Open-Book Accounting

Open-Book Accounting is a financial practice where a company shares its financial information, such as profits, costs, and processes, with employees and sometimes stakeholders. This transparency fosters trust and collaboration, enabling everyone to understand how their work impacts the company's performance. It encourages employees to be more engaged in financial outcomes, leading to better decision-making and efficiency. In essence, it allows everyone involved to see the broader financial picture and work together towards common goals, rather than just focusing on their individual roles.