Accounting for Managers

William H. Webster, CPA

Accounting knowledge is a core business skill that both complements and enhances your other talents. Individuals promoted to management or supervisory roles from either line or staff jobs find that many of their new responsibilities involve knowing something about accounting. Congratulations on your promotion! You’ve come to the right place to start developing those accounting skills. If you haven’t had a recent promotion, more congratulations are in order. You are taking steps to gain the skills that will lead to promotion in the near future.

Your new duties could involve record keeping or report preparation and forwarding the results to the appropriate department. You might also be involved in preparing or analyzing departmental budgets. Maybe you are in sales and have questions about why there isn’t more money for travel. Perhaps your company has a profit-sharing plan and you’re suddenly intensely interested in how profits are calculated. You could be working in a smaller business where you now have full responsibility for the production function and have to decide where and how to spend the money. Any of these events could trigger your awareness that you need to know something about accounting and how money works in an organization...

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