Full summary of the enterprise department in your BSCI112 module if you are studying at the NWU. If not this is Business sciences if you are currently in your first year in the following courses , Bcom Financial Accounting, Bcom Management accounting, Bcom Charted Accounting.
The basic activities of finance professions can be thought of as the 5A’s :
Assembling information – collating , cleaning , connecting data into assembled
information. Board role of reporting.
Analysing for insights – analysing financial and non-financial information. Board
role of questioning.
Advising to influence – communicating the above insight. Board role of
developing solutions.
Applying for impact – supporting and guiding actions to help achieve the desired
impact. Board role of deploying solutions.
Acumen – connects the different activities to each other.
The diagram shows there is a shift in emphasis between accounting governance and
guidance and management.
2. Assembling information:
2.1 Data and information:
2.1.1 Types of data :
Financial data – standard metrics which are well tracked and understood by the org.
Enterprise data – financial data plus broad operational and transactional data that
bolsters analysis and forecasting.
Big data – enterprise data + internal and external data that is in large volume but
could bring new insights into business performance, risks and opportunities.
2.1.2 Costs of data and info :
o Examples of costs associated with assembling information – purchasing tech. ,
housing and testing equipment.
o Such costs should not exceed the value of the information created by the system.
o Information have value and can be sold.
o May also have value to the org.
2.1.3 Quantitative and qualitative information:
, Quantitative information - can be given a value. Ex. revenue might be R500mil
Qualitative information - cannot be given a value. Ex. might be given a colour or
review.
2.1.4 Qualities of information: ACCURATE
Accurate Figures in report should add up.
Must be reliable
Complete Info should include everything relevant
to the decision being considered.
Comparative information should be
included.
Info should be consistent.
Cost effective Should not cost more than the benefit
from it.
Info collection and analysis should be
efficient.
Presentation should be clear and
simple.
Understandable The information must be easy for the
target audience to understand and be
well presented.
Relevant All info significant to the decision
needed to be made should be included.
Accessible/Adaptable Choice of medium to provide the
information is appropriate and
considers the needs of user.
Timely Info should be available when it is
needed and in time for required action
to be effective.
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