Every business or non-profit organization has to have an accounting and finance system in place with specific processes and procedures for recording daily transactions. The big word in that statement is ‘every.’ While accounting is one of those critical business functions that every business needs, it also happens to be one of those operations that only a select few in the company actually understand.
A new book, Finance & Accounting, (Wharton Digital Press, 2011, ISBN: 978-1-61363-009-9) by Richard A. Lambert attempts to explain the main three statements of a financial system that can help managers and others within a company to make sound decisions. This book is part of the Wharton Executive Education Essentials series of books.
Lambert starts by writing, “Business decisions need to be based on information, and financial statements are a major source of this information. But many managers don’t have a background in accounting and finance, so they don’t have the tools they need to answer questions.”
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