Historically companies have prepared and presented formal financial statement monthly.  While this standard practice still has its place for formal reporting,  there is also a need for companies to give serious consideration to reporting much more frequently for informal internal reporting.  Up until now, the relatively infrequent monthly reporting was primarily due to the amount of time and effort it would take to prepare and distribute financial reports, often taking days or even weeks.

Today most business owners realize that they must embrace technology in the work place to remain competitive.  So the question is no longer whether to automate the business, but rather, what is the correct balance of manual and automated processes.

Like investments of other types,  the concept of diminishing returns applies here as well.  There is an optimal point at which additional investment yields additional complexity, maintenance, cost, etc, without a corresponding positive impact to the business's operations.
 One rule of thumb to employ is to think of a technology investment as a lever.  Like a well placed lever, the appropriate technology investment will enable a company to lift a disproportionately heavy load without increasing human capital.  As in the tale of David and Goliath, David was able to slay the giant with innovation.

So how does this philosophy translate into action?