Business Quote by Don Tapscott
““Mornini, a plucky entrepreneur and self-described “eternal optimist,” likened periodic accounting to “watching a person stand up and dance in front of a strobe light. You know they’re dancing, but you can’t quite figure out what’s going on. And it looks interesting, but it’s hard to figure out all the steps in between.”66 Periodic accounting gives a snapshot. Audit is, by definition, a backward-looking process. Creating a complete picture of a company’s financial health by looking at periodic financial statements is like turning a hamburger into a cow.””
About This Quote
Source Interview: The Future of Business, Don Tapscott, 2020
Periodic accounting shows a moment in time, while audits try to reconstruct the whole picture, often missing the dynamic flow between data points.
In simple terms: Accounting snapshots miss the full story; audits attempt to piece it together.
Key Takeaway
Use continuous monitoring to complement periodic reports.
Themes
accounting
finance
transparency
risk
management
Mood
analytical
cautious
Type
explanatory
critical
When to use this quote
- quarterly earnings review
- financial audit
- real‑time dashboards
- risk assessment
Key Concepts
financial reporting
audit
data continuity
Questions to Reflect On
- How can companies capture the in‑between financial activity?
- What tools improve real‑time financial insight?
A Different Perspective
Snapshots can be misleading without context; audits may still overlook nuances.
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