Earlier this year, Australia brought in their Payment Times Reporting Scheme which aims to improve payment times for small businesses. It requires large businesses and government enterprises to report their payment terms and times to increase transparency about their performance.
There’s a difference between data and information. Data is a collection of individual facts, information is the arrangement or sequence of the facts.
In accounting, data can be represented by the individual transactions, and information as the resulting reporting of those transactions as a group leading to a total.
Businesses and organisations have a lot of financial data, but not all of it is converted into information.
When you’re in business, there are so many matters to deal with that it can get quite overwhelming sometimes.
Transaction speed in businesses is ever increasing. So much is now instant or nearly instant. Payments over the internet - whether by credit card or third party portals - allow almost immediate transfer of funds. Convenience is everything. But is convenience costing you more in the long term?
I found this article just recently that explained the results of some independent research into the knowledge of accounting graduates.
In the last week, I've done a number of presentations to business owners around the Wellington region. And thinking through the sessions afterwards, I realised just how limiting the focus on a business's profit and loss account really is.
Much like vinyl sales, book sales and the return of the Nokia 3310 last November, it seems that using cash for purchases is on the increase.
Tomorrow - 16th May - marks the first National Numeracy Day in the UK.
Eminent financial newspaper, the FT, is reported as quoting that “Britons’ lack of numeracy ‘subtracts £20bn from the economy'.” National Numeracy Day is aiming to improve skills and confidence with numbers.