The Fast Close Procedure – A Simple How-To

Here is a brief procedure about what you need to do for a Fast Close: List all Closing Tasks First of all, you need to know what you have to do. So it is important to write down everything you normally do to close your books. List everything, even if it is just about updatingContinue reading →
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Posted by Stephan Szugat in Finance & Accounting

Question the Numbers – any Numbers!

To really understand any numbers you need to question them. You need to question any number until you know the source it comes from.

Only if you know how a numbers has been created you could understand it fully. Many say a statistic can’t lie. Really? It depends on the point of view you have and the numbers you put in. If the numbers are based on lies or being manipulated, than the statistic lies, even though it looks correct.

Coming from an Accounting point of view, to understand a number correctly you may have to dig into the details of an account or several accounts. Only when you have all the details you could say “Ah, now I know that this number makes sense, is right or wrong or needs even more investigation”.

Numbers are Everywhere

Today’s world numbers are everywhere. Numbers could be used to manipulate, to frighten you and to keep you in or out of something.

Thus it is crucial to understand numbers, no matter which source they are from.

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Posted by Stephan Szugat in Finance & Accounting