In today’s knowledge-driven economy, organizations compete through their intellectual capital (IC). However, effectively leveraging IC requires robust management control systems (MCS) and sound management accounting (MA) practices. Despite theoretical arguments, empirical evidence on the interplay between these elements and their combined impact on performance remains limited. This study addresses this gap by investigating how MCS and MA influence IC development and how IC subsequently affects business performance within Saudi Arabian companies. Data were collected through a questionnaire survey sent to diverse manufacturing and service companies and analyzed using structural equation modeling with AMOS software. Findings reveal that comprehensive MCS drives increased use of MA tools, both contributing to IC development, although MCS's influence operates indirectly through MA. Importantly, this study provides strong empirical support for the positive and significant impact of IC on business performance. Interestingly, IC fully mediates the relationships between MCS/MA and performance, suggesting that the direct effects of these practices lack independent influence. These findings underscore the critical role of aligning MCS and MA with IC components. By establishing processes, systems, and environments that foster knowledge creation, information networks, organizational learning, and capabilities, companies can unlock the full potential of IC for improved performance. This study offers valuable insights for managers seeking to optimize their control and accounting practices to build a strong foundation for sustainable competitive advantage through enhanced intellectual capital.