At the end of the month, the traditional business owner gets an income statement or a profit and loss statement and a balance sheet. Typically this information arrives 20 days after the end of the month, but sometimes it's only quarterly, when they sit down with their CPA to do their estimated taxes. So, how are last month’s or last quarter's balance sheet going to help you make intelligent business decisions for this month? And, how does knowing how much cash you had in the bank back then going to help your business become more profitable?
Market leaders have moved beyond basic bookkeeping and have turned to management accounting to ensure they have the right financial information at their fingertips in order to make data-driven decisions. They are using this financial intelligence to make better decisions about how much to charge for their services and products, what kinds of people to hire, and which types of clients to attract.