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Business & Marketing
English (U.S.)
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Accounting: TOOLS OF ANALYSIS (Essay Sample)

At a recent meeting, one of your coworkers stated that "Using the right analysis tool will compensate for inexperienced managers." How would you reply to your coworker? Consider the following items in your discussion: Do the tools help only in certain situations such as routine, daily, or rather mundane decisions, like cost controls, quality controls, or staffing questions (in term of number of people needed)? How can analysis tools help the finance or accounting arms of a company more so than operations managers? (For example, do computers really think? Do they learn from their mistakes? Can they manipulate or change their environment?) What happens if the data entered are wrong? Respond to another students' post. If needed, cite references in APA format. ****NO WIKIPEDIA**** source..
Accounting: Tools of Analysis
Tools of Analysis
Businesses have the capability to gauge the performance and profitability of a business by using robust and the right tools of analysis. Examples of these tools include financial statements like balance sheet s and cash flow statements, financial ratios and other computer applications. These tools of analysis are helpful to the business organizations as they act as benchmarks upon which important decisions of the business are made. These tools of analysis help business managers to gauge the financial position of businesses in terms of assets expenditure and liabilities. This information is necessary in making decisions by businesses as it influences the decision that will be made by the business. These tools are necessary in helping a business achieve its financial objectives, minimizing the potential of incurring losses as well as improving the potential of business to succeed (Codijia, 2005).
These tools of analysis affect the running of the business on a day to day basis a decisions made by the managers in the day to day learning of the organization are largely determined by the tools. Due to their significant contribution to process of business they require knowledgeable people to handle them. Even with the use of the correct tools of analysis are inexperienced managers can plug the business into financial loss if they can handle the tools of analysis the business uses (Codijia, 2005). All these tools do not think and need input of qualified people to handle them. They cannot corre...
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