Managerial accounting serves the needs of managers employed inside the organization, emphasizing on decisions affecting the future, relevance, timeliness, and performance of sectors on which managers would like cost, revenue, or profit data. Though managerial accounting is not mandatory and does not need to follow externally enforced rules or standards (Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)), it helps managers in their vital actives Planning, Controlling and Decision Making. As managers, it is our duty to select the best possible outcome in the face of the presence of a number of different alternatives with different probabilities of success and payoff. This is why, when we consider the process of cost accounting, we can say that the fact that the manager is now able to make sense of the processes based on their payoff, their probability of occurrence as well as other relevant factors which allows them that understanding of being able to achieve the most likely outcome which is favorable for the company, it makes their decision making process much easier and relevant, We need to make sure that the organization understand the importance of cost accounting and other analysis processes allowing the company the use of their resource and the best possible outlook for them while also serving as the necessary factor of information relevant for external parties and stakeholders and in order to for them to understand their investment and potential returns as well.