- Differentiate between responsibility and accountability.
- Summarize how to define managerial information and reporting needs.
- Define exception analysis.
- Explain what the feedback loop is.
- Describe why managers should understand accounting.
- Define management accounting.
Skill Level Beginner
- I once saw a very senior manager toss a beautifully bound 30-page glossy finance report into the shredder without even looking at it. I'm not kidding, she did it right in front of me. Now look, the point she was trying to prove was that the information her finance team provided was worthless. But without even realizing it, she was proving another point. That she had completely removed herself from the financial aspects of her business and of course, the relationships that support this. This is a huge problem. So much value can be gained from having strong relationships with finance and accounting, both the subject matter, and of course, the people doing the work. Now, there's a lot on your plate as a manager and you're probably accountable for many major decisions but because there is so much at stake, there's an even greater incentive to understand how you can utilize and support your accounting and finance resources. My name's Josh Rischin. I'm a finance consultant and I also counsel tons of clients each year on this very topic. The intersection of management with accounting. And this covers collaboration with finance teams, building mutually beneficial relationships with the people who run the numbers to truly learn how their outputs can become your inputs.