MF Global misplaced $600 million. How did that happen?
The business world runs on numbers. But not all businesspeople are great at collecting, storing, retrieving and publishing their financial figures. Each executive must decide what is best for their business. Either learn how to keep better financial records or hire someone to do it for you. Ignoring your financial records will come back to bite you at some point whether you are dealing with a funding source, the government or the legal system.
Several key stakeholders want to see organized, complete and timely financial information:
- Your lender can become more confident about your business risk profile and be a better advocate for your loan application when it passes before the bank credit committee.
- Bankers and investors seek out those prospects that are more creditworthy. This is especially true during financial crises when loan and investing underwriting gets tougher.
- Your accountant appreciates access to complete financial records more than most stakeholders. Their job is much easier when they can prepare certified financial statements and tax returns using well organized financial data.
- Your employees’ time is much better spent working on the business, meeting customers and generating sales than sitting through budget meetings with disorganized financial data.
- Business leaders can navigate with greater confidence when they have complete and timely financial data to spot adverse trends within their industry and among their customers.
Bookkeeping and accounting services exist for the sole purpose of working with financial records. Business executives and owners can leverage their expertise to promote a better business life. The great thing about organized financial records and professional financial statements is the positive effect they have on your financial stakeholders.
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