries
are striving for harmonization and since 2016 Lithuania has been making changes
in accounting legislation for standardization of accounting in EU. Unfortunately,
these frequent legislative changes can cause stress among accountants who quickly
and efficiently accept innovations. Therefore, the quality of financial accounting
information becomes worse. The level of quality of financial accounting informa-
tion in Lithuania is low, as it is revealed in the research of the Authority of Audit,
Accounting, Property Valuation and Insolvency Management (2017). The analysis
of financial statement of 100 companies of Lithuania has revealed that 59% of good
quality financial statements are prepared by the company of accounting service and
50% of good quality financial statements are prepared by the chief accountant of
the company.
According to Ovidia (2013, cited Srivastava, Lognathan, 2016), the financial
accounting information provides 46-50% of effective information data. This is a
large part of the information that is useful for business management decisions.
Correspondence: Unfortunately, if the accounting information is accurately presented in the fi-
Erika Besusparienė
nancial statements by only 50% in Lithuania, the effective information data de-
e-mail: crease. This can have negative effect on business management decisions. There-
[email protected] fore, the problem of the research is – what is the impact of financial accounting
75
Finiz 2018 DOI: 10.15308/finiz-2018-75-81
 Finiz 2018
The Role of Financial and Non-Financial Reporting in Responsible Business Operation

information on business management decisions? The aim unfortunately just some mention the business decision
of the research – to assess the quantity of financial ac- making process. However, it needs to be specified what
counting information used on business management deci- financial accounting information for a user is necessary
sions in the companies of Lithuania. for a decision making process. Accordingly, financial
Tasks to achieve the set aim: accounting information could disclose the information
regarding the economic viability of the company, the
1. to analyze the importance of financial accounting
performance of the company, the development stage of
information for business management.
the company, as well as the risks the company is facing
2. to investigate the relationship between the decision
(Florin, 2014). Therefore, traditional financial accounting
of business management and the use of financial must assure true and fair view of the company’s perfor-
information in Lithuania. mance (Zambon, Del Bello, 2005; Yadav, Kumar, Bhatia,
2014). This is necessary for users of financial reporting, as
THE IMPORTANCE OF FINANCIAL ACCOUNTING well as for the investors to reduce the risk (Yadav, Kumar,
INFORMATION FOR BUSINESS MANAGEMENT Bhatia, 2014) or “as a management tool for strategic deci-
sion making” (Zambon, Del Bello, 2005).
Munteanu, Berechet, Scarlat (2016) explained the im-
Financial accounting has various definitions in prac- portance of financial accounting information for users.
tice. Unfortunately, according to Černius (2012) the The scientists admit the importance of cash flows, because
definitions of the concepts of accounting, bookkeeping, the managerial decisions depend on different activities of
financial accounting are used in different terms for de- cash flows in company. Financial accounting information
scribing the same phenomenon and this causes quite a discloses the size of resources of main activities or invest-
lot of confusion. Therefore, it is necessary to disclose cor- ing. Cash flow is acting as a self-financing margin. The
rectly the definition of financial accounting before analyz- financial accounting information could be transformed
ing its importance. into financial indicators, which are one of the company’s
Various authors and scientists, such as Boudreau, analysis methods for managerial decision. Therefore, fi-
Ramstad (1997), Zabielavičienė (2009), Černius (2012), nancial accounting information contributes to the meas-
Gliaubicas (2012), Akhmetshin, Osadchy (2015), Salako, urement of company’s financial indicators, developing
Yusuf (2016) and others discussed the concept of financial of financial and economic processes, evaluating of self-
accounting. The majority of definitions reveal the same financing and generating cash capacity. Following B. Gib-
criteria of financial accounting, just a few show different son (1992), financial accounting plays the role in the busi-
meanings of financial accounting. Financial accounting ness management decision making of small companies,
definition discloses that financial accounting is not only therefore the access to financial accounting information
a system of transaction classification and recording, but must be ensured for owners. The author admits that the
it is also important for business decision making process. use of financial accounting information for decisions of
The analysis of financial accounting definitions al- financial data planning can be regarded as rational deci-
lowed to disclose the fact that the main goals of finan- sion making.
cial accounting is financial information collecting and The authors of the article admit that the main aspect
transforming process (IASC, 1992, cited Krisement, of financial information is quality. To ensure this, what
1997), monetary transactions’ classification and record- is needed is that financial accounting has rules and the
ing process (Salako, Yusuf, 2016), application system of system users can make rational decisions. According to
accounting rule (Boudreau, Ramstad, 1997), information Achim and Chis (2014), the quality of financial informa-
presented in the annual account (IASC, 1992, cited Krise- tion is not easily quantified, and it cannot be observed
ment, 1997), preparation system of financial statements directly. A user of financial information has different ex-
(Černius, 2012), financial information provision for a user pectations and perceptions regarding what information
(Spiceland, Sepe, Tomassini, 2001, cited Young, 2006; is useful and has good quality. It is important to add, that
Samuel, 2013, cited Herath, Melvin, 2017; Akhmetshin, financial accounting quality depends on accounting sus-
Osadchy, 2015; Sevilengül, 2016, cited Adalı, Kızıl, 2017), tainability. G. Lamberton (2005) admits, that “business
information about the material and financial standing decision makers require a balanced information set, in-
of a company (Akhmetshin, Osadchy, 2015), source for cluding economic, social and environmental information
management accounting (Zabielavičienė; 2009), informa- if decisions are to achieve the multidimensional goal of
tion for business decision making (Akhmetshin, Osadchy, sustainability”. S. Schaltegger, R. L. Burritt (2010) de-
2015; Sevilengül, 2016, cited Adalı, Kızıl, 2017). bate about two lines of accounting sustainability, one
To sum up, the majority of authors and scientists illustrates philosophical accountabilities and the other
admit that financial accounting is important for a user, one the management perspective. Therefore, according
76
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 Finiz 2018
The Role of Financial and Non-Financial Reporting in Responsible Business Operation

