Celebrity & Sports Agents Industry

Managerial accounting plays an important role in financial planning and predicting future performance.  The report indicates that the Celebrity & Sports Agents Industry is at its growth cycle since its contribution to the general economy is increasing and becoming more diversified. Over the coming years, agents are expected to grow as expenditures on entertainment among customers grow. With the increased growth, the client list is constantly growing so that it is including people beyond the musician and acting fields and such as athletes (IBIS World, 2017).  The clients are in great need of agents who will not only embark on management and contract negotiation but also financial planning on their behalf. The clients and the industry are in need of managers with knowledge in managerial accounting so that they can assist in decision making involving cost analysis and budgeting. This is important while the clients are trying to cost their services or products and this include various formulas which have to be followed while not requiring observing the GAAP guidelines and standards.

Reference

IBIS World, (2017).Celebrity & Sports Agents in the US: Market Research Report