Management accounting deals with the use of accounting information to managers within an organization. Management accounting provides managers with necessary information to make informed business decisions. Management accounting is essential for an organization to be better equipped and control functions.
Over the last year, I’ve hosted roundtables with hundreds of CFOs and finance leaders in cities around the world. From Johannesburg to London to Boston, finance leaders all sang a similar tune when it came to their greatest pain point: they’re all looking to transform the finance function from a cost center to a value center. They’re keenly aware of the gap that exists between the “old world” of reporting and compliance and the “new world” of guidance and driving the business, and they want to narrow, if not entirely close, this gap.
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Public speaking is hard, there’s no doubt about it. You need to prepare your speech, carefully choosing your words and crafting your story. Then, you need to devote some serious time practicing-- some say up to one hour for every minute of your speech! Finally, you need to fight the butterflies in your stomach to step in front of the crowd, steady your voice, and give your speech.
When it comes to public speaking, accountants face more challenges than the average person. Not only do they need to do all of the above, they also need to translate complex data into easy-to-understand concepts for non-finance professionals.
Financial storytelling takes a lot of work, but it’s a learnable skill. The following are tips from the CGMA research brief, “Six Rules to Delivering a Powerful Financial Presentation.”
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I bought the world’s worst thesaurus yesterday. Not only is it terrible, it’s terrible.
I recently read a CGMA Magazine article which reported that more than 75 percent of CFOs in an Accountemps survey said that an employee’s sense of humor was very or somewhat important for fitting into the company’s corporate culture. I was intrigued by this and inspired to do a little more research on the importance of comedy in the workplace and what I could be doing to add a little levity to my remit. Here’s what I found:
- There’s a reason we call funny people “witty;” a good sense of humor makes you appear more competent and confident
- Research suggests that teams who joke more, communicate better (WSJ)
- It matters what “kind” of funny you are, always be authentic and humble (HBR)
- Use the right medium; humor rarely goes well over email (CGMA Magazine)
- It’s OK to tell an unfunny joke; it’s not OK to tell an inappropriate joke (HBR)
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Much has been written on how best to manage virtual teams, but my favorite tidbit is one I recently picked up from Harvard ManageMentor that suggests managers “inconvenience everybody equally.” What I love about this philosophy is that it's as effective as it is simple.
The issue plaguing June Delano, Partner, ClearLake Group (a management consulting firm), was that her team of 17 was spread out across 10 different countries and time zones. They had to meet at least every other week, but scheduling was tough. After a bit of trial and error, June implemented her “inconvenience everybody equally” rule. By rotating the time of the meeting, somebody was always up in the middle of the night and somebody was always in the middle of their workday. Everyone else fell at another point on that spectrum. “It meant that everybody got a chance to be drowsy and falling asleep and everybody got a chance to be wide awake and full of energy,” she said.
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Bikram Sachdeva loves salsa and bachata dancing. You might also find him capturing landscapes, skyscapes, and nature scenes with his camera during travels to Senegal, Ghana, Tanzania, Mongolia, El Salvador, Nicaragua, and Jordan—countries where he’s monitored over $ 1.5 billion portfolio of projects.
Sachdeva is a CPA and CGMA, to name just two of five professional designations on his business card. “I hear a lot of stereotypes when people see my business card,” said Sachdeva, director of fiscal accountability at the Millennium Challenge Corporation (MCC), an independent U.S. Government aid agency that works to reduce global poverty through economic growth. “Some people assume that because I’m a CPA, I’m not outgoing. They’re surprised when I tell them I love to dance and take pictures, especially because these interests tend to be outside the norm of what people expect from an accountant.”
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