Ecommerce Playbook: Numbers, Struggles & Growth
Turn Your Accountant Into An Asset
Sep 12, 2024
Taylor, an accountant who recently spoke at an accounting conference in Toronto, discusses the vital connection between accountants and marketers. He shares tips for entrepreneurs to better leverage their accountants, emphasizing the importance of timely financial reporting and insightful analysis. Taylor highlights transforming P&L statements into decision-making powerhouses and advocates for cash flow forecasting as a fundamental tool. This conversation reveals how accountants can strategically support business growth by fostering collaboration and enhancing financial clarity.
28:06
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Quick takeaways
- Entrepreneurs must demand quicker financial reporting from accountants to make timely, informed decisions based on accurate data.
- Engaging with accountants to thoroughly review core financial statements enables entrepreneurs to identify potential issues and enhance communication within teams.
Deep dives
The Importance of Speed in Financial Reporting
Setting expectations for the speed of financial reporting is crucial for entrepreneurs seeking timely insights. It is important that accountants aim to close the books within 15 days of a reporting period, allowing business leaders to make informed decisions based on accurate data. This speed enables entrepreneurs to adjust strategies and operations based on actual performance rather than relying on outdated figures. By demanding quicker reporting, companies can ensure they have up-to-date insights into key metrics, which directly impacts their operational effectiveness.
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