Business Finance Bootcamp | Measure Tips
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As times have evolved, the sort of financial realm or this accounting data has become easily accessible for the business owner. So it's sort of at their fingertips. And using that data can help you make better decisions
in your business. And it's that old saying that goes, if you can't measure something, how can you manage it. So if you don't have an effective way of actually measuring the actual performance inside of a company, it's going to become incredibly difficult to actually manage the day to day performance. So if you have valuable financial data at your fingertips, it is so easy to actually manage your income, your expenditure and keep track of it
potential of the insights that one can get from financial reporting is very understated, people purely look at it as a compliance issue. And don't realize
the insight. I think it's about starting small, basic sort of data analysis in sort of trends, what's happened like looking backwards comparatives, so trying to see where things are going. And then you can do that by by visualizing that data. So really important to try get that visual because it's easier to understand it's easier to see a trends it's easier to see seasonality.
with these all these new tools that's available. It's not a massive admin exercise. If you're using Cloud tools like Xero, DEXT, a Syft analytics, it's literally at a click of a button. You just need to know what you need to look at that you'll get this information.
And as a business owner, you want to know is your investment being treated correctly? And are you tracking it effectively.