Importance of the financial statements of a marketing business
Marketing and accounting must work closely so that management can see whether the marketing campaigns are successful for example marketing campaign might be successful in terms of gross sales but the accounting department might determined that the cost of campaign was too high it will prove that the campaign was not successful
Also financial statements helps in ratio analysis which gives a broader picture weather the marketing strategies applied by the marketing heads are fruitful to the business or not for example marketing expenses are increased in a period but sales remains constant management may decide the marketing expense were insufficient.
Past financial results help the management to determine the budget future expenditure for the marketing campaigns this helps the marketing department to set the budget limit and also the efficiency of the campaign
Also the marketing department can know the effect of their efforts on the financial statements and hence can take a decision to carry on with that in the future or not.
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