When I was growing up, I remember that my father would keep a hand-written ledger of all the income and expenses for the family. He would ask that my mother give him all the receipts from grocery, drug store, etc. purchases and he would meticulously record them in the appropriate columns for tracking purposes. The columns were labeled as income, expenses, taxes, etc. and as entries were made, a running total was calculated. He would then use the information to provide ‘budgets’ for expenditures such as groceries, etc. Sound familiar? This was the financial statement for the household.
While my father was still using the ‘general ledger’ system of the past, there were countless calculating machines developed over the years from the 1890s through 1970s such as the Ada Lovelace computing machine, IBMs 9PAC, and the first SAP in 1973. And although these devices assisted in the calculations, the first accounting software made available to the public was Peachtree in 1977.
And the paradigm shift began… from ledgers to statements.
Organizations today use high-end accounting applications to record, measure, budget, calculate, and process all types of information. For instance, manufacturers will use work orders to assist in the production of an item while services companies record time entries or agreement income. And the majority of the organizations will use financial statements very close to the ones depicted in the photo.
Is it time for another shift?
A picture is worth a thousand words!
How much easier are graphs to read, comprehend and retain compared to printed documents?
Are you looking to drive activity based on past results?
What information do you review on a monthly basis with your leadership team(s)? Some of these questions may sound familiar:
If you’re ready to make the next shift to visual financials, please reach out. For as little as $3,995, Lachesis will breathe new life into your financial statements.
The process is simple. The Lachesis team will conference with you to review the existing financial statements to determine how you would like them displayed and review applicable paperwork, i.e. MNDA, etc. Additional costs may be incurred for special requests such as automation, multiple entities or licensing.
Please give Lachesis a call today to see how you can drive positive actions in your organization with visualization of financial data!
We will be happy to meet with you (no fee for the initial consultation) to see how the incredible team at Lachesis can provide visibility to data in a way you’ve never imagined!