Companies invest heavily in creating the traditional profit and loss statement because it is a periodic requirement that measures business performance. The problem is that management is framed into thinking about summarized information, routine reporting and often irrelevant historical performance. Rather than treat it like a mandatory reporting necessity, a periodic photograph of the past that reminds them of what once was, we suggest that companies exploit this versatile tool by adding our three applications that will provide insights into what can be.
This document was originally published by Idaho Statesman. Copyright restrictions may apply. http://www.idahostatesman.com/
Lee, Michael and Wright, Michael. (2013). "Boise State on Business: These Tools Can Help Make the Most of Profit and Loss Data". Idaho Statesman, 26.