Are your financials what you think they are?

Paul’s Perspectives: November 2016   

A monthly thought leadership column by InnoVergent CEO Paul Cammisa

We recently experienced an election event unlike any we’ve seen for years, if ever before. We learned a lot about people, polls and predictions, and boy were those pollsters wrong.

So as we prepare for our final month of the 2016 fiscal year, I ask you: Are your financials what you think they are? In other words, like the polls during the election, do you believe what is being presented to you, or do you think there are underlying issues that may skew those numbers into something radically different?

Evaluate your current data model

What is your confidence level with the information that you have at your fingertips, and how do you respond with business decisions in regards to that information? At this time of year, you need to ensure that your financial house is in order so that you can prepare for 2017 and beyond.

Make accurate data accessible

Secondly, you need to ensure that your colleagues and business partners have the necessary information that they need to make informed decisions to support your overall business goals and objectives. If the data being viewed is off, and people are making decisions on that data, then there is a high probability that the results will not be what you are expecting them to be.

Avoid surprises

Make sure that there are always checks and balances with your financials so that you have a higher confidence level with your data. This way your decisions that you will be making will the correct ones that are needed to get you to where you need to be.   Unlike the political polls, you don’t want any surprises come year end!!