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There are three business languages managers need to understand in order to make the best decisions. These languages are accounting, finance, and economics. Leaders use these languages to see how their company has performed in the past (accounting), plan how the company should move forward (finance), and predict how outside influences will affect their plan (economics). The benefits of having a working knowledge of these three languages include being able to understand and communicate with others in the organization about financial issues, making decisions that align with overall corporate goals and strengthening your value to the company.
- Make better business decisions based on accounting
- Use historical financial performance data to plan for the future
- Educate yourself to make better financial, accounting, and economic decisions