From the course: Applying Managerial Accounting
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Outputs that matter
- It's almost impossible for management to make numbers-based decisions without some kind of a visual aid. So let's go ahead and give them one. Now look, it can be rather enticing to just go ahead and start building your financial models straight away. But you might get to the end of your project to find that the views that management are looking for just aren't possible using the data that's in your model. And this can ultimately lead to huge amounts of rework. So how about we give some thought then to what those management views might look like first before pressing on with building the model. Let's assume that your organization is thinking about outsourcing its payroll. The type of outputs and reports needed are actually pretty simple. We need to illustrate the current versus the projected future cost of providing the service and both scenarios. And this can be represented in a variety of different ways. But here are just…
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