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Investors, lenders, and buyers want your financial records to show more than revenues, expenses, and net profits. Too often, bookkeepers and accountants focus solely on tax issues, and provide your business information in broad strokes. It is, however, the fine detail that will make or break your deal. Customer acquisition, customer retention, buying cycles for your component parts, and selling cycles for specific products must be included in your financial information. This information isn’t just good for potential investors—it also provides you with a wealth of meaningful information for running your business.
The new scorecard and dashboard software provides the cash accounting and business flow information that makes the difference between a successful deal and a dead one. The idea behind such software is to provide an improved measurement system that is in turn used as an improved management system. Both types of software are used as a central organizing framework for important managerial processes, such as individual and team goal setting, compensation, resource allocation, budgeting and planning, and strategic feedback and learning.
Marilyn Holt, CMC
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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