Managers who must understand and regularly review financial information have some input when budgets are prepared. Even when a manager does not contribute to the discussions about a budget, that manager must live within the budget for his/her department. To do this, the manager must understand the company's financial priorities and current results. A manager who knows his/her company is barely making a small profit knows not to ask for expensive new software, for example, and should try to avoid having department staff work for a lot of overtime, or can suggest ways the company can save money. A manager who knows the company is prospering and hiring new staff can ask for an additional person in the department.|||Get in-depth financial data, articles, email alerts and track / manage your personal portfolio on FT.com...
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