Now that you’ve got a firm grasp on the basics of bookkeeping, let’s take a deeper dive into how to practice good bookkeeping. There’s no one-size-fits-all answer to efficient bookkeeping, but there are universal standards. The following four bookkeeping practices can help you stay on top of your business finances. Not only can this help you set goals, but it can also help you identify problems in your business. With an accurate record of all transactions, you can easily discover any discrepancies between financial statements and what’s been recorded.

You can become a […]

Simply put, the decision-maker can take a ‘centralized decision’ on behalf of those below them in the chain or ‘decentralize the decision’ to a level below. Reinertsen [4] emphasizes the importance of “balancing centralization and decentralization.” Derived in part from that work, the considerations in Table 1 can help with identifying the best course of action. Effective decision making, reengineered to be connected, contextual and continuous, accounts for uncertainty and improves our ability to add clarity to once opaque considerations. If you are able to handle more uncertainty than others, comfortably and with skill, then you have the ultimate […]