Murphy Consulting Group, Inc.
As a business grows, the need for forward-looking financial management becomes increasingly important. However, most growing businesses have to balance the need vs. the cost of a full-time hire.
At this stage, financial projections and monthly monitoring are a critical component of survival.
A common misconception is that all accountants are experts in finance and data analysis. However, there are some clear differences between the three disciplines:
eals with the recording of past transactions and preparation of financial statements.
Finance uses past data to help determine current and future events. This includes budgeting and forecasting.
Data Analysis is the use of any data available (not just accounting data) to highlight useful information, suggest conclusions and support decision making.
With all three disciplines, we work with clients through a structured process to:
1) identify what is important to the business owner,
2) build custom reporting to track performance, and
3) meet regularly to review and analyze the results.
Heavily influenced by the teachings of Edward Tufte and his series of books beginning with Visual Display of Quantitative Information, we use creativity to minimize the communication of technical concepts and convey 'precise, effective, quick analysis'.
Recognizing that communication is the most important link in financial management, our process begins with spending time learning about your business. Then all financial work is built on our mutual understanding and is accompanied with a clearly communicated analytical synopsis. While our assessment may not always be what the business owner wants to hear, by communicating openly, we develop a mutual level of trust that encourages understanding and a builds a reliance on accurate information.
The end result is more confidence, better decisions and a successful business.