The concept of strategic management accounting has been present since the 1980s and been mostly evident among the large corporations. However, in the recent times the smaller companies are also seen to adopt the same, which acts as the main rationale for analysis of data related to management accounting (Cimaglobal.com. 2022). Strategic management accounting practices is conducive for both the business and the competitors in order to monitor and develop a particular business strategy. The main rationale for the purpose of implementation of strategic management accounting practices is directly identified with considering accounting information and implementing general strategic tools for getting better support strategy (Phornlaphatrachakorn & Na-Kalasindhu, 2020). Similarly, the alignment of management accounting with strategic management allows the businesses to comply with better marketing and strategic positioning. Therefore, the use of generic tools, along with strategic management allows better integration of “management accounting information”. Based on the previous research conducted on the subject, the overall process of strategic management can be segregated into defining the objectives, stating the mission and stating the vision (Grinko et al., 2020). In addition to this, strategic management process also includes relevant information analysis and gathering resources from both external market and businesses. The strategic formulation on the other hand takes into account the various forms of strategic choices associated with firm’s strategic plan and data collection in the business with creation of several options considered for review at a later stage (Oyewo, 2021).
It is further worth noting that the managers are seen to implement strategic management accounting concepts across the organisation for evaluation and monitoring of business objectives and goals. Based on the research conducted by “Nottingham Trent University” and CIMA, there exists number of studies which categorises the strategic decisions made in terms of product development, business development, market development, pricing, merger and acquisition activity (Soa, Trang & Hang, 2022). However, it is important to note that when it comes to strategic management’s pricing strategy, the accountants need to take into consideration the profit margins especially related to the marketing sector. Similarly, the situation of business development, management accounting is more preferred for the purpose of providing assurance (Pitcher, 2018). Typically, the strategic management accounting techniques comprises of activity-based costing, budgeting, competitive position monitoring and analysis of customer profitability. The monitoring and costing of activities using the activity-based costing technique is associated with consumption estimates pertaining to the individual cost objects (Ebrahimi Kahrizsangi & Bekhradi Nasab, 2019). This is based on this resource assignments done as per the individual activities. On the other hand, the benchmark techniques use the competitor, targets and gathering process of strategic management at all levels of underperformance and overperformance. This method is conducive for helping the management accountants for determining better practices to improve the overall performance within the organisation (Sumkaew & Intanon, 2020).
In terms of budgeting, strategic management accountants take into consideration the overall monitoring and value of budgeting. In this regard, the equity created in form of budgeting helps an organisation to build the appropriate image and brand along with finding out the net present value pertaining to the estimates related to future cash flows. The technique of competitive position monitoring is associated with reviewing the performance of the company in terms of market position and main competitors (Dang & Pham, 2021). Therefore, the strategic management accountant is also responsible for taking into consideration the costs of the competitor and other estimates related with strengths and weakness of financial statements. Along with this, the customer analysis under the strategic management is related with service costs and revenue streams of different types of customer groups (Hannimitkulchai, 2021).
Based on the existing evidences in the subject of strategic management accounting, it is often said to be criticised that this concept was developed since the 1980s but fails to comprehend with the modern techniques. This is particularly evident when it comes to standardisation of strategic management accounting practices in the e-commerce companies which only became popular after the dot-com bust in 2000 (Hubbard et al., 2018). In this regard, there exists scant research on how the strategic management accounting practices are different in from one country to another. Moreover, it is also not clear about the exact challenges which has been faced by the companies in terms of standardisation of strategic management accounting practices in different countries (Thapayom, 2019). In this context, the purpose of this dissertation is to compare the strategic management accounting practices in the UK and Chinese eCommerce companies in terms of stating the exact difference which exists in the strategic management accounting practices. In addition to this, the study has also taken into account the challenges faced by the companies in the standardisation of management accounting practices. The assessment of overall company’s performance has been conducted by the use of scientific techniques such as thematic analysis on the relevant issues aforementioned in this section (De Lautour, 2019).
The aim of the research is to perform a comparative analysis between strategic management accounting practices between the United Kingdom and Chinese eCommerce companies and also know about the challenges faced by the companies in standardisation of strategic management accounting practices.
The significance of conducting the study is based on focusing how globalisation has impacted the management accounting practices in different organisations within the UK and Chinese e-commerce companies. In this regard, the study looks forward to know about the difference which particularly exists between the developed and emerging economies to bring out the differences and similarities between the use of strategic management accounting practices by providing a comparison for the same. The significance of the study is evident in form of conducting a thorough analysis of the different problems faced by the companies related to e-commerce business in both the UK and China.
This section of the dissertation enumerates The Relevant Investigation of the existing research which directly has a connection with the identified research problem, research objectives, research aims and research questions. In this regard, the main discourse of the literature review has taken into consideration reading of the various literature which exists in connection with the management accounting practices been followed in general. Some of the main topics considered under the literature review of the dissertation includes discussion of different types of strategic management accounting practices on a global scale. In addition to this, some of the other topics of the literature review is directly associated with providing review of the excerpt from the existing research related to strategic management accounting practices which are being adopted in the UK and in China.
Based on the evidence of the existing research, we are able to infer that the theoretical foundation of the overall strategic management accounting is dependent on the effective management decision-making and the performance boost which it provides to the organisations (Grinko et al. 2020). A vast number of literatures has emphasised on strategic management accounting discourse in relation to contingency factors, accounting techniques, use of strategic management accounting tools and impact which it is has on the overall organisational performance (Petera & Šoljaková, 2020). The considered study for the literature review of strategic management accounting practices has emphasised on how management accounting is seen as the tradition of considering non-financial information and generation of publication for managerial decision-making for controlling relevant activities. However, one of the main criticisms for strategic management accounting practice is also notable in form of how the contents were hardly proactive on considering such practices during the 1980s (Petera, Wagner & Šoljaková, 2020).
As per the identified excerpts of the existing research, such a concept takes into account four different steps. Firstly, there needs to be formulation of some kind of development of a sense of direction or grand strategy. Secondly, strategic management accounting needs to take into consideration formulation and plans to achieve the strategic goals set by a company. Thirdly, there needs to be specific action taken for implementation of the identified plans in the goal formulation phase. Fourthly, there needs to be proper corrective action taken along with evaluation and monitoring for the same (Phornlaphatrachakorn & Na-Kalasindhu, 2020). The overall rule pertaining to the management accounting is seen with enabling various types of effective decision-making which typically involves identifying options, monitoring the performance of organisation implementation plan, identifying options and analysis of the existing performance. Therefore, the overall focus is given on performing accounting pertaining to strategic position which is able to take a better approach incorporating strategic management techniques which are focused more on enabling organisational performance and decision-making (Oyewo, 2021).
