Accuracy & Precision Matter when it comes to Financial Reporting and Record-Keeping
Which target board does your finance and accounting team strike?
- Top left – low accuracy, low precision – your financial information is unreliable and massively hinders your ability to make the right business decisions.
- Top right – low accuracy, high precision – your financial information is accurate but it is telling you the wrong things. This also hinders your ability to make the right business decisions.
- Bottom left – high accuracy, low precision – your financial information is mostly accurate. You can make good business decisions, but the data could be tighter if you want to make great decisions.
- Bottom right – high accuracy, high precision – this is where you want your financial reporting to be. At this level, you are able to make meaningful and insightful business decisions based on reliable financial data.
If your business is not at the bottom right target, we can help! Business leaders need high accuracy and high precision in financial reporting to make the right decisions to move the business forward and achieve targets.