Reporting is a presentation of the performance of certain sectors in the company. Reports show the achieved goals, variations, causes and corrective measures in a written form. The reports are made to help out with the decision making process. The form of reporting that promotes control is always based on plans and in this case business goals are processed into numerical data.
Reporting is part of the GMDC process (Goals, Measuring, Deviations (reporting for Management), Corrective actions) and is related to Variance Analysis. For reporting, the controller uses visualization and success rules.
Let’s explain the abbreviation a bit:
Goal setting – Developing plans and budgets. Goals are defined in 4 main areas: finance, market, people, processes.
Measuring – Reporting daily, weekly, monthly.
The Deviation is the difference between the actual and planned, ie Actual minus Budget. It is also called CBA, Comparing Budget and Actual, or Variance Analysis. Without variance analysis, there is no controlling. Variance is a call for learning, not punishment.
Corrective action – OK, what next? What actions should we take? What should a manager do?
Using predicted and realized results, you can automatically predict the outcome. The forecasting of the manager shows what additional costs, revenues or output can be expected as a correct measure by the end of the year.
Reporting should include all internal and external information made available to responsible managers to execute the task solution. With this said, reporting is a part of an information system that handles the finances, customers, innovations, and processes.
A few words from our developers regarding ERPAG report engine:
“ERPAG has a unique approach to reporting. We see reporting as an ultimate goal using MRP/ERP app. At the end of the day, it should bring you a new value and insight into your company and market.
That’s the reason why our product management team designed ERPAG from the ground up to ensure simplicity and easiness during reporting.”
All our lists are acting as morphing objects that can easily be transformed into the powerful reports in just a few clicks. Group, sort, combine and filter sales orders or manufacturing projects lists to get a complete overview of your business.
Save newly created sets as custom reports and automate your reporting. Send your reports, or save them to cloud drive using built-in ERPAG integrations.
ERPAG as such information system has various reports and charts (if you are more of a visual person), and also the possibility to create custom reports by filtering and grouping the documents within a list.
In case your sector manager asks for an income report, we got you covered! With just a few clicks ERPAG will compare your income, expenses, and profit and create you the report. You just need to click a few buttons to filter for which period are you creating the report.
What is your most sold product by category, how many did you sell per day, how many did you buy, who are your top customers, who are your top suppliers, where do you stand with stock in all your warehouses? Can you pull all those reports from ERPAG?
Running reports is key to successful planning and forecasting. It’s not just about analyzing the data, it’s also about statistical analysis in order to summarize the data and predict the future, and maybe prescribe new actions for the company to implement, in order to have a successful new year.
Information collected at the end of the business year needs to be analyzed in order to support decision making. Companies go for cloud-based software solutions (hint – ERPAG is a cloud-based software), because it’s easier to accumulate data over time in one place.
Reporting has a direct impact on your planning. Just like planning what are you going to cook tomorrow. If you run your kitchen staples inventory and see that you have flour, sugar, cherries, baking powder you can plan on making the cherry pie. It’s not like you can plan to make a tiramisu with what you have on hand. If your family always prefer to eat tiramisu on Sundays, then based on the reports (shopping lists) you have on hand, you will always plan to shop tiramisu ingredients and your forecasting will be spot on when you run out of mascarpone if you set up the minimum quantity in ERPAG. Oh, I mean, if you see that the mascarpone jar in your fridge is half-empty, Karen.
As you can see, applying data reporting in business or personal life will help you out to focus on the things that need fixing in order to reach your goals in time and be successful.