The concept of strategic management accounting practice as developed by Simmonds gave the definition of how it relates to perusal of management accounting data of competitors in business and further use this for monitoring and developing business strategy (Soa, Trang & Hang, 2022). Therefore, a large number of enumerations related to this concept has been able to indicate how it attempts to enhance the overall definition and techniques within the strategic management accounting subject. In addition to this, the description provided by the CIMA suggests how the management and strategic management accounting techniques directly enables focus on external sector information pertaining to the use of various types of non-financial information which are generated internally within an organisation (Pitcher, 2018). Therefore, the provisioning of the overall financial information related to the strategic management takes into account the score structures and competitors cost for the purpose of monitoring the strategies within the organisation and competitors of the market in a certain number of periods (Sumkaew & Intanon, 2020; Campos et al., 2022).
A study conducted by Cadez and Guilding during 1980 had revealed how the various aspects of strategic management accounting standards included perspectives of customer accounting, competitor’s way of accounting, strategic decision-making, strategic planning, strategic performance measurement, strategic control and strategic costing as well (Ebrahimi Kahrizsangi & Bekhradi Nasab, 2019). In this regard, the review of existing research in the field of strategic costing states how the marketing information and strategic information based on cost data is highly leveraged by the effective implementation of strategies which are able to provide both competitive and sustainable advantage to the organisations (Dang & Pham, 2021). Therefore, the organisations need to recognise the importance of indication of various types of strategies along with strategic cost analysis at the same time. The review of existing research further distils into concepts of target costing, quality costing, life-cycle costing an attribute costing under the key costing techniques which are popular in strategic management accounting concepts (Hannimitkulchai, 2021).
It is further worth noting how the strategic performance measurement, strategic control and strategic planning is directly related organisations needing attention, control, planning and performance measurement features in the field of accounting which translates to market orientation approach and effectively considering the market dynamics in the long run (Gombe, Alhassan & Ahmad, 2018). The main components under the strategic planning can be identified with benchmarking tool, performance measurement tool, control tool and strategic planning tool along with integration of various types of performance management techniques using balanced scorecard (Alvarez et al., 2021; Alamri, 2019). The strategic management decision-making is instrumental in assisting the different types of strategic choice in the management accounting technique. In this regard, the main strategic decision options are evident in form of brand valuation, strategic pricing and strategic costing (Thapayom, 2019; Pavlatos & Kostakis, 2018). The conduciveness of addressing the various elements of strategic costing is important in the process of decision-making which has been also emphasised in the existing literature. As per the discourse of the review of the present literature, and effective competitor advantage is associated with providing an explicit cost analysis of the strategic issues, along with consideration of cost data based on marketing information and superior strategies which is able to provide competitive advantage for an organisation (De Lautour, 2019; Phornlaphatrachakorn et al., 2020).
It is worth mentioning that the strategic pricing is seen as another main element under strategic decision-making topology under the subdivision of strategic management accounting. As per the opinion of the recent scholars, knowing about the market competition is also important element of strategic management accounting practice which involves having a significant knowledge about economies of scale, projected market growth, price elasticity, experience and competitor price reaction (Doktoralina & Apollo, 2019). The existing literature on strategic management accounting has considered how brand valuation is an important element which is to be taken into account during decision-making. Therefore, the brand valuation component is often seen to combine the various aspects such as projected brand earnings which is derived with the strength and strategic factors of the brand and its nature at market level. As per the viewpoint given by the existing scholars, the brand valuation translates into better understanding of market regulation and other implications of strategic accounting. In this context, the organisations are able to attain the brand valuation as per the perceived quality and method of valuation used (Alvarez et al., 2021).
The competitor accounting technique under the strategic management accounting practice takes into account the development of relevant tools which defines competitive position of an organisation in a market. Therefore, through the implementation of such a tool a firm has opportunity to select suitable strategies which would provide a level playing ground for competing with the rivals (Adu-Gyamfi & Chipwere, 2020; Shahzadi et al., 2018). In order to effectively implement the competitor accounting information, it is important for an organisation to underline the performance appraisal of the competitor, competitor position monitoring, competitor cost assessment and accounting tool used by the competitor. The customer accounting is also an important element under the strategic management accounting techniques which are seen to define the concepts related to customer segment cost, sales cost, valuation of assets, lifetime customer profitability and appraising profit (Cescon, Costantini & Grassetti, 2019). In this regard, the contingency factor associated with the strategic management accounting is able to ensure that the relevant decision-making within the strategic management accounting practice is able to capture the organisational performance due to its reliance on such techniques (Sedevich-Fons, 2018). It is further worth noting how the adoption of strategically oriented management process is able to widely contribute to performance impact within an organisation. The existing literature also indicate how contingency approach is often used by the organisations when there does not exist any accounting control system (Oladepo, 2021; Kalifa et al., 2020).
The review of literature using existing journals such management accounting practices in the UK has suggested the use of techniques such as costing systems, information for decision making, strategic analysis, communication of management accounting information, budgeting and performance evaluation. The existing literature suggests how more than 40% of the companies in the UK has implemented costing system as the preferred strategic management accounting practice in order to account for the incremental and variable cost which is able to distinguish different types of cost for the purpose of decision-making (Adu-Gyamfi & Chipwere, 2020). Moreover, such costs also include non-incremental and fixed cost as well. In comparison to the use of costing systems among the smaller number of companies, available to indicate how the implementation of costing system in relation to absorption costing indicates the use of variable and overhead allocation of cost objects. Along with this, the scholars have suggested the importance of overhead techniques of allocation on a frequent basis. These are commonly understood as for the review of ad-hoc ‘costing studies. Similarly, the quality of costing is also of increasing importance among the organisations (Shahzadi et al., 2018; Dlamini & Schutte, 2021).
The implementation of budgeting technique is further evident among controlling and planning of costs. There are more than 73% to 84% of the companies in the UK has adopted such a technique during 2020. The budgeting for control and planning was referred as one of the most important studies which was used for the purpose of ensuring that a company is able to stay competitive in the industry (Cescon, Costantini & Grassetti, 2019). Furthermore, the company in the UK has also shown a greater emphasis pertaining to the use of budgeting using activity-based costing techniques. This is particularly important with several respondents of the existing literature of finding that implementing such a costing system would be conducive in preparing the budget and effective in strategic planning during the long term. The performance evaluation system as investigated in the present literature shows how there is an increased importance of performance measure especially concerning the use of traditional financial measures, sizes and standard costs (Doktoralina & Apollo, 2019; Pavlatos & Kostakis, 2018). Moreover, several studies also indicate the non-financial measures, benchmarks and residual using of income technique. EVA take into account the standard costs, various analysis and return on investment. Therefore, such financial metrics are increasingly important for the present organisations in the UK, thereby acknowledging the strategic management accounting practices. Additionally, the use of non-provision pertaining to the employee-related measures has been also gain substantial popularity in the recent times (Szychta, 2018).
