Business reports are of great importance. Each quarter and each member of the management team is required to submit a written report to their manager on the progress of their management. Business reports cover all the details of profits, costs, productivity, and recommendations for the next quarter. Also, when employees are tasked with investigating relevant data, relevance to the overall performance of the company, business reports can be used to ascertain the business and make the necessary recommendations. In this article, we will review together all the information about business reports to understand how to get the most benefits from business reports, as well as to know the different methods that are used, and how they are organized, as we will explain the different types of business reports to know how to develop your business with business reports.
What are Business Reports and why they are important?
A business report is an assessment of a group of conditions or financial processes that relate to a company’s performance. The primary purpose of a business report is to communicate relevant information to a group of people.
This importance lies in the fact that business reports are used to assess the benefits and costs of each possible decision, as well as to analyze the financial operations related to the company’s performance that took place in the recent period, and thus help the company to make correct decisions and adjust its current situation. Finance Management system try it now.
Business Report Examples and Templates
Before showing an example of a business report, we will first need to know the structure of a business report and what the most important elements are in it. Here are the components of a business report:
- Title page, the title is used with the name and date
- Summary, which explains what the report covers and what data collection methods are used. It also includes the findings and recommendations contained in this section.
- A table of contents, the purpose of which is to organize the information in the report.
- An introduction, which briefly explains the purpose of the report, what is going around it, and its contents.
- The methods used in the report, showing how the major discoveries on the topic were made.
- The conclusion, which includes a set of recommendations or conclusions related to the topic.
- References, including the sources used in the report.
The simplest way to format a business report is to search for a template or example online and then modify it to your liking. Here is an example of a ready-made business report:
There are many sites that provide you with free and some paid templates, which you can use to create a business report, which will make your reports very attractive and useful and will benefit your business, by visually displaying data, processes, and concepts making them easy to understand and read.
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Types of business report
There is more than one type of business report, and below we will show a number of important things about the types of business reports:
- Visual financial business report
A written report that quantitatively explains how the company uses or distributes funds, and financial business reports are completed periodically,
It includes detailed information for accuracy as well as statements on income, cash flow, capital statement and balance sheet
- Visual investors business report
It is a type of report that is used to show the company’s performance every quarter so that shareholders can evaluate equity and make decisions about the actions they may take with their investment in that company.
- Visual management business report
It is another type of business report, which shows managers in a company different aspects of the business, in order to help those managers make better informed decisions.
In this type of reports, data is collected from various departments of the company, in order to track key performance indicators (KPIs) and present them in a way that managers can understand.
- SaaS management dashboard
SaaS management dashboard is a modern and advanced tool which allows managing, integrating and visualizing important SaaS metrics like MRR, ARPU, CLTV etc.,
For the purpose of clarifying business overview using software, thus improving performance as well as profits.
- Sales KPI dashboard
The Sales KPI dashboard is one of the important modern tools that helps to illustrate the performance of different sales operations, by displaying all relevant graphs,
As well as actionable information and metrics, which helps you to get a quick overview of the performance of the company
- Retail store dashboard company report example
The Retail store dashboard is a smart tool that helps visualize and report all important retail KPIs in one central interface.
It reports on these indicators in one central interface and turns this aggregated data into actionable insights, which are used to help retailers continually improve their operations.
The following image shows an example of a dashboard company report for a retail store:
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Benefits business reports
Here are a number of points that explain the importance of a business report and why it is so beneficial for any company:
- Study solutions related to a specific problem.
- Demonstrate critical thinking skills in evaluating specific outcomes of a situation.
- Draw conclusions based on the research generated in the report.
- Make recommendations on how to improve future business operations.
- Cost-benefit analysis of the many different available solutions to choose from.
- Evaluate the benefits and costs of each possible decision.