Explain the 6 importance of good communucation and the objectives of management reporting base on your understanding. Then give an instances or example in accounting field.

6 IMPORTANCE OF GOOD COMMUNICATION

1. Managers can increase efficiency by updating the production process to take advantage of new more efficient technologies and by training workers to operate the new technologies and expand their skills.

2. Managers need to communicate to all members of the organizations the meaning and importance of high quality and the routes to attaining it.

3. It helps to increase responsiveness to customers.

4. Managers must communicate with other organizational members to determine how best to respond to changing customer preferences.

5. Effective communications is necessary for all managers and members of an organization to increase efficiency, quality, responsiveness to customers and innovation and thus, gain a competitive advantage for their organization

6. Managers must have a good understanding of the communication process if they are to perform effectively

OBJECTIVES OF MANAGEMENT REPORTING:

1. To obtain the required information relating to the business to discharge its managerial functions of planning, controlling, directing and decisiom making etc. efficiently and effectively. 2. To ensure operational efficiency of the concern. 3. To facilitate the maximum utilization of resources. 4. To secure industrial understanding among people who are engaged in various aspects of works of enterprise. 5. To enable to motivating improving discipline and morale. 6. To help the management for effective decision making

Please elaborate your answer or explanation so that students can easily understand it. Thank you. I'll rate you as helpful.

Subject: Management Reporting