In traditional "after the event" accounting, financial transactions are recorded and accounted for after they have occurred. This means that the financial records may not accurately reflect the current financial position of the company. As a result, companies using this approach may not have a clear and up-to-date picture of their financial health, which can make it difficult to make accurate and informed business decisions.

On the other hand, accounting for your "true position" involves maintaining accurate and up-to-date financial records that reflect the current financial position of the company. This means that all transactions are recorded and accounted for in real time, allowing companies to have a more accurate and complete picture of their financial health. This can be useful for a number of reasons, including making better business decisions, identifying potential problems, and providing more transparent and accurate reporting to stakeholders.

In summary, the main difference between these two approaches is that accounting for your "true position" provides a more accurate and up-to-date picture of a company's financial health, while traditional "after the event" accounting may not be as accurate or up-to-date.

At Acumen Financial, we help take the guesswork out of business planning by identifying the True Position of your finances and how to improve them. So let’s get started and begin with a conversation. Pease call us today on 1300 189 433 or send us an email.