Cost management accounting is a form of accounting that aims to improve a company’s profitability by managing, controlling and eliminating expenses. Cost accounting helps businesses determine the costs of products, projects and processes, which shows the company where its earning and losing money and is an integral part of budget planning. 

Cost and management accounting provides data and analyses reports that can be used by managers to make decisions that will lead to long term profits and growth.

Cost and Management accounting is different from financial accounting in the sense that financial accounting is responsible to generate profit & loss statement and is past oriented, while management accounting is future oriented and focus on making decisions.