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Non-financial managers can better understand the science aspect of finance by educating themselves about basic financial principles, concepts, and terminologies. They can take finance courses, read finance books, or use online resources. Understanding financial statements and how they are prepared can also be helpful. Additionally, they can seek guidance from financial experts or colleagues in the finance department.
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Accounting and finance, like many other business disciplines, really are as much art as they are science. You might call this the CFO's or the controller's hidden secret, except that it isn't really a secret, it's a widely acknowledged truth that everyone in finance knows. And that is where the trouble begins for many executives and other business professionals who work in the finance sector. In other words, most people forget that nugget of intelligence, and make the mistake of believing that if a number shows up on a financial statement or in a financial report to management, it must be accurate and true.
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Financial statements do not always tell the entire story about a company. Accounting methods and financial reporting require an executive to decipher...
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