The information related to the decision-making is associated with identifying the decision-making question of product profitability especially among majority of the companies in the UK (Nakeeba, 2020). In this aspect, the companies in the UK have emphasised on use of CVP is one of the most important techniques of strategic management accounting practice. Based on the decisions related to capital investment, traditional accounting measures shows how the payback period evaluation along with rate of return accounts for computation of IRR and NPV (Inun Jariya & Velnampy, 2019). However, these are appropriately considered under advanced techniques for investment appraisal. The strategic analysis within the companies has been further able to enumerate on the long-term forecasting used by the organisations and follow a competitive positioning strategy along with depicting the weakness and strength of the competitors. The importance of the high-scoring frequency related to competitive positioning and value chain is also evident as important strategic management accounting practice among the firms in the UK (Duçi, 2021).
The communication in relation to management accounting information particularly explores the issue of accessibility of internal reports which indicates that the strategic management accounting takes into account systematic short-term and long-term information in relation to different internal reports. Moreover, the classification of the firms in relevant management accounting stages involves mapping the potential explanatory factors with respect to stages of IFAC in accounting and Management evolution (Erokhin et al., 2019).
As Doktoralina & Apollo, (2019) noted, the relevant management accounting practices in China is more focused towards responsibility accounting, operating budgets, frequent revision and performance-based compensation practice. However, based on the review of the existing literature, we are able to identify that China also implements strategic management accounting practices similar to the UK (Rui, 2019). This is evident in form of users of performance-based compensation practice, cost allocation, payback period method and CVP. However, it is important to note that in terms of capital budgeting techniques, the firms in the UK mostly relied on techniques such as NPV and IRR. In the long run, the firms in China have demonstrated an increased use of capital budgeting techniques such as payback period (Du & Chen, 2018). In relation to the reporting practices as developed by their owners of the business, we are able to identify the use of information technology, internal bank pertaining to inter-organisational transactions, economic value added of product, use of publications technology, standard costing, BSC, ABM, value chain analysis and environmental accounting (Yua, Zhangb & Zhu, 2018). The relevant reporting of information related to strategic management accounting has been able to identify the proportion of adopters of this technique in relation to density, median and mean of the affirmation techniques. The use of cost behavioural analysis is unique in China which is associated with distinguishing the variable cost from the fixed costs and production cost for the purpose of decision-making. As per the excerpts of the existing literature, this technique is widely adopted by most of the firms in China (Li, 2018; Wang, Wijen & Heugens, 2018).
The consideration of ABC/ABM on the other hand is related with addressing the operating costs which takes into account the consideration of operating processes and analyse the explicit activities in the components affecting the operating cost (Tonelli & Cristoni, 2018). Some of the other forms of costing techniques which are unique in China is evident with standard costing, Kaizen costing and target costing. Moreover, the overall level of use of other strategic management accounting practices in China common to the UK is evident with financial statement preparation and product decisions. The discussion of the previous studies has particularly emphasised on how the detailed technical issues in the implementation of strategic management accounting practices is mainly relevant with identifying the cost drivers which is being used for cost allocation (Modell & Yang, 2018).
The competitor analysis performed by the existing firms in China emphasises on the use of techniques such as an element of scanning and benchmarking which is also significantly unique in nature (Erokhin et al., 2019). China prepares the budget in accordance with profit, production, working capital and sales. The overall adoption level in China pertaining to these budgets are relatively high as the organisations use these to evaluate the relevant capital expenditure and investment revenue from the budget (RIFAT, 2018; Yang et al., 2019; Lin, D., Lee, Lau & Yang, 2018). Moreover, it is also directed referred as are the most popular aspect of preparing the budget in order to identify the target profit. The decision-making technique under the budgeting consideration can be further seen with CVP analysis and the use of other decision-making techniques such as decision trees and what if analysis is relatively low. In terms of performance measurement, the scores of EVA plays a crucial role in determining the performance of an organisation. In addition to this, a large number of companies are seen to consider residual income and ROI as well. The users of transfer pricing are also one of the most popular costs based on transfer pricing method implement it in China (Cooke et al., 2019).
The general problem associated with standardising of the strategic management accounting practices is mainly related with features, facts, timeframe and expert insight (Cescon, Costantini & Grassetti, 2019). In terms of fact, the management accounting challenge is mainly associated with recording, collecting and reporting of financial information from various departments and subdivisions (Lin et al., 2018). Moreover, the cost allocation method which is different for manufacturing overhead, production overhead and direct materials. The collection of such information requires the involvement of multiple departments of production. Moreover, the management accountants are also responsible for reviewing the information which is particularly related to allocation of the services and goods. This includes the consideration of the individual product cost and the non-production cost as well (Zhai, Yang & Chan, 2022).
The features and the budgeting are also an important aspect related to the problem of standardising strategic management accounting practices, which has a direct impact on the future expenditures for operations among small businesses. In this manner, the owners are typically seen to conduct a budget planning for identifying the relevant procedures which may translate into a problem in the future. In many times, preparation of the budget is not able to provide the relevant procedures which can improve operation and way of spending money in an organisation (Fuzi et al., 2018). The management accounting technique is identified to implement different timeframes for recording the required financial information. However, this is a continuous process and must be properly managed by all the employees and the owners. In many instances, the organisations fail to account for such information and report the same to the senior management (Mirza & Ahsan, 2020). In terms of problem related to the considerations, the business technology software maybe different around organisations. Therefore, the use of specially software introduces further complexity for implementation of the overall strategic management accounting practices among various countries. Therefore, it is essential for the owners prepare an initial report every time using the different software in case of any changes it is to be made by other auditors. The expert insight problem is particularly relevant when setting up the process of management accounting. In many cases, the professional accountants need to outline the relevant management accounting challenges in a company. However, this significantly failed to do so in terms of creating specific responsibilities and advising the aspects which are needed to be captured by the owners and translating them into future decision-making (Luo, Meng & Cai, 2018).
Based on the review of existing literature, it is worth noting that the management accountant in the 20th century no longer use the hybrid account and model within the organisation (Li, Li & Wang, 2019). In this aspect, the present models are facing significant issue related with sudden changes in the business environment. The companies are seen to be demanding more proactive management accountants were able to handle the increasing demand of the companies and increasing competition (Chen & Lin, 2021). In this context, the pertinent issues in the standardisation are becoming more significant as a result of strategic management accounting practices be identified with the need to involve operational alignment, leadership and bring about improvement in the overall life-cycle of the organisation. Furthermore, the rapid change in the environment within the operating environment of the business has also caused unexpected changes especially amidst globalisation and undertaking business activities in national frontiers (Ebrahimi Kahrizsangi & Bekhradi Nasab, 019). The advancement in the technology accounts for the management accountants to become more prompt in performing the task. However, in several situations this has challenged the present organisations to be under intense pressure in order to bring about uniformity during comparisons (Li, Khalili & Cheng, 2019). It is also worth noting how the management accountants in the context of strategic management accounting practices needs to demonstrate accurate decision-making which is in close conformity with the management of the company. In this regard, the increasing competition has not only put pressure on management accounting profession but also significant challenges related to the same. In addition to this, the consideration of organisational factors such as customers and management styles are seen to contribute to the pertinent changes in management accounting profession (Hu et al., 2018).
