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Understanding finance as both an art and a science can help in making better business decisions as it allows for a more comprehensive view of financial management. The science aspect involves the use of formulas, theories, and models to analyze and predict financial outcomes. The art aspect, on the other hand, involves the use of judgment, intuition, and experience to make decisions when the numbers aren't clear or when dealing with uncertainty. This combination allows for more informed and balanced decision-making.
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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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