to G. Lamberton (2005), “the provision of sustainability (Porter, 1989). According to S. Valentavičius (2009), the
accounting information to internal users would focus on main purpose of combination of Porter’s five forces is
the provision of relevant and decision useful information to explain the level of competition in the market; also, it
to management.” helps to find a niche in the market where the organization
Financial accounting information, which is stored in could best defend itself against these forces. Competitive
financial accounting systems, directs us to control mecha- environment is also created by those market players who
nisms of company (Bushman, Smith, 2001). One of con- have nothing in common with the competition, e.g. con-
trol mechanisms is a right decision of business manage- sumers.
ment. According to A. Látečková (2014), accounting is a This business strategy model is designed by analyzing
valuable source of data for “financial planning, economic literature on micro-economics through five forces which
analysis, cost controlling, strategic controlling, liabilities are the bargaining power of the buyers, entry barriers,
controlling, controlling of sales, marketing analysis and rivalry, substitutes and the bargaining power of the sup-
planning, profit managing, cash flow and others”. pliers (Grundy, 2006). Following these five forces and en-
Every business unit competes in a specific environ- suring business viability can help to financial accounting
ment of market. In order to adapt and succeed in the data analysis. For example, the bargaining powers of the
market changes, companies use various business strate- buyers are one of the most important criteria in the pro-
gies. Business firms that are more familiar with the ex- cess of planning companies’ revenue. To ensure that sales
ternal environment, know their shortcomings and ben- companies can work with sales controller. T. Hyvonen, J.
efits, and have more opportunities to make effective Jarvinen, J. Pellinen (2015) admit that sales controller job
changes to their strategies, and are much more flexible should focus on financial reporting and data combining
(Valentavičius, 2009). Therefore, business process man- accounting, as well as managerial roles. Buyers monitor-
agement requires holistic management understanding, ing is also an important process in business management.
involvement, process-aware information systems, well- Here – it is important to analyze a buyer’s debt. Z. Ramly
defined accountability and a culture that is receptive to (2013) admits that financial reporting is also the process
business processes (De Bruin, M. Rosemann, 2005). It is of assessing the extent of debt risk the oversight mecha-
important to admit, that accounting processes are part of nism.
business processes (Spathis, Constantinides, 2004). There- After summing up literature analysis about the im-
fore, to control business processes and make necessary portance of financial accounting information, it can be
decisions, business owners and employees have to follow concluded that financial accounting has various goals. The
financial accounting data. most important goal is financial accounting information
Business decision making depends on companies’ use for business decisions. Depending on various infor-
strategy forces. Many researchers explained different types mation, users’ purpose can be different, but they expect
of theoretical models of strategies which could be used true and fair image of a company. Nowadays, sustainable
by enterprises. One of them is Porter’s five forces model accounting, which plays the main role in the decision
making, can ensure true and fair image of a company.

