Accounting for Executives

For C. T. Bauer College of Business Senior Professor of Practice Michael Newman, understanding accounting is the key to advancing professionally in any industry.

Newman, who serves as the Accounting & Taxation department’s Director of Partners in Growth program, teaches the discipline at various levels, including non-degree one-day modules through the Office of Executive Development. Prior to his career in academia, Newman launched and sold several startups, experience he brings to the classroom along with credentials including a doctoral degree and a CPA license.

By investing in continuing education programs, he said, participants can gain knowledge to immediately apply in the workplace while setting themselves up for career growth for years to come.

Audience at the Forefront

When working professionals enroll in the Bauer College Mini-MBA or custom executive education sessions, they can upskill or refresh their understanding of critical business concepts in a condensed format.

By teaching on a quicker timeline, Newman said he is able to deliver industry-relevant, practical lessons for students in executive development courses.

“We get extremely specific,” he said. “I'm able to use their company’s financial statements to talk about what they do and what impacts it has. They become more focused on their company and have a better understanding of the information needed for their company to be profitable and how that success is reported by their company.”

Cross Industry Application

Newman follows the motto “accounting is the language of business,” noting that this role is the one that records, organizes, summarizes and reports transactions of money coming in and going out of a company.

Even people who don't work directly with the preparations of financial statements can benefit from having a working knowledge of accounting, he said.

Throughout the years, Newman has taught accounting principles to employees of nonprofits, oil and gas companies and more. He believes that no matter the industry, accounting is critical to maintaining an organization’s success.

“At the end of the day, even a nonprofit must be profitable; they have to have more assets than they started with, otherwise they're going to go into bankruptcy,” Newman said. “You have to understand how to calculate your costs, manage your inventory, keep track of your transactions and constantly be aware of the day-to-day business aspects of your business. Accounting teaches you how to run a business.”

Changing Landscape

While accounting fundamentals may not change drastically over time, Newman said the world around them does.

With artificial intelligence taking on tasks like counting inventory and tracking transitions, he said accountants are now faced with new responsibilities. By taking executive education classes designed for those working in industry, participants are trained to handle changes that they’re currently facing.

“Technology has taken the chore aspect out of accounting, but it has also resulted in professionals of any industry having to make a lot more decisions,” Newman said. “We review how to know whether the data that's coming in is accurate by understanding the numbers and how they influence decisions.”

To learn more about upcoming Executive Development programs, click here.