Reporting

Information you need, when you need it

Business owners should not have to work too hard to get the information they need to run their companies. Great reporting is more than just financial statements emailed to you once a month.  It’s getting you timely, accurate financial information to inform critical business decisions. 

This video will give you some ideas on what a financial reporting system could look like for you.  

Go to the next pillar: Planning & Analysis

Business owners should not have to work too hard to get the information they need to run their companies. Great reporting is more than just financial statements emailed to you once a month. It’s getting you timely, accurate financial information to inform critical business decisions. 

This video will give you some ideas on what a financial reporting system could look like for you as well as the most popular reports we use with our customers.

Great financial departments offer three types of regular financial reports: Financial statements, supplemental reports - those that more details on the financials - and dashboards.

Financial statements are your company’s profit & loss, balance sheet and statement of cash flows. They are usually prepared once a month after your company’s books are closed. I’m just going to touch on them here.

The Profit & Loss, or Income Statement, shows your company’s financial performance. This is where you’ll see your revenue, expenses and net income. 

The Balance Sheet shows your company’s financial condition at a specific point in time. It will show you what you own (Assets), owe (liabilities) and worth (Equity, or Assets - Liabilities). 

The Statement of Cash Flows shows how much cash your company generates or uses in its operations, investments and financing. It also gives you starting and ending cash balances.

Accurate financial statements are important not only to manage your business, but to provide to others who may be evaluating whether to lend to or invest in your company.

As business owners, we need more than just financial statements each month. This is where supplemental financial reports come in.There are lots of different reports founders like to see. Some of the most popular for our customers include:

  1. Sales by customer or item
  2. Accounts receivable aging
  3. Accounts payable aging
  4. Spending by vendor
  5. Key Performance Indicators (KPIs). We go into more detail on KPIs in our Planning & Analysis video.

We prepare a monthly financial report for all our customers that contains financial statements and supplemental reports. We generate it using a cloud-based app so our customers can logon and interact with it any time they like. No more scrolling through emails to find a report!

We start by reporting performance on our key three objectives: sales, cash and profit.

We provide trend analysis, some KPIs, then show the financials and supplemental reports. Your monthly reports should be available within 2-3 weeks after the previous month’s close. Don’t forget to download a sample financial report from the link below.

Dashboards are a great way to stay informed. We encourage our customers to bookmark their dashboards in their browser so they can get continuous updates on financial performance. 

Our dashboards connect to QuickBooks Online and refresh every day. Here you see we have some financial indicators around revenue, cash flow and profitability. We show trend analysis, cash burn rates and various other data. Some have interactive controls so you can see results over different time periods. 

The point of financial reporting is to give you critical data needed to make better decisions. Check out our Planning and Analysis video next to see how your financial reporting can create a roadmap to get your company to the next level.

Thanks for watching!

The Four Pillars

The Four Pillars

Learn about the Four Pillars of Every Great Financial Department.

Accounting

Accounting

More than just transaction processing. Properly maintain your company's mission-critical financial data.

Planning & Analysis

Planning & Analysis

Develop a roadmap to scale with measurable objectives that track progress.

Advice

Advice

Practical advice, backed by financial data, to help you grow your business.

Schedule a Call

The Fintelligent journey starts with a no-commitment conversation about your goals and your business. 

During this call, we’ll get right to work discussing your goals and the financial department you need to reach them. You'll leave with a document customized for you with our scope of services, pricing and onboarding plan.