How can management accounting information help companies to be competitive and profitable?

Managerial accounting involves the processes of planning, budgeting and forecasting the activities, sales, revenues or expenses incurred. Through which, management can compare the past performances with the current one and then take corrective actions required. This will lead to the reduction of costs of manufacturing or expenses cost which would directly the impacts the profitability and the competitiveness of the company. By making plans in advance and then execute them for controlling the cost factors would allow the company to be more competitive in the market.