Successfully running a thriving business depends on timely, accurate information that aids you operationally as well as financially.
For many owners, the only information system they have is their accounting software. These programs are usually set up by accountants for the primary purpose of financial and tax reporting. These purposes are certainly very important and appropriate. But when it comes to running your business the tools and resources that your accountant finds useful may not provide everything you need to make informed decisions. For instance:
- Making real-time decisions about deploying cash or acting on potential collection issues
- Tracking profitability by channel, product line and customer
- Measuring productivity along with the true cost of delivery
- Understanding trends and comparing your performance with industry standards
Even if your software (e.g. Quickbooks) has the necessary reporting capabilities, your accountant may not know to provide you with this type of decision support information. If you are not getting it, ask for it.
When it comes to utilizing your information systems remember that you are in the driver’s seat of your business and your needs come first.
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