Operating a business without access to quality and timely information is like trying to complete an obstacle course blindfolded with one hand tied behind your back and nobody to guide your way.
Management Reporting gives you the information you need to take your business further and to do it faster, with confidence and active support.
Every business is a data-rich environment. A business owner needs to analyse their businesses performance, and the data they need to do so is everywhere around them. Management Reporting helps collect that data and then make it meaningful.
However, organisations often struggle to report business information and performance in a way that helps decision-making and in turn, improves business performance. There is some confusion around what is financial reporting and what is management reporting.
Financial reporting, which usually includes the balance sheet, profit and loss statement and cash flow statement, is completed to disclose the financial performance and relevant information to internal and external stakeholders about business performance over a specific period.
In contrast, Management reporting may include both financial and operational information that is disclosed so that the business owners and managers can make decisions. Management reporting is ideally completed quarterly or more frequently, depending on the industry and organisation.
“It is a capital mistake to theorise before one has data” – Sherlock Holmes.
Why is this important for you? Management Reporting provides regular updates on your financial position rather than at the end of the financial year. This is needed to make timely decisions and keep financial institutions supplied up to date data to support loan applications.
At Precision, we will tell you what you need to know in a no-nonsense, straightforward style. We don’t sugar coat it; we tell it like it is. Clarity ensures effective Management Reporting.
We do this by having a clear conversation to discuss and set your goals. If you don’t know what your goals are, or even what they should be, we’ll help you create them.
We make it visual; we make it transparent, focused on the goals you have set, and accountability is evident.
Our Management Reporting may include a package of Actual vs budget reports, customer profitability reports, Key Performance Indicator reporting, charts, graphs and dashboards or scorecards.
Sure, anyone can print off a Profit and Loss statement, look at it and think they are informed. With better information, you’re able to make better decisions, that impact the future performance of the organisation. Such requirements could include employment decisions, borrowing capacity or investment opportunities.
Why is this important for you? It would be best if you were across what is happening in your business, view current trends as they occur and take the necessary corrective action sooner rather than later.
When you work with Precision on the Management Reporting for your business, the process is completely customised to suit your budget and business’ requirements from the very beginning.
If you want to know what Management reporting might look like for your business, or have a question about how to get started, don’t hesitate, Join the conversation… and let us help you remove the blindfold.