OVERVIEW

Management Reporting encompasses the generation and analysis of information to support decision-making within an organization. It involves the compilation and presentation of relevant data, financial metrics, and key performance indicators (KPIs) to aid managerial understanding and strategic planning. Unfortunately, many small and medium-sized businesses only assess their financial data annually, typically during the approval of the year-end financial statements.

This practice often means working with information that is up to 12 months old and, in some cases, almost 24 months old. The outdated nature of this financial data diminishes its relevance in decision-making processes, potentially hindering rather than aiding the assessment of the current position and performance of the business.

PROCESS

Velricon Solution

Velricon’s CFOs team will create monthly reports for your organisation, containing financial statements, KPIs assessment, budgetary and variance analysis, which will offer insights into your company’s performance against goals and benchmarks. As a first step, its essential to gather relevant data from various sources within the organization and ensure data accuracy and consistency.

Next, the reporting requirements will be identified and the key performance indicators (KPIs) that align with the organisation’s strategic goals will be defined. Finally, the system architecture and infrastructure will be designed to support efficient data processing and reporting. Implementation involves creating dashboards, reports, and analytics tools that visualize the data in a meaningful way for decision-makers

Benefits of a well-developed management reporting system include improved decision-making through real-time insights, enhanced transparency across the organization, and the ability to track performance against goals. It also facilitates data-driven strategies, enhances communication among teams, and ultimately contributes to the overall efficiency and success of the company

HOW
Effective management reporting fosters transparency, accountability, and agility within a company, contributing to its overall success and competitiveness in the business landscape.

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