Being a manager is a challenging job, but it can be even more difficult if you have no accounting experience. Accounting is an essential part of business operations, and it plays a vital role in ensuring that the company’s financial records are accurate and up to date. As a manager with no accounting knowledge, I found it challenging to keep up with the financial aspects of the business.
The challenges I faced as a manager was the basic accounting duties such as recording transactions, understanding financial statements, budgeting and forecasting, compliance with regulations and managing finances. I found the work tedious and monotonous. I struggled with the accounting principles and terminologies, which all seemed confusing. To be honest, this was the reason I decided to have an MBA.
However, I looked forward to my first class in Corporate Financial Accounting, anchored by Professor Akintola Owolabi. We started off by studying the basic accounting principles and how they are applied in the corporate world. The professor did an excellent job of breaking down the different financial statements, including the balance sheet, income statement, and statement of cash flows. I soon realized that these financial statements were the backbone of corporate financial accounting.
On the journey to learn how to analyse a company’s financial statements to assess its financial health and make informed decisions. It was fascinating to see how one can break down a company’s financial information into sections to gain insights into how it operates. For instance, analysing a company’s expenses can reveal areas where it can trim its budget through cost-cutting measures. Corporate financial accounting involves tracking and analysing financial data related to a company’s income, expenses, assets, liabilities, and equity. The data is recorded in the company’s accounting system, where it is organised and presented in a way that is meaningful for decision-making.
This newfound knowledge has helped me develop more effective strategies for driving business performance and achieving financial goals. Moreover, corporate financial accounting has introduced me to various accounting concepts and principles, such as accrual accounting and revenue recognition, which have helped me understand how financial transactions are recorded and reported accurately in order to provide a true and fair view of a company’s financial position.
Although, there is still a lot to learn and understand, but I am glad I took this bold step to learn and participate in group meetings and assignments. While it may seem intimidating at first glance, as someone with little prior knowledge and understanding of accounting, learning about, and understanding financial accounting has helped me reduce my fear of accounting.
I would like to give credit to my group members that has made this journey realisable for me and of course to both Professor Akintola Owolabi and Chiemeka Ojiabor. They schooled us like kindergartens, answered all our funny and unprofessional questions, while bombarding us with class questions and assignments. The journey has actually been a rollercoaster of emotions and I look forward to discussing about our Group Capstone project. Stay tuned!
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