What financial challenges does your business face?

As you learnt in this units interactive infographic, operational elements can differ from one type of business to another, despite each entity producing financial statements at the end of a period. These financial statements all report on the position, performance, and profitability of the business.

In this small group discussion, articulate the potential challenges of financial record-keeping in different types of businesses. Use the following questions to guide your discussion:

Which of the business types from the interactive infographic most resemble your current business? What challenges and issues could the different types of businesses face in terms of their financial record-keeping? Choose one of the businesses from the interactive infographic and relate it to your business or one with which you are familiar. Discuss the challenges of keeping track of the financial information in this type of business.