From the course: Applying Managerial Accounting
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Preparing a model
- In my opinion, the most enjoyable part of managerial accounting is bringing all of your hard work together into some kind of model. A model that can empower decision makers. Let's say management has asked you to evaluate the potential benefits of outsourcing your organization's payroll function. Now, to ensure you give yourself the greatest chance of success, it pays dividends to complete a plan such as this one that can help shape and guide your work. You've got your goals, your outputs, your information and business rules all arranged and tidy in one spot. But it's not just the organization of it all that matters. It's double checking that all your assumptions are correct. And look, it may take some time to work through this all, but trust me, it's well worth it. And by the time you do start building your model, you'll be even more excited, kind of like getting to the front of a roller coaster queue after waiting for an…
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