As a business owner, you know it is important to have regular management reports to help you make timely business decisions. But do you have this information available to you in a way that you understand?
If not, I am pleased to let you know that there is hope for you.
If you are a numbers person, the first step would be to set out your management reports in a way that gives you the best information. Examples of this could be:
- Shows Gross Profit and Net Profit %
- Shows Wages compared to Sales as a %
- Separate depreciation and interest from the operating expenses so you can compare results against other periods.
- Split out divisions of the business to see how they are performing.
Xero has flexible reporting to provide reports with information like the examples above. We can help you setup the reports that would be right for you.
If you are more of a visual person, than the use of a dashboards and graphs may be more useful. Addons such as Fathom or Spotlight can assist you. They integrate nicely with programs such as Xero too. They both have great reporting, it really comes down to what features are important to you. At PJT, we use both apps, so can help you decide what would work better. In fact, there are a lot of reporting tools that can help you in various ways or help certain industries. Just let us know if this is of interest to you, and we can help you wade through the options.
However, none of this is of any use, if you don’t have your bookkeeping up to date and reliable. If you need assistance with this, we can recommend Evolve Online Bookkeeping to help you.