I mentioned on Monday that one of the secrets to weight loss is stepping on the scale each morning. The information you receive from the scale is critical to monitoring your weight loss progress. Similarly, getting the proper data about your financial situation is critical to monitoring your wealth accumulation progress.
But getting the raw data will not make the same impact as getting the right information in the right format via a good report. Yes, I can monitor my weight by stepping on the scale each morning and in my mind comparing today’s weight with yesterday’s weight. But what if I could get a report from the scale that told me even more? What if I could program the scale to automatically tell me how I was doing compared to my goal? What if the scale could report to me the amount of water I lost/gained or the amount of fat I lost/gained? That information would be even better than simply knowing my weight and would allow me to lose weight more efficiently.
The same is true for our financial reporting. The first step in financial reporting is to have accurate data. Just like we want to have an accurate scale to report our weight. Accurate data comes from good accounting. If you do not have good accounting, no report in the world can get you the information you need. Remember – garbage in = garbage out.
But even if you have good accounting, that doesn’t mean that you are getting the information you need from that data. Most of us do not have the time or inclination to do a detail review of our financial data every day or even every week. Good reports can solve this problem. That’s why in our Strategic Wealth Coaching, we spend an entire month going over reporting and how to create reports and how to get team members to produce the reports we want.
Get more on reporting from ProVision’s Wealth Strategy U at www.provisionwealth.com/wealthu.
Warmest regards,
Tom
Comments (8)
I've really enjoyed reading your articles. You obviously know what you are talking about! Your site is so easy to navigate too, I've bookmarked it in my favourites :-D
Posted by weight loss | January 5, 2010 1:47 PM
Posted on January 5, 2010 13:47
Hi. I definitely liked reading through your current blog post!. Quality content. I would undoubtedly suggest you to create blogposts much more often. In this way, having this kind of a helpful blog I think that you will certainly rank higher in the search engines :) . I also subscribed to your RSS feed. Carry on the great work!
Posted by weight loss | February 13, 2010 4:10 PM
Posted on February 13, 2010 16:10
Hi. I actually enjoyed reading your writing!. High standard content. I would have to advise you to submit posts more frequently. In this way, with such a worthy site I imagine you may rank better in the search engines :) . I also subscribed for your Rss. Continue this very good work!
Posted by Victor Padovano | February 15, 2010 3:42 PM
Posted on February 15, 2010 15:42
Hi, just today I found your website but I have to say that it seems excellent. I fully agree with you. Have a nice day, keep up the good work and I will absolutely keep reading.
Posted by weight loss supplements | April 7, 2010 5:55 PM
Posted on April 7, 2010 17:55
Valuable info. Even I accidentally found your site, I bookmarked it.
Posted by Paola Sustaita | April 12, 2010 12:23 PM
Posted on April 12, 2010 12:23
Excellent job.
Posted by Weak Eyes | May 12, 2010 3:28 AM
Posted on May 12, 2010 03:28
Hello! eeegede interesting eeegede site!
Posted by Pharmk551 | May 18, 2010 3:38 PM
Posted on May 18, 2010 15:38
Great post!
Posted by Internet Marketing | June 9, 2010 5:09 AM
Posted on June 9, 2010 05:09