Management Reporting

Management reports aim at informing managers of different aspects of the business, in order to help them make better-informed decisions. They collect data from various departments of the company tracking key performance indicators (KPIs) and present them in an understandable way. They basically show the worth of your business over a specific time period by disclosing financial and operational information. Reporting for management provides insights on how the company is doing, empowering decision-makers to find the right path to increase operating efficiency and make pertinent decisions to remain competitive.

Most people in business are familiar with financial reports, which your company is required to keep for external accounting purposes. These reports are generally put out “after the fact” and follow a very clear and established set of guidelines known as Generally Accepted Accounting Principles (GAAP).

History And Trends Of Management Reporting
In the past, legacy systems were used to prepare reports for management – and still are, in many cases. These systems are much more useful than financial reports but still, have their drawbacks. Legacy systems are often quite technical in their operation and interface, which makes them challenging for most non-IT personnel to use effectively. This creates a situation of “lag time” between a member of management wanting a report and actually receiving it.
In modern times, with the breadth and depth of data available growing at an astonishing rate, these challenges have only escalated.

Benefits of management reporting:
  • Measuring strategic metrics to assess and monitor the performance: by now, we’ve understood that if businesses wanted to grow, they would need to implement a way to measure their performance against their competitors – but also against their own
  • Helping you understand your position: a management-style report provides you with the right metrics to get a snapshot of your business’ health and evolution. You can compare it to your competitors to focus or realign your strategy.
  • Setting clearcut performance benchmarks: thanks to that track record, you have a regular benchmark about how you perform both operationally and financially.
  • Learning and reproducing – or not: benchmarks are a guide to tells you what works and what doesn’t. From it, you can learn the best and worst practices to develop or avoid.
  • Enhancing communication: among partners, investors, customers, and colleagues. Management-type reports develop the visibility of the different activities across departments and improve communication within the company.
  • Improving collaboration: as a direct result of improved internal communication, senior-level reports enhance interdepartmental collaboration. With people working cohesively towards a common goal, departments can use management reporting data discoveries to collaborate on specific projects or initiatives, catalyzing success in a number of key areas.
  • Boosting engagement & motivation: a well-crafted manager-level report makes critical company data accessible to all, which improves individual performance. When people are performing at an optimum level and being recognized for their work, they will become more engaged, inspired and motivated. This, in turn, will increase productivity across the organization.
  • Fostering continual business growth: solid reporting in management indeed improves productivity and decision-making, which fosters consistency as well as continual business growth. If you’re growing consistently over time, you will ensure long-term success – the most powerful benefit of reporting in management.
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