Dustin Wheeler

Dustin Wheeler
Dustin is a technology-driven CPA in Orem, Utah.

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What eclipses the view of your business finances?

On August 21st, I look forward to a sight my eyes have never before beheld: a total solar eclipse. A safe and optimal viewing experience requires proper preparation. Some of the best information I’ve found online is this article from Forbes and an interactive map from the Washington Post.

Similarly, a spectacular view of the financial performance of your business isn’t going to happen by accident. Planning the who, what, where and how of your business finances is key to producing meaningful financial data.

  1. Timely.  If you miss totality of the solar eclipse which lasts about only two minutes, you’re out of luck. The same timeliness principle applies to financial information. If you’re making decisions based on data several months or years old, you’ve missed out on opportunities to make critical decisions for your business. Today’s technology enables you to do accounting in real-time. Are you taking advantage of it?
  2. Where.  For a view of totality, you need to be in the right place in the narrow path the moon’s shadow crosses the Earth. For the place of accounting data, consider the cloud. While there are many factors to consider if the cloud is right for your business, it offers many benefits such as mobility of accessing your accounting data anywhere.
  3. Security.  Don’t look at the sun without protection! Just as you should take great care of your eyesight, be sure to secure the sensitive information in your accounting software. Use strong passwords and evaluate the security of the data center or server where your data resides.

If you’ve tried doing your accounting on your own and found something is obscuring your view, consider outsourcing it. It will help you spend more time at the planetarium with your family.

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