As far as importance of reports goes, it’s going to depend on your perspective. If you are a business owner, the information you want access to is more holistic and less detailed – although detailed information will be important to find the source of problems later on. General management and business owners are responsible for fine-tuning the business, so they are likely to delve deeper into financial reports such as income statements but will also need sales and procurement statistics to review the general health of the operations.
With so many aspects of the organization to be on top of, it’s a good idea to prioritize and if you only have time to view and analyze these 4 aspects of your company, at least you’ll have an idea of where things are headed:
1.Profit and Loss Statement. This summary shows income earned and should be reviewed monthly with the figures showing each months’ details and year to date totals. This report shows whether you are making money or not based on the activity of the business during the period.
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