Several other review literatures have documented how the strategic management accounting practices pertaining to the organisational performance and decision-making is also associated with the contingency dynamics. This requires having an in-depth knowledge of the contingency from the strategic management accounting viewpoint related to the utility which drives the effective decision-making by the management and organisational performance (Li, Zhang & Shi, 2020). Therefore, it is worth noting that not all types of strategic management techniques may be appropriate for all organisations for a given situation. Therefore, there is no one ideal strategic management accounting technique when it comes to derive the most effective management decision-making and organisational performance. In this aspect, several literatures have clearly opined on how the standardisation of such practices needs to be based on not only industry type but operational presence and performance outcome. Therefore, the relevant literature in this matter has opined on the present problem associated with formalisation of the strategy and decentralisation apart from contingency factor (Qi et al., 2018).
Conclusion Gaps in Literature Review
As per the investigation of the existing literature, the gap can be identified with scant evidence to show the exact strategic management accounting practices adopted by e-commerce companies (Jansen, 2018). However, such studies are directly able to account for the existing literature review as per the research problem which is based on comparing the strategic management accounting practices in the UK and Chinese eCommerce companies in terms of stating the exact difference which exists in the strategic management accounting practices. Therefore, the discussions of strategic management of accounting practices in the UK and Strategic management accounting practices in China has been conducive for performing an overall comparative analysis between the two nations. Moreover, the relevant excerpts of literature review also suggest how the SMAPs varies from one country to another as already mentioned in the research problem. Moreover, there also exists a limited amount of research done on strategic management accounting practices in the UK and China (Doktoralina & Apollo, 2019). The gap in the literature can be also identified with absence of appropriate literature signifying the exact problems in the standardisation of strategic management accounting practices particularly in the UK and China. This is due to the fact that most of the studies have considered the problem of strategic management accounting practices at a global level. As per the relevant excerpts of information related to strategic management accounting practices, we are able to discern that theoretical foundation of the overall strategic management accounting is dependent on the effective management decision-making and the performance boost which it provides to the organisations (Inun Jariya & Velnampy, 2019). A majority of the literature has focused on strategic management accounting discourse in relation to contingency factors, techniques, use of strategic management accounting tools and impact which it is has on the overall organisational performance. (Shahzadi et al., 2018; Azudin & Mansor, 2018).
The literature on strategic management accounting standards included perspectives of customer accounting, competitor accounting, strategic decision-making, strategic planning, strategic performance measurement, strategic control and strategic costing as well. Along with this, a majority of the firms in the UK use of techniques such as costing systems, information for decision making, strategic analysis, communication of management accounting information, budgeting and performance evaluation. The budgeting for control and planning was referred as one of the most important studies which was used for the purpose of ensuring that a company is able to stay competitive in the industry in the UK. Similarly, based on the existing literature in China the use of strategic management accounting practices is mainly evident in form of responsibility accounting, operating budgets, frequent revision and performance-based compensation practice. It is worth noting how in terms of the condition of capital budgeting techniques China the first payback period over NPV and IRR. The issues such as combining the features, facts, timeframe and expert insight are associated as the main problem related to standardisation of strategic management accounting practices. There also exist significant issue related to standardisation of strategic management accounting practices in terms of contingency dynamics. This requires having an in-depth knowledge of the contingency from the strategic management accounting viewpoint related to the utility which drives the effective decision-making by the management and organisational performance.
In this section, the dissertation provides a complete set of procedures and plans which are needed to be integrated into subsequent sections of the study for the purpose of addressing the research question and research objectives using the relevant research methods. In this manner, the subsequent sections in the research methodology have included research onion, research philosophy, research approach, research design, plan for data analysis and ethical considerations. Research onion has stated exact choice among the available options in the research onion such as research philosophy, research approach, research strategy, research technique and research procedure appropriate as per the research objectives and research questions.
The research onion used in the dissertation suggests the implementation of appropriate philosophy among positivism, realism, objectivism, interpretivism, subjectivism, radical humanist, pragmatism and radical structuralist (Snyder, 2019). Based on the available choices, of research philosophy in the research onion, the study has finalised on choosing the interpretivist research philosophy, which relies on resorting to perform specific role in relation to observing the social world. Therefore, the selection of such a research philosophy paves the way for considering different element in the social world are associated to the research topic in a subjective manner. The research onion further comprises of choosing between deductive versus inductive research approach. In this context, the study has decided to choose the inductive approach to research. The rationale for inductive approach is due to the qualitative nature of the study which would allow us to emphasise on general level focus pertaining to development of the theory. Moreover, the inductive research approach will let us consider a specific level focus and analyse the theories rather than developing a hypothesis. The data collection method as per the research onion will comprise of secondary research data. In this regard, the main sources of collecting secondary data will comprise of journal paper, magazines, books, websites, newspapers, blogs and podcasts.
The research philosophy has been taken into account with interpretivism research philosophy as the knowledge related to the research would be based on abstract description of objectives discerned as human experience. Therefore, it will mainly take into account the case studies which directly relate to the research question and research objectives (Mohajan, 2018). Moreover, the research philosophy of interpretivism approach will be conducive for considering the philosophical position of idealism which will be able to group together the hermeneutics, phenomenology and social constructivism related with the study. Therefore, the Hermeneutics philosophy will allow us to understand the wisdom literature in relevance to the business studies acknowledging the topic. Similarly, the Phenomenology aspect will allow us to focus on philosophical tradition which tries to understand the different experiences of phenomena in the world. Lastly, the Symbolic interactionism of the interpretivism research philosophy will permit us to take into consideration the symbolic interactionism of social objects which has shared meaning associated with the research topic.
