Growth-Optimizer: Insightful Management Information
Growth-Accountant | January 2023
Insightful Management Information is a key to growth for the Entrepreneur. Decisions based on “I think” rather than clear numbers and trends lead to nowhere. It does not mean that there is no place for gut feeling or “I think,” but those times and places should be limited to pandemics or wars, matters out of our control, and not when numbers and trends are readily available.
The fundamental qualities of accounting information are relevance and reliability. The accounting function is essential in every business, but not simply for keeping track of income, expenses, and tax payments as many may think. In fact, the primary attribute of accounting information is to provide accurate and relevant financial data to the Entrepreneurs so that they make better decisions and achieve their personal and business goals sooner, with more ease and less stress.
Business activities run on a fuel called information. Whether it’s simple information to facilitate everyday activities or sophisticated information to engineer strategic decision-making processes in business, we live on information.
What does Insightful Management Information look like?
1. Accurate and Complete
Information is said to be accurate and complete when it represents all the facts pertaining to an issue. The basis of accurate information is a sound accounting system, safely stored in the cloud. Information is complete when there are no missing parts of the data. Accounting data should be available in their entirety.
2. Cost-Beneficial
The success of a business is marked by outputs exceeding inputs. The benefits obtained through securing Insightful Management Information should outweigh the costs of obtaining it.
3. Entrepreneur-targeted
The importance of the right information to the Entrepreneur is key. Information should be at the complexity, format, detail, and style suitable for the business of the Entrepreneur. Entrepreneurs need concise and relevant formats for strategic decision-making, and detailed formats for tactical and operational decisions.
4. Timely
Untimely information is almost always useless if late. Decision-making is always time-strapped. Getting the information to the Entrepreneur at the right time is key.
5. Easy to Use
Clear, understandable, and objective are all characteristics that make information easy to use. The style, grammar, and technical terminology need to show an understanding of the Entrepreneur and its business.
Are you receiving Insightful Management Information?
The Growth-Accountant supports the entrepreneur through Insightful Management Information for better decision making. That enables you, the Entrepreneur to grow better, achieving their personal and business goals easier, sooner and with less stress.
Contact Anne, your Growth-Accountant on how to build your four superpowers.