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WHY SOME FINANCE PEOPLE DO NOT MAKE MONEY

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CRISIS IN CHINA: ALL OF US WILL SUFFE FROM IT

News of the business school

Can financial reporting be fun? Yes, if Andriy Sysoyev, a founder of the &ldquo;First Financial Architect&rdquo; consultancy, CFO, and advisor of the Club Ukraine, explains how to do that. Here is what he said at the meeting with MIM-Kyiv&rsquo;s community.
- Finance may seem complicated, but it is very logical and consistent. If you don&rsquo;t understand something in your reporting, there is a problem. Finance is an algorithm based on double-entry bookkeeping and developed in the XV century. If something is missing, you are doing something wrong.
- Understanding is key. If you think that you can merely replicate a ready solution it does not work. You have to develop a consistent model and understand each element of it.
- Providing management with timely and accurate information is one of the finance department&rsquo;s top priorities. If it is different, you&rsquo;d better have other financiers. If the situation repeats, it is the whole system that needs changing. If there is a problem that your finance people are reporting you, it is about business rather than finance.
- Finance function does not make money if it is not a financial or banking institution. In other words, the financial function may promote or limit business growth.
- There are five types of financiers in my classification. A securities trader is an entrepreneur rather than a financier. The second type is bankers with their reversed balances. The third one is public finance. There is also a non-profit sector with its special features. And the last one is corporate finance or the financial function of businesses.
- Financial function could be bought. It cannot be &ldquo;downloaded&rdquo; to the minds of&nbsp; CEOs or entrepreneurs.
- Implementation of financial reporting and its quality depends on top management education. Mistakes in financial reporting compromise the quality.

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WHY SOME FINANCE PEOPLE DO NOT MAKE MONEY

CRISIS IN CHINA: ALL OF US WILL SUFFE FROM IT

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