When I entered the workplace as a graduate in a #Big4 I knew very little about #business, even though I had 2 degrees in finance, the practical application was totally different. BUT once I started asking relevant questions as to how the firms finances worked in terms of income, expenditure, CAPEX, OPEX, selling, winning work and dealing with clients, my career took a major turn in the right direction.
By having an enquiring mind, my bosses drew attention to me and that was the real beginning of my #career as they noticed I would become a long term asset to the firm.
No matter the industry or the job, developing a thorough understanding of finances and financial processes is essential when it comes to entering the workplace. In this current economic climate, having the ability to analyze financial statements, create budgets, and understand how the financial processes operate at your organization, are all skills that are invaluable for many job roles.
Warren Buffett talks about the importance of accounting.
As a workplace entrant, you have the potential to learn a lot about how to manage a business’s finances by understanding the income that is being earned and spent, that money received is not income and vice versa. By keeping track of these resources, and knowing the importance of keeping them in order, you can help ensure that the business is making progress – ensuring that the business is succeeding.
You can also provide valuable insight into the development of the business budget and financial forecasting. This includes recognizing opportunities for spending cuts or other cost reduction measures, ensuring that resources are being used effectively… This all contributing to the bottom line / profit – All in all, having an understanding of how to handle finances can truly set any workplace entrant and or entrepreneur apart from the competition.
It’s clear to see that financial skills are necessary for any individual looking to become an asset in the workplace. By taking the time to properly understand how the finances work with regards to businesses, you can become an invaluable asset to any organization.
