A regular, accurate and timely Management Reporting Pack is the best way to stay abreast of how your business is tracking against expectations. It gives you the opportunity to take action against areas of concern, and focus on the aspects of your business that need it most, as well as giving you the opportunity to pause and celebrate your progress and successes.
What should your financial management pack include? At minimum it should contain the following:
If you are wanting to expand your team and step away from having to do everything, it is also a great way to keep tabs on how things are going. The numbers don’t lie and regular reporting creates accountability, that in-turn motivates people (well the right ones), to take action and work progressively towards achievement of goals. Remember ‘what gets measured gets done’.
Got any questions or need help ‘contact us’
What should your financial management pack include? At minimum it should contain the following:
- Profit and Loss Statement: What you have earned and spent for the month and year to date.
- Balance sheet: What you own, and who you owe and what the effective wealth of your business is.
- Cash flow statement showing what money has come in and what money has gone out. Also include a forecast of what is expected to come in and go out over the coming months.
- Sales List showing who are you selling to, what are you selling and how much are you selling of what.
- List of work in progress and outstanding quotes/work (measure of likely future work)
- Stock listing (if relevant) showing what stock you are holding, how much and what is on back order.
- Debtors Report being a list of people who owe you money, what they owe and how long they have owed it to you for.
- Creditors Report being a list of people you owe money to, how much you owe, when it is/was due to them.
- A customised report that measures your Key Performance Indicator’s (KPI’s) (industry specific)
- A pictorial representation of your results (dashboard report or similar); a picture tells a thousand words and graphs are great at highlighting trends and communicating numbers to visual people, and those not fond of a sea of numbers.
If you are wanting to expand your team and step away from having to do everything, it is also a great way to keep tabs on how things are going. The numbers don’t lie and regular reporting creates accountability, that in-turn motivates people (well the right ones), to take action and work progressively towards achievement of goals. Remember ‘what gets measured gets done’.
Got any questions or need help ‘contact us’