Greenstep's experts help you create a reporting system tailored to your company's needs, giving you an up-to-date picture of your company's situation and a clear basis for financial decision-making.
The tasks of corporate management range from operational planning to implementation and control of results. The role of financial reporting is to provide information to support management decision-making and to help management prioritize the use of time and resources in the organization.
Key performance indicators provide information on the financial situation
Every company is different and the specifics of the business must be taken into account when preparing the reporting system. The reporting system used by the management must meet the company's information needs and include key performance indicators (KPIs) derived from the company's business environment and strategy. Monitoring the indicators provides information on the company's financial situation and performance in relation to the goals set in advance by the management. Especially in the early stages of business operations, it is important to monitor cash flow so that investment opportunities or additional financing needs are identified in a timely manner.
The reporting package is usually produced as a continuous service, for example, monthly before the management team meeting. The appropriate reporting interval depends on the company's business and the information needs of corporate management. Management reporting is done in collaboration with financial management, the accountant and the payroll specialist to ensure the most accurate picture of the company's situation in the company's reports. The forecasts and budget used in the reporting are reviewed with key personnel in the company.
Reporting can be compiled on a regular basis based on company accounting reports by Greenstep’s financial management professionals and tailored to the company’s needs, or it can be implemented using BI reporting tools (including the BiBook reporting platform). Utilizing BI reporting tools can create a dynamic and visual reporting entity for a continuous need for information.
Benefits:
- Offers essential information that supports a holistic control and development of the business, management decision making and target setting.
- Increases the reliance of outside investors towards the company.
- Frees the management’s resources for focus on the core business and its development.
The reports include:
- A regular follow-up of the economic objectives using the, for the particular company, essential analyses.
- A comparison of the situation to previous periods and the budget.
- In addition to tables and graphs, a concise verbal analysis, that includes an explanation to big differences and comments about potential risks and challenges.