Accounting information is helpful to any internal users, such as owners, managers and other employees, who want to understand a company's performance, according to Accounting-Simplified.com. Financial statements prepared for external users contain historical data that can be helpful in forecasting and evaluating products, departments and the company as a whole.Continue Reading
Internal users primarily access accounting data to make a professional or personal decision. Managers make strategic and operational professional decisions all the time about how to make changes that can translate into success for the business. Accounting data provides a snapshot of the profits and costs that occurred before and after a decision was made. Personal decisions that benefit from accounting data include determining whether to look for a new job, deciding to take advantage of employee stock options or considering the likelihood of a year-end bonus before making a major purchase, explains John DuBois for the Houston Chronicle.
Internal users should be considered when accounting departments present data. Data is collected by accounting departments for use by stakeholders who are highly familiar with accounting terminology and rules. Accounting departments can estimate which internal users may be looking for data and create custom reports that better serve their needs than the standard financial reports provided to external users, notes Accounting-Simplified.com.Learn more about Accounting
The purpose of fleet vehicle tracking is to allow managers and owners to find the location of each vehicle in real time to track driver performance, to allocate new jobs to available drivers and to reduce wasted time by employees. Fleet vehicle tracking also allows the owner to track lost or stolen vehicles and create detailed work logs for each driver.Full Answer >
According to Inc.com, the role of management information systems is to give managers feedback about their own performance so that they can monitor the company as a whole. MIS automatically collects information from computer-linked check-out counters and data keyed in at periodic intervals.Full Answer >
Knowledge management has many disadvantages, including dependency on knowledge contributors, creating confusion among managers and employees, and the mishandling of valuable company information. Failure to use company knowledge properly can lead to a great loss of time, resources and even organizational failure.Full Answer >
Financial reporting is a written report for the company's managers and investors and government agencies that divulges the financial condition of the company, states TechTarget. It usually includes statements about income, cash flow, shareholders' equity and balance sheets.Full Answer >