From the course: Introduction to Business Analytics (2020)
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Tools to track cost data
From the course: Introduction to Business Analytics (2020)
Tools to track cost data
- Tracking your organization's costs can be a challenge, but luckily for you there are tools designed to make this task so much more manageable. How business tracks their expenses will vary based on the size of the organization. First, a very small business might use Excel to track their expenses and build a financial model. This will help them better understand their profit margin. As long as you don't have too many moving parts, Excel is more than enough to get this job done. Next, a medium-sized business will probably use some sort of accounting software like QuickBooks to track their expenses. This is much better than Excel in that you can start to classify different types of costs and build out a balance sheet. Finally, a large business will usually use some kind of database to track their expenses. This is due in part because once a business grows past a certain size, the data becomes tougher to manage, and a…
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