The research approach will be taken into account with Inductive Approach, as the study starts with reasoning and observation in form of research problem. Moreover, as the study will proceed with observing the patterns in order to develop the explanations, the selection of inductive approach would be most ideal (Pandey & Pandey, 2021). In addition to this, inductive research approach does not require any form of formulation of hypothesis to guide the research process. It is important to emphasise on the fact that the selection of inductive research approach would be free from any form of altering the direction of the study. It will also allow us to take into account the research questions and research objectives, thereby acknowledging the research aim for deriving relationships to identify the pattern and build the theory. It is further important to note that the consideration of inductive approach will resemble the consideration of relevant patterns as per the observed data in order to arrive at a particular conclusion. Therefore, the rationale for selecting inductive approach is based on relying a study of observations, identifying the pattern and forming a theory. Furthermore, the inductive research method has proceeded with step-by-step approach. Based on my understanding of the research problem, we were able to identify how observations/test would be performed, for the purpose of identifying the pattern in the research objectives. Furthermore, the formation of the theory also helps us to answer qualitative characteristics (Hubbard et al., 2018). Based on the figure below we can infer that the observation has been seen with the previous research studies on the topic. The pattern relates to the link of the observed studies with the research objectives and the theory is associated with depiction which can be made from the observed patterns.
Figure: Inductive research Process
The research design will duly follow the norms of qualitative research design. In this regard, the study will take into account the use of qualitative research methods such as thematic analysis (Newman & Gough, 2020). This will be conducive for particularly taking into account the interpretation of secondary information gathered from journal paper, magazines, books, websites, newspapers, blogs and podcasts. The rationale for selection of thematic analysis is based on its usefulness in identifying patterns within the data or information and the ability to generate new concepts and insights from the gathered information (Cr, 2020).
The research will follow secondary source of data collection, which refers to gathering the data from publicly available sources such as government websites, organisational records, journal paper, magazines, books and websites (Rinjit, 2020). This will allow us to particularly emphasise on the qualitative means of analysing the data which will have a strong foundation as per high-quality database. The collected information from the database would be conducive for proceeding with the thematic analysis in the data analysis plan.
The data analysis plan has been proceeded by using with thematic analysis which is based on identifying the relevant patterns in the data set using transcripts from previous research. It is to be noted that the information collected for thematic analysis would be qualitative in nature and does not involve any numerical value support the expressions (Sundler, Lindberg, Nilsson & Palmér, 2019). Therefore, the subjective experience will play a key role in making a meaningful assertion from the information. In this regard, the individual research objectives have been segregated into four themes namely strategic management accounting practices in the UK ecommerce companies (Theme 1), strategic management accounting practices in the Chinese ecommerce companies (Theme 2), challenges faced by the UK ecommerce companies in the standardisation of practices (Theme 3) and challenges faced by the Chinese ecommerce companies in the standardisation of practices (Theme 4). The rationale for selecting thematic analysis is based on identifying relevant patterns and qualitative analysis which is suitable for such research technique. Therefore, the implementation of thematic analysis will be conducive for the overall study in terms of generating new concepts and insights. The process of proceeding with such a search technique will comprise of getting accustomed with the available information, creating the themes and assigning codes to the supporting data. Lastly, the review of the themes needs to be performed along with writing the relevant narrative.
The adherence to appropriate ethical consideration will ensure that no such journal is considered which is under doctoral dissertation. In addition to this, the ethical aspect will also ensure that no such evidence is collected which has a copyright associated information. Lastly, it has been made sure that the research includes only that information which has been approved as per author’s consent.
As per the investigation of the existing research, it needs to be identified how the ecommerce companies in the UK has relied on various strategic management accounting practices. This is evident with costing systems, information for decision making, strategic analysis, communication of management accounting information, budgeting and performance evaluation. It tends to be identified that in particular relevance to the e-commerce companies UK has focused on IRR, CBA, target costing, benchmarking, product life cycle costing, competitor accounting, costing the value chain, customer probability analysis, cost management of supply chain, balanced scorecard and competitor accounting. It is further worth noting that the implementation of such strategic management accounting practices is evident among other sectors operating in the country as well (Alsharari, 2021). Furthermore, such practices are not applicable for small and medium enterprises. The e-commerce companies in the UK have put an augmented emphasis on target costing for assessment of the overall life-cycle cost which would be sufficient for defining overall quality and functionality, thereby ensuring that the company has the ability to earn desired level of profit. In addition to this, the target costing allows e-commerce companies to subtract the desired profit margin in relation to competitive market price. Therefore, the target cost acts as the maximum amount of cost which can be incurred for any e-commerce product as delivered by the respective companies (Taylor, 2021).
As a result of the implementation of target costing, we are further able to discern how it has a competitive pressure pertaining to the suppliers and designers of the product. Therefore, the of target costing ensures that the e-commerce companies do not surpass the target cost. However, the rationale for target costing is not done by the companies to minimise overall cost, but to achieve a desired target for cost reduction in the costing process used by the organisation (Clermont, Ahn & Schwetschke, 2018). The e-commerce UK industries further implemented benchmarking process for assessment of the overall performance and quality of the results of the e-commerce companies along with better positioning to build logistics facilities. It is the process used by the e-commerce companies to make sure that the performance and quality of the products are able to be compared with certain degree of standardisation (Baglio, Creazza & Dallari, 2019). Therefore, this provided an opportunity to the researchers to identify the way by which companies can achieve increased performance level and proceeding with identifying the processes followed by the competitors. The benchmarking apps is an important tool for the UK e-commerce companies for the purpose of improving the overall procedures and processes, improving the existing customer satisfaction and quality and contribute to a better idea of lowering the cost to ensure more growth within the industry (Koskiaita, 2021).
The product life cycle costing has been implemented by several organisations in the UK in terms of maximising the length of life cycle of the project, minimising the market time required and providing relevant design for cost output of the products. In terms of designing cost of the product, the development activity has involved focusing on sustainability performance of e-commerce companies in the UK. As a result of 80% of the product caused being capped at design stage, it is essential for the companies to minimise the waste through its unique design process. This is especially evident among garment-based e-commerce companies in the UK (Environmental Audit Committee, 2019). Along with this, the choices which are made during the design stage should be accountable in the entire life cost, product life and handling of equipment in a manner that they do not pollute the environment (Vu, Dam & Ha, 2022)
The existing journal articles pertaining to the study further suggests how the competitors are identified to discover new products and development for the same. As a result of lower competition, the producers will have an opportunity to charge premium prices and at the same time invest heavily in awareness activities (Jain, 2018). On the other hand, as a result of increasing producers, the product in the rival market may also gain attention. In order to maximise overall life-cycle, the UK companies has earlier relied on competitors in order to watch for upcoming market products, new products and discovering products as well (Taylor, 2021). As stated by Zhu & Tang (2020), the company’s life-cycle needs to be taken into account by broadening the overall life of the project. Despite of such an action, there may be an increasing instance of life of the product and needs to be followed by the process of reverse logistics deliver the future models (Lai et al., 2022). Therefore, maximising the life-cycle is another significant area of research conducted by the scholars assessing the UK companies. In this regard, the main cost of operating pertaining to the assets, downtime, energy consumption, repair costs and consumables consumption at to the overall asset’s life-cycle costing has been thoroughly investigated. In addition to this, environmental costs such as complaint handling and emission treatment are among some of the most popular means of techniques for maximising the life-cycle of the project (Lone, Harboul & Weltevreden, 2021).
