Reporting Tool Time
Using a reporting tool is paramount to the success of any management team. A good reporting tool delivers information in such a way that value is created through better understanding of the information. When management is able to understand information better it allows them to produce a thorough and informative management report which lower level managers receive. For instance, let’s take a look at the financial reporting process and explore how top level management passes this information on, in the form of a management report, to managers at the operational level.
Before management can really immerse themselves in the financial reporting process they need a good reporting tool to access this information. Most often management will rely on a powerful dashboard suite, such as the CenterView dashboard, to serve as their reporting tool. A reporting tool like CenterView delivers key information and data in such a manner that it is easy to view, analyze, and interpret the data.
When a financial management team is working on financial reporting, they undoubtedly rely on a financial dashboard such as CenterView to display the information they need to consider. By using this reporting tool the financial management team can gather the most important information and make the necessary decisions based on the trends they see represented by the data.
As management prepares the management report, they will rely on the information and data offered up by the reporting tool. With this information and data in mind, management will proceed in the decision making process. That is to say they will make their financial and budgetary decisions based on the information they analyzed from the reporting tool, in this case a CenterView dashboard. Relying on the reporting tool and the information it has to offer, management will make the financial decisions needed for the next quarter.
Once these decisions have been made, the financial reporting process continues with the production of the management report. A management report is key to the financial reporting process because it is this report that operational managers will rely on to ensure the decisions they make are in line with the financial decisions that management outlined at the beginning of the quarter.
Without the management report to rely on, the operational managers would be at a loss as to what financial boundaries they needed to stay within. Thus, in this manner management is able to make their financial decisions. Management must rely on the reporting tool to access the necessary information, then they must make their decisions based on this information as part of the financial reporting process. Finally, management needs to pass this information and their decisions down the chain of command, in the form of a management report, to ensure the company as a whole is on the same page and headed in the right direction.
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ABOUT THE AUTHOR
Adam Smith is an information author for 10X Marketing. For more information about a financial dashboard please visit Corda.com