Don't miss MaximoWorld 2024, the premier conference on AI for asset management!

Experience the future of asset management with cutting-edge AI at MaximoWorld 2024.

Sign Up

Please use your business email address if applicable

Poor communications between departments have a crippling effect on any organization. Poor communications between the facilities department and accounting and finance can adversely affect your performance and your career.
The following seven accounting principles do not change, and are the basis for financial discussions within an organization. Understanding these principles will significantly improve your ability to communicate with executives, and improve the likelihood of having your pitches approved.

1. Cost Principle
2. Matching Principle
3. Objectivity Principle
4. Consistency Principle
5. Full Disclosure Principle
6. Conservatism Principle
7. Materiality Principle

It's crucial that facility managers, or those overseeing asset performance, understand these accounting principles so they can communicate thoroughly with the department who ultimately makes purchasing decisions. If an asset manager cannot explain from an investment and cost/savings over time perspective why a purchase should be made, why would a CFO or CEO approve an investment?

Tip Excerpted From: "Advance Your Facilities Management Career: 7 Principles That Help You Communicate and Advance"

ChatGPT with
ReliabilityWeb:
Find Your Answers Fast
Start