Understanding basic accounting and good management techniques has proven to be a great asset to business managers, especially nowadays that CEO's and General Managers are required to multitask more extensively than before, which leads to the need to understand the financial management part of a business more clearly.
This may seem like a daunting task or 'mission impossible" to business owners and managers, but all that is needed is a foundational understanding of basic accounting concepts and knowing what information to glean from business operating and financial reports. The information in these reports, and understanding what the information actually means, will fascilitate better business management and better decision-making, especially in terms of effective cash flow management, fixed assets management, productivity, profitability, planning and budgeting, financial control, business analysis, etc.
I have written many blogs, tutorials, articles and ebooks about this topic, among many other, and I will be happy to share these with you in a series of posts over the next number of weeks. Let me know of any suggestions regarding their sequence, or of any particular requests you may have.
I wish you every success in your business venture.
Business Mentor 4 U