Management Reporting
Regular and timely reporting provides information with an internal focus to help business owners and managers make decisions. It is a valuable way to obtain feedback on how your business is performing and can confirm successful business decisions, uncover issues as they arise, or identify emerging trends.
Every business is unique, so this involves reporting information in a way that makes sense to the decision-makers. Doing this effectively requires an understanding of the way the business operates and where all the moving parts are. An experienced CFO can quickly analyse your operations and help implement strategies for improvement.
The following case studies illustrate the benefits that can be realised from different forms of management reporting.
Case Study - Management Reporting
This business was preparing a basic package of quarterly financial reports to review at their directors meetings. The Profit & Loss Statement was a consolidated report which gave only the bottom line performance as a feedback measure. Any issues were concealed in the figures and the report didn't provide any useful information on how each part of the business was performing.
Case Study - Productivity Reporting
This business was an established manufacturer making a range of standard products. They had a lot of orders coming in, but were making only average profit margins. They ran a workshop with trade workers of various levels of qualification and skill. The foreman managed production by what he could see, and the owners felt there was a lot of room for improvement.
To commence our engagement on a strong foundation, some initial information gathering and set-up is required. Doing this work up front as a one-off service puts the building blocks in place to enable the ongoing services to be provided at a lower cost. This allows us to spend more time analysing your results and providing advice that will add value to your business.
Both financial and non-financial data can be indicators of performance, and we work with you to make sure that the most important aspects of your business are being tracked, and put this together in a single report package.
The services provided in our packages are detailed below. Costs will vary depending on the size and complexity of your operations.
Initial One-off Services
Initial meeting and information gathering
Review of current accounting systems and setup
Set up a tailored periodic reporting template and schedules
Map your Chart of Accounts to the reporting template
Prepare initial budget forecast
Ongoing Periodic Services
Transaction Review
Management Accounts
Ratio & KPI Analysis
Analysis and Insight on Results
Ongoing Annual Services
Update of budget forecast
Benchmarking results against your industry