Martin LeFevre is an accounting professional who feels comfortable doing all-around accounting for businesses.
Business managers and C-level executives usually are responsible for making profits happen on the organizational levels. That’s what separates them from employees who work in operations, production, and customer service. They need to be innovators, lobbyists, creatives, and motivators. Competition in most markets in developed countries such as the United States is absolutely fierce. Changes take place all the time and businesses need to anticipate them and be ready for them.
A business can increase profits in one of two ways. It can either bring more revenues in or it can reduce its expenses. One of the most important roles of accounting in organizations is to provide management with critical financial information about profits and expenses. Income statements that are provided to investors and the public usually don’t include all the information that managers need to make decisions on a regular basis.
Small businesses would often have one person in charge of profits. As companies grow, they usually start adding more people who share this important responsibility. The first rule of accounting that helps managers make decisions is to follow the structure of the organization and report relevant information to parties that need it. This principle is also known as responsibility accounting. For example, if a manager is in charge of a department, an accountant like Martin LeFevre needs to prepare sales and expenses reports about the department for the person in charge.
