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Management Reporting what’s the difference
Both financial reporting and management reporting play an important role in all business large or small.
Financial reporting is focused on the disclosure of financial results and related information to internal and external stakeholders such as the tax office and financial institutions about how your business is performing over a specific period of time. Financial reports are usually issued on an annual basis.
Management reporting, on the other hand, includes financial and operational information that is disclosed only to internal management to be used to make decisions within the business. Management reporting is typically done quarterly or more frequently, depending on the industry and size of the business.
These reports typically show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts and tax obligations, raw material and inventory, and may also include trend charts, variance analysis, and other statistics.
We can provide a full range of management reports and if desired have meetings on a quarterly basis with all the figures and analysis to allow you to make informed decisions on the direction of your business and either assist in getting you back on track or with increasing your current growth, cashflow and profit.