Corporate turnaround specialists, Slatter & Lovett found that inadequate financial controls were responsible for 75% of business failures. That is, one or more of the following financial controls may be absent or inadequate:
- cash flow forecasts
- costing systems
- budgetary control
- monitoring of key performance indicators
sand even when such information existed, management may not have understood how to use the information.
via Financial Statements Simplified | Entrepreneur Magazine.
Moore Bookkeeping 