Best Practices in a Reporting Audit

The heart of a financial accounting system is data; however, the lifeblood of an organization is information. In most organizations, management makes decisions about real-time occurrences based on less than real-time information. Many times, accounting systems are viewed as an afterthought or non-revenue producing system; when in actuality, a well thought out system can help you make decisions that will improve profitability, react quickly to market indicators, and focus on your core business.

“Financial accounting, balance sheets, P&L, cost allocations, etc., are an x-ray of the enterprise’s skeleton. But just as much as the diseases we commonly die from – heart disease, Parkinson’s, AIDS – do not show up on an x-ray, so too a loss of market standing or a failure to innovate do not register in the accountant’s figures until the damage is done.” – Peter Drucker

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