One of the most important aspects of owning and running a business is generating financial reports which accurately communicate the businesses standings. There are a number of reasons why accurate financial reports are critical. Namely, it allows you to make informed business decisions, allows you to view all expenses and revenue, while also helping at the end of the financial year.
In order to take your reporting functions to the next level, here are several tips you can implement to produce better reports.
Use the cloud
Whether it is file sharing or data storage, in today's business environment, almost everything is conducted in the cloud. So much so, chances are the platforms you are currently using offer an option to move onto a cloud infrastructure.
The cloud should be a no-brainer for businesses that rely on a large amount of collaboration between individuals. Whether it’s the sharing of working projects, workflow charts or financial documents, the cloud allows multiple people to access and work on certain documents wherever they are.
Centralise control
To ensure complete control over your reporting functions, we highly recommend you centralise all storage and control over your data and documents. In fact, this is one of the main reasons why most businesses are choosing the cloud over physical storage. As a cloud allows businesses to store all documentation in one centralised location that is only accessible for those who have permission.
However, if you have multiple employees providing data for your financial reports or adapting a budget, make sure there is still one voice that has final say over the master copy. As the business owner, this could be you, or a trusted accountant or bookkeeper.
Embrace technology
We now live in a world that is driven by technology. Technology is making our lives easier and more streamlined. As a business owner, you need to embrace it and look for ways you can use technology to improve your financial functions.
Whether it’s implementing cloud systems or moving your accounting functions from pen and paper to CashManager by Accomplish, technology will help you move ahead of your competitors.
However, be smart about what technologies you implement. Be sure that they will actually make a meaningful difference in your business’ ability to provide your core offerings.
Increase accountability
One of the main causes of incomplete or inaccurate financial reports is people. We are prone to mistakes and missing deadlines.
However, when it comes to reporting on your business’ financial position, mistakes can cost a business more than a few dollars. It is critical, you hold everyone that has an input in producing your budgets or reports accountable. This could be for meeting a deadline to input certain pieces of data or being able to explain the results in further details.
Secure your data
The infrastructure you place around your business’ financial records and data is essential to preserving its accuracy and integrity. In a world that is becoming increasingly reliant on technology, cyber-security is becoming an increasingly important aspect of a business's operations.
Ensure all sensitive or confidential information is only accessible by staff that require access and even then put systems in place that require their identification. In a world where some of the biggest companies struggle to keep their data secure, it is a reminder to all businesses to take all necessary precautions.
If you are at all worried about your data, speak to your software providers and ask about their security protocols and if there are additional steps that can be taken.
As a business owner, it is important you are always looking to improve your business’ ability to produce quality financial reports and records. The way to achieve this is to focus on implementing the appropriate systems and process, trust your staff and hold them accountable, and lastly, take data security extremely seriously. As a result, you will not only be in a better position to make quality decisions but you’ll also be protected from running into financial issues.
If you are seeking to improve this aspect of your business, CashManager by Accomplish is the simple, easy to use but comprehensive software you require. CashManager is an all-in-one software that allows you to produce reports and budgets, manage all invoicing matters and have complete viability over all your business accounts.
To learn more about CashManager by Accomplish, download a free trial today.