According to Luyang & Ghani (2019), generalisation of strategic management accounting practices in China started from 2014 and later on became a huge success in the country. The strategic management accounting practices used by the e-commerce companies in the China has been acknowledged with significant impediments and facilitators to have a positive impact on overall performance post-usage. Along with this, the Chinese firms associated to the e-commerce business are now being discussed for their progress in handling strategic management accounting practices (Campillo, 2021; Xiao, 2018). Therefore, the e-commerce businesses in China mainly uses the relevant rules under strategic management accounting such as CVP in decision-making, responsibility accounting, cost allocation, analysis of cost behaviour, assessment of performance bonus along with consideration of the fixed salaries of the managers and employees among the e-commerce companies. In addition to this, the operating budgets for production, profit and sales needs to be also taken into account in the operating budget and S&OP (Nabil, El Barkany & El Khalfi, 2018).
In comparison, the existing research articles clearly imply that use of different types of strategic management accounting practices in UK such as activity-based management, environmental accounting, costing systems, strategic analysis, communication of management accounting information, budgeting and performance evaluation, target costing, benchmarking, product life cycle costing, competitor accounting, costing the value chain, cost management of supply chain, balanced scorecard and competitor accounting are not as popular as the previously stated measures implemented in the e-commerce companies in China. In addition to this, the e-commerce businesses in China are able to make effective decision-making which would be required by the companies to maximize enterprise value as far as possible (Luyang & Ghani, 2019).
There have been several studies which is focusing on how China has ditched its idea of transitioning towards an economic progress of free market from Socialist market economy. Therefore, the relevant move made by PRC against the free-market economy can cause significant number of changes in the implementation of strategic management accounting practices within the e-commerce business as well (Zitelmann, 2022). Based on the literary evidence, we are able to identify how the direct difference in strategic management accounting practices in China is identified with popularity of CVP in decision-making, performance-based compensation practice and payback period method in terms of capital budgeting technique. On the other hand, some of the other excerpts of the reports shows how the e-commerce business mostly relied on NPV and IRR is the preferred choice of analysing the data in relation to strategic management accounting practice (LI, 2016).
The comparison among the use of relevant strategic management accounting practice in the UK and China suggests how UK has relied more on techniques such as target costing, benchmarking, product life cycle costing, competitor accounting, costing the value chain, customer probability analysis, cost management of supply chain, balanced scorecard and competitor accounting (Mio, Costantini & Panfilo, 2021; Ul-Hameed et al., 2019; Alkaraan, 2020). This is in relation to all the e-commerce businesses being conducted throughout the country. On the other hand, as per the existing literature and research we are able to discern how China implements the relevant rules under strategic management accounting such as CVP in decision-making, responsibility accounting, cost allocation, analysis of cost behaviour, assessment of performance bonus along with consideration of the fixed salaries of the managers and employees among the e-commerce companies.
According to Guo (2022), the use of SMAP among the e-commerce sector in China is further evident in form of increase usage of computerised accounting which ensures staff members’ dissatisfaction with management accounting practises can be effectively addressed through incentive strategies. As a result of mechanism to encourage the growth of management accounting, the e-commerce companies in China are particularly seem to rely on business intelligence and mobile edge technologies for getting benefit in terms of quantitative analysis as per security design, data display, that acquisition and modelling of data warehouse. It is further worth noting how the SMAP are also seem to be having a considerable impact on the logistics activities as well. A study on online retailers return policy explored in terms of SMAP in China reveals how such a concept is used for proceeding with return policies which are implemented particularly for the e-commerce market. As a result of increasing market penetration of Alipay and WeChat Pay, analysts predict that more online enterprises will explain Chinese online payments in their return policies in the future. Therefore, the overall application of SMAP is further able to ensure that the brands are having lenient return policies. This is due to the fact that as a result of application of SMAP in the return policies, the different companies are able to ensure that adherence to lenient and consumer friendly return policy permits less negative prefactual thinking regarding purchase flaws and risks, as well as purchasing choice uncertainty (Yu & Kim, 2019).
The existing challenges in e-commerce business model of the UK are clearly evident in form of following a cost allocation method which is different for manufacturing overhead, production overhead and direct materials (Deloitte.com, 2022). On the other hand, the standardisation of practices in China takes into account problems related to improper conduction of budget and excessive spending on operational areas, thereby losing out in spending ability (Campillo, 2021). Along with this, the e-commerce companies in the UK have particularly developed a MIS which has the ability to report, store, process and collect financial information. This is especially evident among Fashion Online Retailing (Idrees, Vignali & Gill, 2020). However, it goes without saying that despite of several initiatives taken by the UK ecommerce companies int terms of standardization of SMA practices, the new approach is not welcomed by several people especially involved in e-commerce segment in the UK in relation to urban-retail landscape. Therefore, in many situations it is also worth noting how the companies faced several issues related to local economic development, urban regeneration amidst COVID-19 (Nanda, Xu & Zhang, 2021).
In addition to this, standardisation procedure of strategic management accounting practice involves focusing on third-party margin transactions where the seller and buyer has a stronger emphasis on creating trust between each other to better serve the nation (Mkansi, 2021). However, in many situations it has been investigated how third-party margin transactions are unsuccessful and payment is not received by the relevant party. It is worth mentioning that in many situations the e-commerce companies in the UK are unable to gather sufficient information associated with credit taken, transport costs, sales calls, commission, cost of sales, non-standard packaging and other promotional cost due to any disruption in the supply chain. This has further led to unsuccessful mergers among e-commerce retail giants such as Asda/Sainsbury’s merger (Gwp.co.uk, 2022; Hood et al., 2020). As a result of unavailability of such information, it becomes particularly difficult in implementing techniques such as budgeting and performance evaluation among the e-commerce companies. As Erdmann & Ponzoa (2021) noted, there has been several instances of misallocation of advertising budget among the e-commerce companies in the UK. This estimation has been made though different cost function and marketing techniques. In addition to this, it is also worth mentioning how the measurement of customer profitability in terms of gross margin levels along with assigning average cost by function of sales order processing cost becomes a problem due to changing demand for several products, including food and beverage and garments. It is important to understand that the existing research has recognised these problems in the context of e-commerce (Briggs, 2022).