Figure 1. Research model and hypotheses

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Accounting, Audit and Forensic Science
 Finiz 2018
The Role of Financial and Non-Financial Reporting in Responsible Business Operation

METHODOLOGY consists of two parts: in the first part, respondents were

exposed to demographic questions aimed at identifying
Today, in terms of accounting reliability, it could be the respondent’s duties, the type of company, the size of
said that users do not trust financial accounting data. the company, the activities of the company and the num-
Therefore, the purpose of this research is to reveal busi- ber of years of the company’s activity on the market; the
ness confidence in accounting data and the understanding second part formulates the statements evaluated by the
of the use of financial accounting information. The aim five-point Likert scale (5 - strongly agree, 4 - agree, 3 -
of the research was to examine the importance of finan- have no opinion, 2 - disagree, 1 - strongly disagree).
cial accounting information for business management in At the beginning of 2018, according to the data of the
Lithuania. Summarizing the theoretical aspects and the Department of Statistics of the Republic of Lithuania,
results of scientific research, the research hypotheses are there were 83 439 companies operating in Lithuania. Ac-
formed (see, figure 1). cording to Yamane (1967, cit. Izra, 1992), a simplified
As we can see in Figure 1, the research model has 14 sample calculation formula is used to get 395 respondents
hypotheses. H1-H5: Positive relationship existing between to gain 95 percent of credibility. A survey of 398 respond-
companies that believe that financial accounting is used ents requires significant time and financial costs, therefore
as information for business decision making and opinion 38 respondents were interviewed. In this case, the error
that financial information can solve problems of the bar- rate is 16%. The survey was conducted in July-August of
gaining power of the buyers, the bargaining power of the 2018 and it was conducted using an online survey.
suppliers, entry barriers, rivalry and substitutes. H6-H14: 38 respondents participated in a survey: 3 company
Positive relationship existing between companies that be- managers, 7 middle managers, 16 sales managers, 12 oth-
lieve that financial accounting is used as information for er employees. The research involved 15 small, 11 small,
business decision making and financial information for 4 medium and 8 large enterprises. 19 respondents rep-
Financial planning, Economic analysis, Cost controlling, resented enterprises operating in the market of up to 2
Strategic controlling, Liabilities controlling, Controlling years, 9 respondents operating in the market from 3 to 5
of sales, Marketing analysis and planning, Profit manag- years, 5 respondents - companies operating from 6 to 10
ing, Cash flow controlling. years, and 5 respondents - companies operating from 10
In order to confirm or deny these hypotheses, an em- to 15 years. This distribution of respondents is believed to
pirical investigation was made using a quantitative re- be sufficient to obtain reliable results.
search method - a questionnaire survey. The questionnaire

Table 1. Interpreting the Size of a Correlation Coefficient

Size of Correlation Interpretation Size of Correlation Interpretation

0.90 to 1.00 Very high positive correlation -0.90 to -1.00 Very high negative correlation
0.70 to 0.90 High positive correlation -0.70 to -0.90 High negative correlation
0.50 to 0.70 Moderate positive correlation -0.50 to -0.70 Moderate negative correlation
0.30 to 0.50 Low positive correlation -0.30 to -0.50 Low negative correlation
0.00 to 0.30 Negligible correlation 0.00 to -0.30 Negligible correlation
Source: M. M. Mukaka (2012)

