We’ve previously discussed that sometimes the three core financial reports are not always enough to understand your business.
If you want to know where various departments in your organisation currently stand or you want to focus on specific aspects of your business, you need proper custom reporting.
Custom business reports are an important tool to increase efficiency and effectiveness in you day-to-day business operations. It supports organisational decision making and tells you the right questions to ask, by providing you access to the right information. When data is laid out in detail for each department, it is easy to understand, and it give you the information you need at a glance without going into the details or meeting with the department head every day.
By giving your staff the tools to monitor their performance on a weekly or monthly basis, you are able to make informed decisions at all levels of the organisation.
Custom business reporting improves the quality and transparency of information for key stakeholders in the company and allows them to make better informed decisions for the company. When you switch your focus from historical financial information (acquired from Balance Sheet, Profit and Loss Statement, Cash Flow Statement) that often fails at providing a more detailed picture of your business to incorporating relevant value drivers, management’s strategy, plans, opportunities, and risks, financial and non-financial performance measures, you are in a better position to make decisions for your business.
This improved custom business reporting model delivers a broader view of you organisation’s current performance and greater understanding of an entity’s future and what lies ahead for it. By looking at key aspects of your business you can create custom reporting to give you insights into what’s going on. You can look at using industry ratios as a starting point, such as the cost of wages per unit produced, total sales, total expense, etc.
Custom business reports save you a lot of time. It helps you get exactly the information you are looking for in exactly the format you require it. Custom reports lay out information the way you want to see it. You can draw information from other databases into one place for you to assess the performance of your business and what steps are necessary to take in win future leads.
So, if you are looking for an efficient, quicker and reliable way to analyse your organisations’ profitability, custom business reporting contact Alexilum now to help you out.