There is no definitive number of business reports that can be produced, different businesses or different accounting practices require different types of reports.
There will be some types of reports common to most businesses, such as cash-flow reports, marketing reports, development reports and progress reports. The importance of reports will vary depending on time of year and how cyclical the business is.
A financial report will either provide a snap shot of current finances or an end of year summary of how the business has fared. It will cover all transactions to provide an accurate reflection of how the business is standing. Seeing incoming and outgoing expenditure side by side and a 'bottom line' figure allows a company to assess how they are performing and to address any issues arising from the report.
Every business needs to have an eye on its medium to long term prospects with this detail covered in a development report. Anticipating trends to position the business for future growth is a sensible strategy and allows your business to take advantage of future opportunities, rather than being caught unaware and having to rush to catch up.
A business report should be clear, concise and easy to follow. It should have an introduction to explain the reason for the report and a summary to bring together the essential conclusions. Producing the report in an easy to follow format will make it easier to comprehend. Producing reports in a standard format will allow you to make year by year comparisons. Reports should also be flexible to take account of random factors that effect business performance.
There will be some types of reports common to most businesses, such as cash-flow reports, marketing reports, development reports and progress reports. The importance of reports will vary depending on time of year and how cyclical the business is.
- What is a financial report?
A financial report will either provide a snap shot of current finances or an end of year summary of how the business has fared. It will cover all transactions to provide an accurate reflection of how the business is standing. Seeing incoming and outgoing expenditure side by side and a 'bottom line' figure allows a company to assess how they are performing and to address any issues arising from the report.
- Do I need a development report?
Every business needs to have an eye on its medium to long term prospects with this detail covered in a development report. Anticipating trends to position the business for future growth is a sensible strategy and allows your business to take advantage of future opportunities, rather than being caught unaware and having to rush to catch up.
- What should a business report look like?
A business report should be clear, concise and easy to follow. It should have an introduction to explain the reason for the report and a summary to bring together the essential conclusions. Producing the report in an easy to follow format will make it easier to comprehend. Producing reports in a standard format will allow you to make year by year comparisons. Reports should also be flexible to take account of random factors that effect business performance.
