Against the backdrop of intensified market competition and increasingly complex business environments, cost control and budget management have become pivotal for enterprises seeking to reduce costs, enhance efficiency, and ensure the successful implementation of their strategies. In this context, managerial accounting, as a crucial branch of the accounting system, effectively bolsters an enterprise’s core competitiveness. This article delves into the application of managerial accounting in enterprise cost and budget management, clarifying its value within enterprises. Addressing existing issues in utilizing managerial accounting to strengthen cost and budget management, it proposes targeted practical pathways. The aim is to provide feasible solutions for enterprises grappling with difficulties in cost control and weak budget execution, thereby assisting them in elevating the precision of their financial management, achieving the dual objectives of cost reduction and efficiency enhancement, and ensuring the successful implementation of their strategies.