Long-Term Goals
Accounting provides a mechanism to measure milestones, which can help management attain long-term goals. Usually a controller or chief financial officer (CFO) assists in this process to ensure it is reasonable and achievable.
For example, a business owner wants to increase business by 200 customers and earn a gross income of $200,000. Click the tabs to find out how accounting can help in this process.
Yearly Budget
Expenses
The controller can setup a yearly budget for the owner's vision similar to the one below:
- The annual budget breaks down the long-term vision into years, which helps create an achievable plan.
- The controller can add expenses related to such a goal and help the owner verify whether the gross revenue of $200,000 makes sense.
