Finance: What Managers Need to Know reviews

The information on gross profit per hour are necessarily the outcomes of information on transactions regarding debit and credit. If you understand credit and debit, how they are recorded you can better understand gross profit. Because you can imagine. you can have the picture of how the figure you have in front of you has come about.

For instance in saying profit you mean a difference between sell and cost of production or cost of purchase. By knowing about debit and credit you can try to reconstruct the process. Because you know that sell mean an account of income statement which start by number 7, an account of class 7 which an account of credit, in other words, it increases at credit, you see a transaction that has led to benefit at the credit side or the right side of that account. Since you know as long as there is a credit there must be at least one debit that correspond to that credit, you can be deduction say that sell has led to payment. The money received is likely in the bank, then you know you need an account of class 5 which is a debit account in your books and a balance sheet account, etc by knowing how debit and credit function can make things easier.

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Very interesting!

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That was great

what is confusing, is that when we compare the roles of bookkeeper and an accountant, we are told, that bookkeeper is responsible for registering transactions and keeping books accurate and consistent. So, they focus on recording the financial historical data of the company. Whilst accountants read those data, compile financial statements and advise the businesses on ways to improve its financial position and performance. I beleive many accountants are involved in creating those metrics as well as budgets and forecasting necessary for strategic planning and execution. Since the last is done by accountants, I can't really make a line between accountancy and finance. interestingly, in Russian and probably in other languages, you don't have different terms for each bookkeeping and accountancy, it's one word. In small firms, the person that does bookkeeping, will also do budgeting, forecasting, creating financial statements and other finance related stuff. I would financists are people that don't have to understand accounting on very techncal basis, but can read the numbers and make valuable recommendations to companies directors, managers. but still, this could also be done by a qualified accountant.

i like this idea : accounting is based on estimate and assumption (personal), finance who drive the company from my perspective.😍

i like his idea about the non-profit organization..they should called non-taxed organization instead of non-profit organization as they are also have to make profit to remain survive in whatever they do..

This was right on point .I work for a publicly traded fortune 500 company and transparency is very important as well as knowing the numbers.This has inspired me to come up with some incentive for my team that are suppose to order pick 250 units per hour. some do most dont.What type of incentive could i use to drive my productivity?

Steve thanks for demystify this for me.

Great!! An effective one

Great views shared by Joe. Absolutely makes sense how his course is for people more from the technical background.

But only the skilled or talentid manag,s can figuer out the key drives to motivate your employers to scale up thier perfourmence once they know the numbers and factors of what they 've done that gives them the spirite to adopt the succes of thier orginisation

The idea of ownership of the job makes a huge difference to the company's culture. Great video!

The idea for managers to expose the financial state of company to employees is a fantastic idea. Employees feel like the business is theirs

That's good information that various levels of any organization should be privy to certain financial information and more specifically in how that information pertains to their job functions.

Accounting provides information useful to make sound decision.Finance decision resides with accounting information

These days, CFOs are looking to transform their GLOBAL finance function from being a reporting function to taking on an analytical, pricing and planning role.
From an organizational development (OD) perspective, this is challenging but very fulfilling work.

Has anyone read his book? I think it could be good but I haven't heard much about it.

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Cool, that's a lot to think about

Going into FIU as a Finance Major,and this video is very interesting! Its true,if you dont understand every aspect of your business,even including employees,it may lead to a very difficult business!

I need a manager.