What is a Financial Diagnostic and Why is it Important For Your Business?
When your car starts making a funny noise, you bring it to the mechanic who then runs an auto diagnostic to find out why. In the same way, a financial diagnostic gives insight on a business’s financial issues. Some accounting and monetary problems do not jump right out when looking only at the Profit and Loss or Balance Sheet. Therefore, it is best practices to “pop the hood" for a better look. A financial diagnostic can detect issues such as: inaccurate or double postings,