Last time, we discussed a number of reports you as a business owner should review regularly. These can help you keep track of your finances and how best to handle any issues that arise. Below are some more of these reports:
Budget vs. Actual – This report is a comparison of actual business results, mainly from your income statement (or Profit and Loss statement) and the budget you’ve projected at the beginning of the fiscal period. This lets you figure out how your company is spending and to make sure that the revenue generation is meeting your expectations. This can show who is under budget, over budget, and so on.
Industry Specific Reports – These will vary from industry to industry. Fields such as manufacturing, construction, and E-Commerce will all have different requirements and needs involved. Things such as distribution, bids, material costs, and transportation can be covered in these reports.
Weekly Key Performance Indicators – These keep track, as the name suggests, of the weekly performance of your business. These can involve quotas, how much income has come in, how much has been spent and so on. These reports can help you get a batter grasp of how your business is doing week by week, and can help you get an idea on where you should focus next.
Detailed Gross Margin Report – This report shows you your gross profit separated into sections by product and services. As this will be broken down into actual, budget, and variance columns, this can be a great way to keep track of where you are making your gross margin. Additionally, this will help you keep track of your gross margin over time.
Perfect Balance Accounting Services can help you figure out what reports you need to keep track of and can help you do so. We offer our tax and accounting services in Southeastern Wisconsin in areas such as Racine, Kenosha, and Milwaukee. Contact us today to speak to one of our experts!