As some of you know from the Fun Friday posts, I like my music. However i am also a chartered accountant, and today I thought I would combine the two for a post to highlight how we can all simplify areas of our businesses down, in order to identify areas to be addressed. As the video below shows, all the best tunes can be made from the same 4 chords, the songs can seem totally different, but rely on the same 4 components, played over and over again.
Business is no different, you need good products/services, good people, good leadership and good processes. To break it down further to the finance area of business, every well run business will have the same 4 things when it comes to finance
Good information - Complete and accurate information on a timely basis
Good Processes - Recording that information correctly in their systems, accurately and on a timely basis
Good Review Procedures - Processes in place to sense check the processed data, identify and investigate anomalies or errors and put in processes to avoid the same issues in the future
Good Reporting - Systems in place to convert the processed data into useable, functional reports that leaders can base decisions on, with confidence
For any doubters out there who think it cant really be that simplistic, watch the video and then consider if you can apply the 4 chords approach to your finance system. If there are areas you are lacking, or think could be improved, but don't know how, then get in touch and we can chat through what you currently do and what solutions might be out there for you.
Replies
You're an accountant?? I thought you were a DJ!
In other words, excellent post Mark. Really like how you've broken it down into the 4 key headings
Thanks Jessie and Siobhan . Myself and our business solutions team are always happy to to assist clients in making their finance function better. The better their information and processes, the better the information they get out (and it makes the year end accounts work more straight forward 😊)
Love this Mark, what a great way to look at it. You've made it easy for us!
So if anyones finance area of business is lacking in any of the 4 points above.. you know who to call!
Great post Mark!