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Financial information, managing info as a resource

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Financial information systems can serve many functions in a business. How might you use them in your business? Which do you think you would need in the beginning?financial accounting information or managerial accounting information? How might financial information change the way you run your business?

As a small business owner, information can be one of your key assets. Why must you, as a business owner, manage information as a resource?

How might the Internet and related communication technologies change your business? What are some of the ways that information technology can improve productivity and performance in your business?

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Solution Summary

The solution suggests a list of eight items which can be available from the financial information of the company. The list is just the bare beginnings of what is available from this resource.

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I hadn't thought of financial information in terms of being a resource, but you are absolutely right. Following are some kinds of information that can be produced from that resource:

1. the bank balance
2. the balance of accounts receivable and accounts payable
3. amounts due for loans and other liabilities
4. gross margin ...

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