Business reports are essential for any company to make informed decisions and to assess their progress towards their objectives. There are three main types of business reports: analytical, informational, and annual. Analytical reports provide data that explains the “how” and “what if” of a scenario. Informational reports include non-specific data that does not explain the “how” and “what if” of the scenario.
Annual reports are used by publicly traded companies to submit to the Securities and Exchange Commission (SEC).Sales and revenue reports are one of the most fundamental types of business reports. They list sales statistics over a given period of time, allowing you to quickly compare these figures with your expenses to determine your profit margin. Inventory reports let you know how much of your product you have available at any given time. Small businesses use annual reports to let shareholders and voters know how the company is doing financially and what to expect. Sales reports can help you analyze sales volume trends over time to ensure that your business is operating properly.
Examples of common sales reports include sales summaries, sales trends, and item sales reports. If you use Square to process payments, you can download a variety of sales reports from your Square Dashboard. Inventory audits and managing inventory are everyday functions for many companies. Inventory reports provide an up-to-date analysis of the inventory you have at hand. They are useful for understanding resupply needs, helping with the reconciliation process, and determining future inventory needs. Payroll reports allow you to view all the details of paychecks, employee totals, employee paystubs, or company totals for a selected period of time.
In addition, if you use Square Payroll, you can view your Payroll Protection Program (PPP) report to help you calculate your average monthly payroll and make it easier to apply for these loans. Square Point of Sale (POS) includes numerous reporting options so you can generate important information to improve your business while the software does its work. Whether you need up-to-date sales trends or are looking for information about your employees, you can view it directly from your online dashboard or from the sales reports in the Square Point of Sale app. A business report is a systematic and objective presentation of facts and information that helps decision making. There are many types of business reports that fall into different categories. Some examples of routine reports are the progress report, the expense report, the performance evaluation report, the inspection report, and the sales report.
To make an analytical report, the writer collects all the relevant information. After that, the analyzed material is presented to the user. This allows the reader to make rational decisions and solve various problems. Some examples of these reports are feasibility reports, research reports, and recommendation reports. When it comes to writing a business report, be prepared to compile research and break down the content of the document by section.
Formal business reports must follow a specific format and procedures, and there is little room for customization. It helps companies to validate multiple alternatives to solve problems and to choose the best alternative as an action plan. In addition to these reports, you may need to compile other business reports to help employees have a better picture of the company. The good news is that you can save time and still get the information you need by outsourcing business reports to your point of sale. This comprehensive guide will help you understand each type of business report and how to best use it. You can also choose to use this type of performance report as a marketing tool to get people, especially potential investors and customers, excited about your company if the financial numbers are in their favor.
The image above is an example of a real formal report written on the topic “The effect of stress on company employees” with an introduction, an exposition of the problem and the importance of the study. From controlling your cash flow to maintaining financial documents, there are a lot of things to monitor when you're a business owner. Also called a summary report, a summary business report only contains essential details about a project or meeting. While some owners prefer keeping track of their company's reports themselves, others find it easier to outsource this task. If your company needs such resource savings, don't wait any longer and create your free Databox account today.