In China, the biggest challenge associated with e-commerce implementation as per strategic management accounting practice is evident with the failure of Amazon business model and Alibaba which was initially witnessed in 1994 (Wang, 2021). Furthermore, the incorporation of B2C business model of Amazon largely attracted online retailer on a massive scale for the purpose of creating cost savings. However as for the modern business operations, the Chinese e-commerce companies were unable to cope up with the business model of 1994. This was evident in form of relevant problem arising in terms of use of credit arrangements and building the logistic infrastructure from the scratch (Yu, 2018). Along with this, the market model adopted by the eBay was seen to fail miserably as the Chinese people don’t care about putting bids on eBay. Therefore, strategic management accounting practice within the e-commerce companies failed miserably. It is further worth noting how China was involved in collecting appropriate information pertaining to online purchases of mobile phone (Bai, Zhu & Lu, 2019; Wang, 2021). However, in many instances the failure of strategic management accounting practice was evident with investigation how the mobile data in China was ineffective due to better competitive pricing among other developing markets. The competitive accounting has further faced substantial strategic management accounting practice as a result of growing problem in the context of enterprise cloud which is required for managing e-commerce businesses in China (Chandel, Ni & Yang, 2018).
According to Ma et al. (2022), the various SMEs play an integral role in contributing to different unique problems and the role of global economic development in terms of strategic choice and resource. The study has particularly enumerated the role of SMAP which are being conducted in China along with its challenges. The argument in the journal article shows how the balanced scorecard is not just in on financial and financial analysis but also acts as a representation of department wise strategies. Moreover, the use of balanced scorecard is conducive for presenting four perspectives of keeping the balance both long-term and short-term as per the actual and expected results. Based on the study be able to analyse that despite of balanced scorecard into getting some instances of discrepancy in measurements for company, it is still used for attaining the strategy goals (Tuan, 2020).
It is further worth noting how for all the SMEs, belonging to the e-commerce business tend to invest more towards improvement in development of infrastructure. Along with this, there is also an augmented focus given towards development of the suppliers and customers relationships. However, in many occasions the main challenge in terms of standardisation of practice is directly evident in form of legitimise and balance multiple perspectives. This is due to the fact that customer perspectives keep on changing from time to time and the various types of e-commerce companies in China needs to particularly focused towards competitive segments which emphasise on the strengths. Along with this, there may be several instances of availability of the financial products in the open markets. As a result of this, the perspective of internal business process is seen to be varying from one department to another, which later on lease to problem with strategic goal formulation (Leonidou et al., 2022). Several studies have further elaborated on the literary excerpts which suggests about the problem associated with non-feasibility of continuous development as a result of globalisation. It has been identified as a growing challenge in today’s world which has further resulted in coordination of complexity. Such a problem is particularly evident in form of adapting to the significant amount of change associated with technological and external environmental progress (Ma et al., 2022).
As stated by Ma, Chen, Zhou & Aldieri (2022), the senior management is seen to benefit from different aspects of functional implementations of techniques associated with SMA which is seen to contribute to overall competitor analysis, budgeting, planning and performance measurement. However, the third relevant challenge associated with expected challenges faced by the Chinese ecommerce companies in the standardisation of practices can be directly related with intricacies in performing company analysis to know about their individual SMAPs (Nguyen & Nguyen, 2021). We need to further focus on how in terms of management accounting, the SMEs in particular need to put out minute focused towards resource allocation.
There exists a significant challenge associated to resource allocation as a result of SMEs demonstrating simpler form of organisational structure which is designed as per the present changes in the market. This makes it difficult for the SMEs in China to proceed with relevant expansion in relation to the market share as this may be difficult to attain due to the constraints in economies of scale. Therefore, in order to overcome the problem of resource allocation in China, the e-commerce companies need to emphasise more on rational management of information requirements associated to resource allocation. In addition to this comment is further important to note how a normal circumstance the SMEs are seen to be suffering from restricted number of resources and a greater number of resources may be required as a result of managing the control systems and enabling the SMEs to comply with a greater share of managing information requirements. Furthermore, the lack of resources by the SMEs is seen to be revealed by complete or partial lack of MA. This is a resultant of employers and SME owners not being able to achieve the required amount of training which in turn leads to comparison of large companies in terms of implementation of financial decision-making tools to be simple but not useful (Ma et al., 2022). The last challenge is associated with overcoming centrifugal tendencies. The concept of centrifugal tendencies in general relate to how the managers are often rigid in terms of decision-making. This mainly happens as a result of the SME owners lack different types of professional suggestions in terms of providing their own opinion and satisfying the elements associated with performance of accounting information, financial management and SME benefits (Ma et al., 2022).
In many times, the biggest failure of Chinese e-commerce companies in standardisation of strategic management accounting practice was evident with insufficient information about the individual cost drivers as a result of involvement of large number of third-party interventions. In addition to this, the presence of low trust among the sellers and buyers in China questioned about the authenticity of the implementation of strategic management accounting practices (Shen et al., 2020). For instance, it is evident how several companies in the field of e-commerce they are unable to determine the amount associated to fraud and payment is due to improper rendition of strategic management accounting practices. In China, the e-commerce business has to go through serious issues when it comes to budgeting as per strategic management accounting practice. This aspect, the redemption of budgeting including excessive time and gamesmanship tend to produce certain inadequacies from one product to another leading retailing the e-commerce stores (Govella, 2021; Terada-Hagiwara, Gonzales & Wang, 2019).
It is important to understand that the budget is based on realistic assumptions which are not distant from the default operating conditions. However, due to constant international demand for e-commerce products, there exists added complexity in the business agility among agricultural e-commerce to a considerable degree (Lin et al., 2020). In this manner, the revenues of the company that severely affected and actual results tend to vary. It is further worth noting how the pertinent problem in budgeting tends to override the previously form budget by the managers and translates into authorisation problems, thereby rupturing any possibility of increasing profit in the future (Feng & Lam, 2021). As a result of increased amount of international demand, the commodity price, exchange rate and interest rate also cause several mismatches related to expectations versus reality. There are also involves rigid decision making at times which hampers overall effectiveness of strategic management accounting practice in Chinese e-commerce businesses (Bai, 2021). This is particularly relevant with the developing process only focusing towards budget formulation at the fiscal year end which is 31 December. In many occasions, during the rest of the years revisiting of the strategy as per procedural commitment is not done. This creates the fundamental problem of budget needing reviewing during the end of the fiscal year (Ding & Zhao, 2021).
It is worth noting that at times it takes significant amount of time to implement the strategic management accounting practice such as CVP in decision-making, responsibility accounting, cost allocation, analysis of cost behaviour and assessment of performance bonus. This is the result of poorly organised environment which leads to budgeting software and procedural giving wrong outputs. Additionally, the changing nature of business rapidly leads to significant unwanted iterations associated with the budget model. In terms of gaming system, the expense manager in the e-commerce companies in China attempts to introduce techniques such as budgetary slack for deliberately reducing the estimates for revenue and increasing the expense of in turn (Thomas et al., 2019). This is particularly done for trying to create a favourable variance in contrast to the budget. However, based on the existing research we are able to identify how this leads to serious problem of requiring additional oversight. In many situations, the problem related to expense allocation leads to a lot in the budgets of various department as substitute which translates to lower cost services as well in the entire organisation along with expected service level, CBEC regulation, product value and demand level (Giuffrida, M et al., 2019). This further worth noting that many e-commerce businesses in China only relies on the financial outcomes of strategic management accounting practice. However, in specific situations customers will not care about how much the profit a business is able to make. Therefore, this leads to a situation of unfair pricing practices and losing out on customers. This is similar to the case of unfair pricing practices in Alibaba. It is important to note that budgeting concept does not always support the need related to the customers (Yu, 2021).
