3 Ways to improve value of your management reports [INFOGRAPHIC]

3 Ways to Improve Value of Your Management Reports [Infographic]

3 Ways to Improve Value of Your Management Reports [Infographic]

Is your business stuck in the last century when it comes to your accounting and your management reports?

Tweet: Stuck in the last century when it comes to your accounting? [INFOGRAPHIC] http://ctt.ec/gbqvW+ pic.twitter.com/vZy1KlJHwK

'Month-end close' and 'monthly' management reports are quickly becoming a thing of the past. The Accounting Industry is undergoing a rapid change right now as technology advances with things such as machine learning, 'the cloud', Artificial Intelligence (AI), and mobile dashboards. With the new technology, accountants can now provide data to management anytime, anywhere, on any device. 

​DECISIONS ARE MADE DAILY NOT MONTHLY

Some decisions can't wait until the 'monthly' close is done, decision-makers need timely and accurate information at their fingertips so that they aren't making decisions just based on a gut feeling while they wait for the 'monthly' accounting process to come to a close.


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3 WAYS TO IMPROVE THE VALUE OF YOUR FINANCIAL REPORTS [INFOGRAPHIC]...

Infographic explaining 3 ways to improve value of your management reports

Infographic - 3 Ways to Improve Value of Your Management Reports

IS YOUR CURRENT MANAGEMENT REPORTING STRATEGY PROVIDING VALUE?

Your accounting and reporting strategy should provide management reports that are accurate and available anytime, anywhere, on any device. Don't let your management reporting strategy be a threat to your business. No matter what size your business might be, you can have an accounting department that provides the management information and analysis you need for success.  

No More Monthly Reports

No More Monthly Reports

3 WAYS TO INCREASE THE VALUE OF YOUR MANAGEMENT REPORTS

1.  FULLY UTILIZE ACCOUNTING SOFTWARE

​Many companies are not fully utilizing their accounting software.  There are many functionalities in today's software that can improve the management reports and ultimately steer your business in the right direction.  If your accounting software falls short, there are third-party applications that can be integrated to meet your needs.  Work with a tech saavy accountant that can help you get the most from your accounting system and workflows.  Many accountants now provide free consultations and free quotes.  Go to the professionals that work with this technology on a daily basis and have knowledge of the software solutions that are on the market that work best for your business needs.

No More Spreadsheets

2. INCREASE THE FREQUENCY OF MANAGEMENT REPORTS

If you rely on monthly management reports then you are too late to do anything when there is a problem. You are putting out fires and looking at where your business has been not where it is going. Start thinking 'anytime, anywhere, on any device' when devising your management reporting strategy. Figure out what key performance indicators you need to be watching for your industry and build a dashboard that you can view on any device. Your tech saavy accountant can help you with this, don't waste precious time researching a solution on your own.

Anytime, Anywhere, On Any Device

3. AUTOMATE YOUR WORKFLOWS

With today's technology you may be missing opportunities to automate some of your workflows that are causing you headaches.  Automation can add security and checks-and-balances that you may not realize were possible, especially if you are a small business.  Ask your tech saavy accountant to analyze your current processes and see if there are areas that can be streamlined with software.  You may be pleasantly surprised to find you can cut costs by implementing software that frees up you and/or your staff to work on the tasks that you do best.

Automated Workflows

WHERE IS YOUR BUSINESS ON THE RUNWAY?

Get a current assessment of your company's management reporting strategy.  Devise a plan to 'FLY' when it comes to your accounting processes and management reporting.

Don't Run - Fly

Don't Run - Fly

​SMALL COMPANIES MUST THINK BIG

An in-house accounting department is attainable for everyone no matter what the size of your business, even the single practitioner.  With the right software in place and automated workflows, data can be accessed on-the-fly as managers make their vital daily decisions. If a company does not keep up with these technological advances there's a good chance competitors are going to leave them in the dust.

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​About the Author

Janet Adkins is the Founder/CEO at got accountants?.  She has over 26 years of diverse experience in the accounting, finance, and banking industries. As a graduate of the University of Michigan specializing in Accounting Information Systems, she has a passion for helping small-medium businesses embrace the technological advances being made in the accounting software industry.  Her team devises customized software solutions, helps streamline and automate workflows, and puts together reporting packages complete with company scorecards, key performance indicators, and mobile dashboards so that business owners are successful, stress-free, and have more time to do the things they love.

3 thoughts on “3 Ways to improve value of your management reports [INFOGRAPHIC]

    • Janet Adkins Post authorReply

      Thank you, Chrinstine – today’s accounting tools make it very easy for a business to make a few minor tweaks to improve effectiveness. With the many tools available there is a lot to learn!

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