A recent comment from a business friend, call him Tom, who manages a small factory, reminded me of a scene from The Wizard of Oz. “Our president is an accountant by training,” Tom said. “But she’s a good accountant.”

“So, what is a good accountant?” I asked.

“Well, you know, she thinks that numbers are important,” he answered. “But what’s more important is the story behind the numbers. She understands accounting, but she also has taken time to understand the business, especially our lean efforts. On more than one occasion she’s supported us at a time when a bad accountant would have just read chapter and verse from GAAP [generally accepted accounting principles] standards.”

“So then, what’s a bad accountant?” I asked.

 …