Conclusion and Recommendation
Conclusion
On a concluding note, we are able to suggest how the e-commerce companies in the UK depends on strategic management accounting practices such as costing systems, information for decision making, strategic analysis, communication of management accounting information, budgeting and performance evaluation. It tends to be identified that in particular relevance to the e-commerce companies UK has focused on target costing, benchmarking, product life cycle costing, competitor accounting, costing the value chain, customer probability analysis, cost management of supply chain, balanced scorecard and competitor accounting. The e-commerce companies in the UK have put an augmented emphasis on target costing for assessment of the overall life-cycle cost which would be sufficient for defining overall quality and functionality, thereby ensuring that the company that won the desired level of profit. The target costing allows e-commerce companies to subtract the desired profit margin in relation to competitive market price. Therefore, the target cost acts as the maximum amount of cost which can be incurred for any e-commerce product.
Based on the strategic management practices followed in China, generalisation of strategic management accounting practices in China started from 2014 and later on became a huge success in the country. The commerce businesses in China mainly uses the relevant rules under strategic management accounting such as CVP in decision-making, responsibility accounting, cost allocation, analysis of cost behaviour, assessment of performance bonus along with consideration of the fixed salaries of the managers and employees among the e-commerce companies. In addition to this, the operating budgets for production, profit and sales needs to be also taken into account in the operating budget. The present problems of strategic management accounting practices in the UK have been evident with cost allocation method being different for manufacturing overhead, production overhead and direct materials. In addition to this, the e-commerce companies in the UK have particularly developed a MIS which has the ability to report, store, process and collect financial information. In this regard, the main challenge can be also focused with new approaches which allow relevant challenges of management accounting systems to be recognised. The standardisation procedure of strategic management accounting practice involves focusing on third-party margin transactions where the seller and buyer has a stronger emphasis on creating trust between each other to better serve the nation. Arriving at accurate measurement of customer profitability in terms of gross margin levels along with assigning average cost by function of sales order processing cost becomes a problem due to changing demand for several products, including food and beverage and garments.
As per the discussions of thematic analysis, the main difference between strategic management accounting practices in the UK and Chinese eCommerce companies is identified with the UK adopting target costing, benchmarking, product life cycle costing, competitor accounting, costing the value chain, customer probability analysis, cost management of supply chain, balanced scorecard and competitor accounting. On the other hand, the e-commerce businesses in China mainly use CVP in decision-making, responsibility accounting, cost allocation, analysis of cost behaviour, assessment of performance bonus along with consideration of the fixed salaries of the managers and employees among the e-commerce companies. Furthermore, based on the literature review and analysis we can discern how China is more focused towards responsibility accounting, operating budgets, frequent revision and performance-based compensation practice. However, based on the review of the existing literature, we are able to identify that China also implements strategic management accounting practices similar to the UK. In the long run, the firms in China have demonstrated an increased use of capital budgeting techniques such as payback period.
The standardisation of practice in the UK is evident with the existing challenges related to relying on a cost allocation method which is different for manufacturing overhead, production overhead and direct materials. The management accountants are further responsible for reviewing the information which is particularly related to allocation of the services and goods. In addition to this, the e-commerce companies in the UK have particularly developed a MIS which has the ability to report, store, process and collect financial information. In this regard, the main challenge can be also focused with new approaches which has been seen with pertinent challenges of management accounting systems to be acknowledged at all levels. In China, the chief issue associated with e-commerce implementation as per strategic management accounting practice is evident with the failure of Amazon business model which was initially witnessed in 1994. Along with this, the market model adopted by the eBay was seen to fail miserably as the Chinese people don’t care about putting bids on eBay. in many instances the failure of strategic management accounting practice was evident with investigation how the mobile data in China was ineffective as a result of better competitive pricing strategy.
We are further able to identify five main challenges associated with standardisation of practices in China. This is mainly evident in form of legitimise and balance multiple perspectives. The second is the coordination of complexity and the third concerns competitor analysis. A fourth concern is related with resource allocation, while the fifth is to overcome centrifugal tendencies. Small and medium-sized enterprises (SMEs) in the e-commerce industry tend to invest more in infrastructure development. Along with this, there is a greater emphasis on the establishment of supplier and customer connections. However, in many occasions, the fundamental issue in terms of practising standardisation is clearly visible in form of legitimising and balancing diverse perspectives. Several studies have expanded on literary excerpts that reveal an issue related with the inability of ongoing growth as a result of globalisation.
It has further noted that due to increasing difficulty in today’s business environment, it has led to complexity in coordination. Senior management is thought to gain from many components of functional implementations of SMA approaches that contribute to overall competitor analysis, budgeting, planning, and performance assessment. However, the third significant difficulty linked with the projected challenges experienced by Chinese ecommerce enterprises in practise standardisation might be directly tied to complexities in completing company analysis to learn about their specific SMAPs. There is a substantial problem connected with resource allocation as a result of SMEs displaying a simpler type of organisational structure that is created in accordance with current market trends. This makes it difficult for Chinese SMEs to pursue appropriate market share increase, as this may be difficult to achieve owing to limits in economies of scale. The last task is to overcome centrifugal inclinations. This is mostly due to the SME owners’ lack of various forms of expert ideas in terms of expressing their own viewpoint and meeting the factors related with accounting information performance, financial management, and SME advantages.
The limitations of the research can be identified with relying on only qualitative research techniques. In this regard, the investigation of the information is subjective in nature and we are unable to know about the numerical analysis of the results. Along with this, the study does not focus on deductive approach or formulation of hypothesis, thereby unable to generate any statistical significance for linking the outcomes. Along with this, the study is based on the strategic management accounting practice comparison between United Kingdom and China. However, the main goal of comparing a developing country with developed country may be considered as being by many users as there were several other companies which are more suited for being considered under developing country instead of China.
The future work should incorporate quantitative research along with qualitative research. This will allow the users of the report to analyse the implementation of quantitative research techniques such as regression, time series, correlation, cluster analysis etc. As a result of statistical significance, we would have been able to better generalise the outcomes of the study. It is further worth noting how there exists a significant scope to study other countries in terms of management accounting practice used in e-commerce.
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