which you can use to support your decisions and show compliance with relevant authorities whether it be internal or external. Reporting is also vital for stakeholders as it puts their minds at ease and assures them that their money has been invested properly. However, there are times when going through business reports can be overwhelming. Just the sight of stacks of paper on your desk or in your mailbox is bound to make you dread your tasks, especially since you have many other responsibilities on your plate. Luckily, some software applications can also produce summary reports.
Summary reports provide a concise review of vital data. Instead of viewing each transaction that took place at one of your stores individually, you can simply learn how much each store made by the end of the day and calculate profits accordingly. Aside from providing you with a snapshot of your business’ finances, summary reports offer the following benefits.
Mobile Friendly Reporting
Though today’s smartphones offer capabilities similar to traditional computers, their users can easily be overwhelmed when forced to scroll through volumes of data. On the other hand, summary reports offer concise, to-the-point data within one or two pages at most. Not only does this make reporting more mobile friendly for stakeholders, but it allows you to keep tabs on your business and make prompt decisions quickly.
A summary report generator allows you to skim through data quickly, thereby saving you time. If you usually spend 15-20 minutes on regular reports, you may think that these ‘few’ minutes aren’t so bad. Unfortunately, this time adds up more quickly than you may think. If you get reports 5 times a month, you’ll spend 100 minutes (1.4 hours) every month. I’m not a big fan of this entire section. If you want to delete the whole thing all together, that’s an option
Reporting software can provide you with a clearer picture of your business, allowing you to determine which direction you should take for your business and what decisions you need to make. However, after identifying possibly inefficient stores or individuals, you can keep tabs on them with summary reports. For example, you can get a daily condensed report showing their daily progress before making the best decision for your business. Aside from weeding out inefficient stores or personnel, you’ll get to send others a message to improve their performance and meet your brand’s goals and expectations.
If your reporting software doesn’t support summary reports, you’re going to miss out on these benefits. Luckily, there are other applications out there that can provide the best detailed and summary reports. Your business intelligence and reporting solution should allow you to customize your reports according to your needs. Aside from sales, labor and operations reports, you should be able to generate ad hoc reports detailing the data which you want to learn about. Finally, your system should also be mobile friendly so you can keep tabs on your business’ performance without opening your inbox. Aside from detailed and summary reports, you can make better decisions using transaction level analysis. Not only will you learn about cash management trends, but you’ll also detect potential theft.