Accounting for the Numberphobic by Dawn Fotopulos (Review)
I started this book in preparation for my new role with the League of Municipalities. Like many lawyers, my career has focused more on words than numbers. Yet the latter remains critically important for leading an organization, particularly in the public sector. Accounting for the Numberphobic by Dawn Fotopulos, is an excellent and brief primer on the subject of accounting and business finance. I particularly appreciated the chapter on financial statements and her guidance on reading them more efficiently.. Fotopulos approaches the subject in an accessible manner that helps flesh out the basics while practicing the vernacular that may not be intuitive for individuals whose work takes place outside the scope of finance.
Professor Dawn Fotopulos is a Professor of Management The King’s College in New York, and she previously started and ran multiple businesses. Fotopulos uses these experiences to explain core accounting principles through real-life examples. The content is basic but I found that extended time using the vernacular of accounting has given me tools to operate more efficiently when working on financial matters. It’s a practical book that I recommend for anyone who is newly transitioning into a role with expanded financial-oversight responsibilities.
Finally, I appreciated this excerpt that Fotopulos used from Norm Brodsky, the founder of Citi Storage:
Accountants are historians. Their function is important because the past informs the future. But by the time you get the numbers from the accountant, it's too late. While you can learn a lot from history, you can’t survive on history. You have to survive on the present. You have to measure what drives the business.
It’s a good reminder (as is the entire book) to remain diligent on watching the finances of a business with care and foresight. As suggested above, Accounting for the Numberphobic will be too basic for individuals who work directly on financial matters, but is a great option for lawyers taking on a greater leadership role.
