Morning Session - Thursday, June 23, 1932 - Management Through Accounts

The thought and practices in the field of accounting in the past two or three years are undergoing far-reaching changes, but more important than this is the changing viewpoint of business managers toward accounting reports and statistics. Accounting is no longer considered a necessary burden of business, for progressive managers and operating officials everywhere look upon it as a service. A service of supplying operating men and executives with information on their affairs which enables closer and more effective supervision, to the end that business may be conducted more satisfactorily and more profitably. This service is the real function of accounting in business management. Of the many treatises on accounting published in recent years, the great majority deal with principles and procedures, and were written purely from the accountant's point of view, thus they appeal, and are of interest, chiefly to accountants. Recently, however, the interest displayed by the operating man, be he president, general manager, superintendent, mine foreman or potential mine executive, calls upon the accounting department to serve him in furnishing him with figures showing the financial position and economic progress daily. In order to effectively render this service the necessary co-operation between management, operating and accounting -forces must exist. Satisfactory services may be developed only on a basis of close contact and pulling together between these departments. It is not a one-man job, the responsibilities necessarily rest on all. This co-operation contemplates: