Understanding the financial health of your business is critical to its success over the short and long term, as you have seen in the simulation play. Understanding the story that your numbers tell will be critical in both long- and short-range decision making. In your simulation game play, you have been tracking many different financial metrics and using the standard financial statements to make decisions on growth. This week, you will be completing a non-graded learning activity about accounting through the website Westpac Banking. (2020, July 23). Understanding financial statements [Video]. YouTube. https://www.youtube.com/watch?v=wrghIcTsNEs, to gain a good foundation in understanding basic financial statements.
Answer the following questions:
If you were running a business with a team, would you increase the financial acumen of all members of your team? Why? What would you gain from a business and decision-making perspective?
Conduct research using the web or other sources that you uncover and post three additional individual resources on how to use these tools to increase the foundation of knowledge for all. These resources can be articles, videos, blogs, etc. Please also provide a small synopsis of each resource, the points you found particularly valuable, and how you would use each tool to increase the effectiveness of your business decision making.
Identify a company that you are interested in learning more about. If applicable, you can use your current company. If this is not an option, you can choose any company for which you feel you can access financial data and investigate their best practices on achieving profitability. Describe what you have found out from your investigation.
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