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WHY ACCOUNTING RESULTS ARE GARBAGE

accounting business controlling

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DIFFERENCE BETWEEN DATA AND INFORMATION

the distinction is always in relation to a particular decision. if data changes a decision then it is information, otherwise it is just data businesses usually have a lot of data. maybe it is not information because it is not available (on time) to the people that need to make decisions or because they cannot understand it (in time) it depends on the decision what is information. it also depends on the decision maker what is information. information is subjective. information is situation- and time-bound decisions need to be made with the information that is available. information needs to be accurate and timely enough to support making the right decision it is the job of the business controller to process and rework the data so that it becomes information. the business controller delivers an information product and his or her customers are the people that make decisions. decision makers can be people on a Board, but can also be people making quotes for their customers, in ...

WHAT IS A HARD CLOSE

a hard close in accounting is - some would say a bag of cheap tricks (to which I do not agree!) - to help with super fast closing of the books while still diligently performing all the required accounting checks to see why anyone would want this, let's go back one step closing the books is an accounting term. the accounting system is the bedrock on which the financial information of a business is built. it has this function because of all the checks and balances that are included. the process of performing the checks and balances is called 'closing the books' and only when the books have been properly closed we are sure that the accounting numbers are correct in any business the books are closed periodically in accordance with the accounting procedures. closes can be for example daily, monthly, quarterly, annually and the work performed can very from basic checks to very detailed investigations depending on business requirements other numbers and reports like for...

WHAT IS BUSINESS CONTROLLING

business controlling provides the financial information to run a business. using financial numbers to help guide a business to achieve its objectives, business controlling is an umbrella encompassing accounting, budgeting, costing, investment analysis, management information, cash flow, and more financial management and business controlling cover the same topics and can almost be equivalents, where financial management means more the actions and doing - whereas in business controlling the focus is on providing the necessary guiding information. a true to type business controller will be very active and communicative within the organization - but will stop short of taking actions and making business decisions in this view business managers are performing financial management - even if they are not financial managers themselves. this makes sense because it is kind of weird to say for example "I am responsible for sales, or research and development, or other - but not for the...

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