Each month end, financial reporting packages are prepared in companies across the nation and promptly filed…somewhere. In most cases, the accounting team has prepared these analyses and turned them over to a senior leadership team who really does not understand how to use them to run the business. Reams of paper reports stand in piles, creating more of an environmental concern due to the use of paper, than the financial concern needed to effectively run the business.
Even though the accounting department has included a tremendous amount of information that may help them prepare for the annual audit, have they contributed information relevant to the management of the business?
By implementing accounting best practices, such as streamlined processes and standard, relevant reporting, work effort can shift from processing to high value activities that invest in the business, such as special projects and guidance on improving the bottom line.
Time is money, and time spent to prepare irrelevant information is wasted. Month end packages should be concise and provide information about the relevant Key Performance Indicators identified by Management. Contact Mindy Barker & Associates to find out how we can guide your leadership team to discover, report and track monthly Key Performance Indicators that help you make timely and informed decisions in running your business.