Myth # 1: You need to be good at maths
People often say to me when speaking about Finance that they need to be good at maths. Nothing could be further from the truth. Provided you understand simple arithmetic, things like addition, subtraction, averages, percentages and multiplication you have the base knowledge interpret financial information.
Myth # 2: Finance is complicated
Actually it is very simple. The vast majority of managers get a budget statement that will tell them:
Whether they are on target?
Whether they are behind target?
Whether they are doing better than target?
The key thing is to compare the budget (expected position) with the actual position and take action accordingly.
Myth # 3: Finance is for specialists
The recording of financial information, the creation of the systems for planning and management of finances is led by specialists.
Financial management is the responsibility of every manager.
So what other myths have you come across when it comes to Finance?
Since 2006 I’ve worked with in excess of 7,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.