From the course: Accounting for Managers
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Why managers should understand accounting
From the course: Accounting for Managers
Why managers should understand accounting
- Over the years, I've witnessed many managers distance themselves from the financial aspects of their organizations. I remember having a candid conversation with a manager many years ago about his organization and I asked what I thought would be quite a simple question to answer. So what's your annual budget? Without any hesitation, he looked at me and said, "I have absolutely no idea. "I'll leave that stuff to the finance team." On another occasion, I was in a board meeting. The sponsor was asked for the latest cost estimate for a large project that she looked after. She looked over at me and said, "I'll let Josh answer that one." Just as well I was in the meeting, but I shouldn't have to be. Managers should be able to field at least the basic questions about the financial health of their organizations. To me, finance is a core management capability no different to say people skills, leadership, and relationship…
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