Preventing balance sheet data integrity issues

In Chapter 1, Recognizing the Importance of Data Integrity in Finance, we learned that the balance sheet is one of the major financial reports that businesses and organizations prepare in addition to the statement of profit and loss and the statement of cash flows. These provide information that stakeholders and decision-makers need to understand the company’s financial position, how a company generates revenues and earns income, and the way the company utilizes its cash in operating its business.

By going through these financial statements, you will be able to familiarize yourself with the business and how it is doing. These reports provide a certain level of information needed to understand the numbers, generate the ratios, and review the indicators that convey how the business is operating. Moreover, this will help you make decisions on which financial and operational levers to pull to improve various aspects of the business...