There is a big difference in your results (financial and otherwise) depending on whether you run your business well or you run it poorly (or neglect certain components).
Here is a short summary of what happens when the financial side of your business isn’t firing on all cylinders.
- Slow and sloppy financial information creates poor business decisions
- Which creates financial struggle
- You have to beg and plead for capital (poor results plus shoddy financials leads to begging)
- You are on the edge of the financial cliff (and life isn’t too much fun)
- You hope and pray you don't go over the edge and die
By contrast, here is what can happen when you have an accounting and financial reporting function that is focused on helping you win in business.
- Fast and accurate financials make it easier to make wise financial decisions
- Which helps you improve financial results
- Leads to more access to capital to grow
- Your company becomes stronger (building Warren Buffet's "moat")
- Helps you win at the game of business (and that’s fun)
Remember, your accounting function/department really only has two purposes – helping you improve results and helping create confidence and credibility in the minds of lenders and investors.
Work on turning your accounting and financial function into a valuable strategic asset in your company.
That’s the path to financial success in business.