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Sign into your accountHow Accounting Data Aids Managerial Decision Making
June 12 2013
Making decisions and finding appropriate methods to facilitate these decisions is the primary role of managers across companies worldwide. The types of decisions differ from business to business and industry to industry, but they all affect the long term success of an organization.
The old adage "hindsight is 20/20" refers to actions making sense once it has already happened. While it's easy to look back at a poor move in a game of checkers and make sense of your decisions, there is a lot more data involved in making sense of decisions made in a business setting.
In order to achieve this "20/20" insight into the performance of your business, you must have all of the data methodically recorded and segmented in a meaningful way. In order to achieve the production of meaningful data, you need to have a system that is relevant to how you operate on a daily basis.
Powerful software allows businesses to generate meaningful reports in a timely manner and allows you to answer the questions that you need in order to make educated decisions.
- Are we doing well?
- Are things improving?
- Are we making money? How much?