We make the best decisions we can with the information we have at the time. That’s true in life, and it’s especially true professionally in finance and accounting.
One of my favorite new “Burton’isms” is:
Financials are the numeric representation of what actually happens in the physical world.
Every sale. Every expense. Every strategic bet. They’re all decisions made and actions taken, translated into numbers. Those numbers only make full sense when viewed historically, yet it’s that history we use to drive forecasts and future decisions.
Budgets created at the start of the year? They rarely make sense 1-3 months later. The world shifts, priorities evolve, and assumptions get tested. That’s why forecasts require constant review and iteration.
The principle is simple:
Make the best decision you can with what you know now.
If it turns out to be wrong, adjust. You can only change the future.
And when it comes to decisions that are painful or difficult to reverse (like ERP or Bank selections & implementations), take your time. Your happiness or misery in your business will be determined from these big decisions.
In finance and in life, wisdom lies in recognizing which choices demand speed and which demand patience. I grew up with the saying "Todo con Tiempo" - "Everything with time", time always reveals the outcome.
Photo: Added a couple rescued horses to the family. Her name is Valora - La Mision Baja California
First published on LinkedIn.