If you polled small and midsize businesses and asked them which reports they use most frequently to monitor and track performance, you’d almost certainly get hundreds of different answers. It’s pretty obvious that the goals any business wants to achieve impact the decision-making process and, therefore, the data they need to make the best decisions. However, most businesses exhibit the “80-20 rule”: 20% (or less!) of the reports that the business utilizes likely drives 80% (or more!) of the performance monitoring and decision-making process.
So which reports do you think are the top 5 or so to help you get the complete “high-level” overview of what’s going on with the company? Some of the classics:
1. Profit & Loss Report with all the typical data points (current month actuals, last month, last month prior year, budget, year-to-date, etc.)