How often can I receive a management report?
You can receive management reports on a weekly, monthly, or quarterly basis. The reports can be made available prior to management meetings and board meetings or as required. Generally, management reports are prepared in line with the lodgment date of each business activity statement.
The frequency of reporting will depend on your specific business needs. Weekly reporting is efficient for larger concerns that have many transactions and need to closely monitor key performance indicators. Monthly management reports are beneficial if you require regular financial information to carry on doing business. Quarterly management reports are effective for businesses with fewer transactions.
How will I receive the report?
Your accounting firm will send the management reports by either email or post. Email is an increasingly popular method of receiving management reports. The reports are sent directly to your inbox and can easily be forwarded to key managers within your organisation. The reports can also be stored safely and easily in your electronic filing cabinet.
What information will the report contain?
Management reports include the profit and loss statement and the balance sheet. These statements indicate how your business is performing and give an insight into its overall financial strength. The report gives you an in-depth understanding of your business and enables you to assess the impact that your decisions have upon your financial results