A business is always better off when it knows its’ numbers! It is even better off, when it sees this frequently and thereby keep a pulse on the business. It is akin to driving a car and you are constantly scanning the dashboard – speed, gas level, lights etc. and you can get the feedback. In fact, now there is a whole new field called dashboard metrics that interpret data via visuals and graphics in an ever-changing and interactive manner.
Determine what numbers you need to see daily – Sales, AR, collections are some examples. What should it be compared to? – last year same time, cumulative etc. that broadens the understanding and puts the numbers in the right context. What numbers do you need to see monthly? This would be your P&L, Balance Sheet and related AR, AP etc. The layout is over a three or six month period with last year and budget comparisons. In this case it is better to construct a summary set of numbers, showing a high level picture and then have a drill down capability to a more detailed set of numbers ; it makes it easier to consume – zooming in , after taking in the overall picture from a distance, to the close-by detail.
MSNCFO provides many opportunities to intermediate accounting students. Throughout my 3.5 years of working with the company, I was able to improve my existing skills,