You spend time, effort and money tracking and entering all the receipts for your business - isn't it time you got more out of it than just an Income Statement?
July 2009 New York Enterprise report by Alan Badey gives six tips to get the most from your data to analyze business performance.
http://nyreport.com/index.cfm?fuseaction=Feature.showFeature&FeatureID=382
- keep it simple! make sure you are tracking what you need to know, but don't waste time tracking details you will never use. Find the metrics that work for you.
- use the data you already collect to "tally and compare" over a period of time, e.g. don't just look at last month, look at last month compared to last year. Look at this month compared to this year-to-date, and compare to last-year-to date.
- ask key employees for contextualizing input (any unusual events that would make the numbers better/worse than normal)
- create a budget & then update/change as more information comes in.
- use data to identify fraud
Ask your bookkeeper to help you identify what you should be tracking and help you read the reports to better understand what your organization financial reports are telling you!
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