Discusses step 4 of the Accounting Cycle, creating a trial balance, and its relationship to the general ledger before it and reporting processes after it. If you’re interested in a more in depth look, have a look at the accompanying textbook Balancing Act: A Practical Approach to Business Event Based Insights, available for download. Specifically, look at Chapter 5, Accounting. Change in Frequency Steps 1 – 3 … Continue reading Accounting Cycle Step 4: Trial Balance
In the previous post, The Value of Data Part 1: Business Functionality I discussed the costly process of capturing attributes of business events, and the value in understanding them over time. In this post I’ll discuss various types of business events and their potential impact and use in financial and analytical processes. Data Supply Chain Defined A data supply chain is defined as a process … Continue reading The Value of Data Part 2: The Data Supply Chain
Optimizations verses Functionality An expert recently said to me that the most important optimizations of systems need to be identified at the appropriate time. Trying to identify and create them too early can affect the design of the system, negatively impacting functionality and flexibility. In other words, the optimization can become more important than the functionality, compromising the over results of the system design. I … Continue reading The Value of Data Part 1: Business Functionality
In this episode, Eric shares one of his favorite quotes, by Eric Hoffer: “In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.” Eric’s approach to being a CIO reflects his commitment to this idea. The full interview can be viewed here. This is Episode 204 of Conversations with Kip, the … Continue reading Be a Learner
This week let’s discuss the innovation process. I’ve found that meetings, particularly face-to-face meetings, can be very helpful in finding ways to solve difficult problems through innovation. A face-to-face meeting helps to focus the participants on the problem, by having them with each other. Proximity is a large determinant of priority, and when people come together for a meeting, it is a little bit harder … Continue reading Who’s Invited to Innovate?
Dr. William McCarthy recently asked me, “Can you guess for me: What is the average G/L code block size in small, medium, and large enterprises? And what is the average number of G/L accounts in small, medium, and large enterprises (thousands, millions)?” Below is my answer to this thoughtful question. Typical General Ledger Chart of Accounts The following table gives my best guess at what … Continue reading Estimates of Chart of Account Elements
A friend introduced me to an interesting podcast recently, with Maurico Miller, which touches on many of the themes I am detecting in the move to put social commerce/social banking on top of social media. They include trusted networks, social connections, new forms of credit scores, poverty alleviation through expertise development, and others. The Family Independence Initiative platform Uptogether provides a way for people to connect in … Continue reading Social Commerce: Family Independence Initiative