Chapter 24 – The Finance Director Did It
‘Then there is the man who drowned crossing a steam
with an average depth of six inches.’
W.I.E. Gates
Overview
This chapter wraps up the book by pulling together the previous chapters and summarizing
some of the things that you should watch out for when forecasting, estimating,
reviewing, planning, monitoring, analysing and presenting. In addition, there is a summary
of what to do when things go wrong.
Mastering managing the numbers
After reading this book, you should be able to answer the following questions:
- How can I measure the performance of my business area? Why are trends and ratios
so important?
- What is common sense costing and why should I use it?
- Are financial measures adequate? What other metrics should I watch?
- How can I measure risk and use it to my advantage?
- Why do projects, budgets and other plans go wrong, and how can I guard against it?
- How do financial, tax and management accounts differ? Why are they each important?
- Why should I question our bean counters? How can they help me in my job?
- If accounting is so rigorous and pedantic, how come the same numbers can be made
to tell different stories?
- Why do I have to do the analysis myself? Why can’t I trust published reports and
credit rating agencies?
- How will managing the numbers help me in my career?
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