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Business strategy
3 Bad effects of inadequate financial reporting on a business
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[QUOTE="Jasz, post: 283718, member: 61772"] Some businesses are hesitant to report their financial data, which can lead to issues for the business and its owners. Inadequate financial reporting can have a negative impact on a business, as it hinders the ability of the business to make decisions and take actions that are necessary for its continued existence. These problems include: -Lack of access to information about the performance of each department within the company; -Lack of understanding as to how well or poorly each department is performing; -Lack of ability to identify trends in performance; -Inability to identify problems with operations or other areas that require attention; -Inability to know what needs to be done next; -Inability to plan ahead for future growth based on past performance; -Failure to prepare for changes in strategy, market conditions, and other factors affecting profitability; -Inability to raise capital when needed; It's very important we take financial report so serious because it's impacts on our business can not be overemphasized. [/QUOTE]
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3 Bad effects of inadequate financial reporting on a business
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