Accounting for Successful Business Management

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The Importance of Accounting Information for Effective Business Management

To ensure good business management, you must monitor and analyse the achievement of:

1. The Achievement of Strategic Objectives

Customer satisfaction- returns, after sales services, repeat customers etc.
Market scope, retention and penetration.
Competitive advantages.

2. The Achievement of Financial Objectives

Safeguarding the assets of the business against misuse and theft- one being cash.
Ensure you achieve the financial returns you expect.
Ensure your business remains financially viable.

A good complete accounting system will provide the information and data required to sufficiently measure and thereby analyze results against planned strategic and financial objectives. For example two of the key indicators to measure customer satisfaction of products and services would be sales returns and repeat customers. An accounting system that records sales and sales returns capturing details such as customer names and other particulars would provide sufficient data to measure customer satisfaction by customer type geography etc.

Accounting though involves bookkeeping or the recording and classifying of business financial transaction, it is the art or skill of analyzing, recording, summarizing, reporting, reviewing and interpreting financial information. The process is done within a language, codes and standards of its own originating form 1494 by the Italian mathematician Luca Pacoli. This art is constantly evolving as financial transactions and the financial environment advance. The emergence of digital currency is one such challenge that the accounting practitioner and fraternity must now engage.

Effective business management is therefore evaluated within the domains of the accounting financial procedures, techniques and language. The businessperson without a good accounting knowledge or support of a qualified accountant may inaccurately consider a fair cash inflow successful management however when applying accounting techniques and standards may identify losses and inefficiencies.

Our accounting knowledge and experience of over 25 years will support your goals to achieve your strategic and financial objectives and ensure effective business management.

Contact us for a free consultation.

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