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LESSONS LEARNT Lesson #1: Application of Financial Accounting Analysis Through financial accounting, I learnt how to track the costs for different processes of the project. As a project manager, I understood the importance of financial reports in reflecting whether the project has major cost overruns, sticks in line with the budget, or if it is meeting other goals as set by the management.
I understood my role as a project manager not as directing the project, and also recognized that I cannot effectively achieve my goals without receiving the proper information on financial performance, in a timely manner. Financial account is concerned with the business language. Additionally, I have realised that this is a common channel through which all parties can effectively communicate issues of business. It is the common media through which people of all walks can effectively understand one another equally. This language has been used in the project to record different transactions and summarize the results of the project operations. It is this information, which is then used by other interested parties to understand matters of the project that they are interested with. For example, the performance reports are used by the project manager to understand whether the project is running effectively and according to the set goals. Essentially, I have come to understand that financial accounting is the backbone of any coordination and planning in an organization or a project, and it must be taken with the seriousness it deserves. ...
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