In order to find out more about the use of financial THE RESULTS OF THE RESEARCH
accounting for business decisions, the statistical relation-
ship between various factors was determined by using the Table 2 reports the value of the Spearman rank cor-
Spearman correlation coefficient. The obtained results are relation coefficient between financial accounting percep-
estimated on the basis of the interpretations of correlation tion that financial accounting is used as information for
coefficients presented by M. M. Mukaka (2012) (see Table business decision making and each of the issues (the bar-
1). The calculations are performed using the package of gaining power of the buyers, the bargaining power of the
statistical analysis SPSS. suppliers, entry barriers, rivalry and substitutes).
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 Finiz 2018
The Role of Financial and Non-Financial Reporting in Responsible Business Operation

Table 2. Spearman Rank Correlation Coefficient

Liabilities controlling 0.631**
Financial accounting infor- Financial accounting is used
Controlling of sales 0.461**
mation can help to address as information for business
the following issues: decision making Marketing analysis
0.441**
of the bargaining power of and planning
0.104
the buyers
Profit managing 0.341*
of the bargaining power of
0.283
the suppliers Cash flow controlling 0.262
of entry barriers 0.400* *. Correlation is significant at the 0.05 level (2-tailed).

of rivalry 0.365* **. Correlation is significant at the 0.01 level (2-tailed).

of substitutes 0.341*
In regression, a significant moderate positive relation
*. Correlation is significant at the 0.05 level (2-tailed). is found between financial accounting perception that
financial accounting is used as information for business
In regression, a significant low positive relation is decision making and financial accounting application for
found between financial accounting perception that finan- strategic controlling (value = 0.502) and liabilities control-
cial accounting is used as information for business deci- ling (value = 0.631). Regression shows a significant low
sion making and decision of entry barriers (value = 0.400), positive relation between financial accounting percep-
rivalry (value = 0.365) and substitutes (value = 0.365). Re- tion that financial accounting is used as information for
gression shows a negligible correlation between financial business decision making and the application of financial
accounting perception that financial accounting is used accounting for economic analysis (value = 0.428), control-
as information for business decision making and decision ling of sales (value = 0.461), marketing analysis and plan-
of the bargaining power of the buyers, of the bargaining ning (value = 0.441) and profit managing (value = 0.341).
power of the suppliers. Negligible correlation exists between financial accounting
In conclusion, business agrees that financial account- perception that financial accounting is used as informa-
ing information is used to make business decisions, con- tion for business decision making and the application fi-
siders financial accounting information to be useful in nancial accounting for financial planning, cost controlling
assessing barriers to entry and restricts the ability of the and cash flow controlling.
market to evaluate existing substitutes. At the same time, In conclusion, business uses financial information to
the results have shown that business question the benefits make decisions related to sales (controlling of sales, mar-
of combining financial accounting information with buy- keting analysis and planning, profit management), and
ers and suppliers. Such results may have appeared due to the control of goods and materials (liabilities control).
the fact that business does not trust financial accounting When assessing business viability, business uses financial
data and does not expect buyers or suppliers to receive fair accounting data only to control strategies, while financial
financial statements. However, an additional study should planning, cost control and cash flow control are not eval-
be undertaken to assess this. uated by using financial accounting data. An additional
Table 3 reports the value of the Spearman rank cor- study should be made to evaluate the causes.
relation coefficient between financial accounting percep-
tion that financial accounting is used as information for CONCLUSION
business decision making and each of the cases using ac-
counting information. 1. Information regarding financial accounting is im-
portant for its users in the process of making vari-
Table 3. Spearman Rank Correlation Coefficient ous decisions. As regards small or large companies
Financial accounting is used as – the advantages of financial accounting informa-
Financial information tion are different. Literature analysis showed that
information for business
using for: the importance of financial accounting informa-
decision making
tion could be revealed through Porter’s five forces.
Financial planning 0.158
Financial accounting information can be used for
Economic analysis 0.428** buyers monitoring and debt risk controlling. Also,
Cost controlling 0.152 it disclosed the size of resources of main activi-
ties or investing, finance planning, ensuring cash
Strategic controlling 0.502** flow and strategic planning. Depending on the
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The Role of Financial and Non-Financial Reporting in Responsible Business Operation

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