ACC345 Week 3 Discussion 2
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University Of Arizona *
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345
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Finance
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Feb 20, 2024
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Prior to beginning work on this discussion forum, read Chapters 8 and 9 of the text, and read
The 4 Finance Skills Every Leader Needs No Matter Their Industry
Links to an external site.
article.
Write:
Review the four leadership skills presented in
The 4 Finance Skills Every Leader Needs No Matter Their Industry
Links to an external site.
article and discuss the skills needed in each area and how your skills compare. Which of these skills is more important in the company you presently work for? Make sure your post is more than 200 words and that you include a brief
quote or paraphrase the article or reading material where appropriate (see the Writing Center’s
Quoting, Paraphrasing, & Summarizing
Links to an external site.
guide for assistance with in-text citations).
The four finance skills that every leader needs are understanding financial statements, ratio analysis, cash flow management, and forecasting.
An understanding of financial statements: You may make smarter business decisions and obtain a more comprehensive understanding of your organization's financial situation by comprehending the information presented in financial statements.
Ratio analysis: There are multiple ratios that are available to aid in examining the metrics. By having a thorough understanding of ratios, you can identify the advantages and disadvantages of your company and make changes that will improve its financial performance going forward.
Cash Flow Management: Cash flow management requires an understanding of how each piece of data may be used to track cash and promote growth in your business.
Forecasting: By giving you a detailed analysis of how your business should use its resources, forecasting helps you make more strategic decisions on a daily basis.
Out of the four financial skills I need for my current job, forecasting is the most beneficial. As mentioned, I am a warehouse worker.
Forecasting would help the business determine which sectors require more financing and which require less by allowing it to more thoroughly examine the money used for daily operations. The business can make better use of its
resources and avoid failure by employing the skill of forecasting.
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