Reports are essential documents in order for a business to run smoothly and effectively. Reports are created for a specified accounting period as in the case of an incident report sample. Depending on the needs of a business entity, reports are generated daily, weekly, monthly, quarterly, and annually.
Management use business reports as their basis in creating decisions for particular business issues and concerns. A formal report is made either for internal or external purposes. Internal stakeholders in need of reports comprise of the executives and the supervisors of the operations. On another note, external stakeholders include the board members and the tax examiners of a government institution.
Types of Periodic Reports
Businesses need to submit a lot of documents to individuals with an interest with the establishment’s status. As shown on the report examples provided on this website, the following are the types of company reports with specification on the accounting period:
- Financial Report – This report shows the establishment’s financial activities and financial position. It is prepared for external stakeholders like investors. This category is comprised of:
- Statement of Financial Position – A statement showing the assets, liabilities and equity of the entity.
- Statement of Comprehensive Revenue – This displays revenues generated, incurred expenses, and net income.
- Statement of Cash Flow – This shows the flow of cash from the receiving to the purchasing.
- Statement of Retained Earnings – This pertains to the changes in equity of the set period.
- Management Report – This comprises of documents used by top management in making the decisions to guide the business towards its objectives. Under this group, as presented on the report sample DOC formats, are the following types:
- Business Reports – Created for a specific company issue or concern.
- Progress Reports – Prepared on a daily, weekly, or monthly basis for the management to oversee the business operations.
- Analysis Reports – This includes the projections and the standing of the company’s products or services. Usually done monthly, quarterly or annually.
- Project Reports – If the company has certain projects, its progress is recorded every month.
- Operations Reports – Reports are generated daily as some needed monthly management reports are based on these.
Purposes of Periodic Reports
The following information explains the purpose of daily, weekly, monthly, quarterly, and yearly company reports to the business entity:
- It transmits essential information to its users. The users are the stakeholders, which include the employees from the rank and file employees to the top executives.
- It is important in making decisions. In order for the executives to plan and to decide the best course of action, they have to base it on the periodic reports generated.
- It aids in controlling the business operations. An entity has a projected budget or plan they must adhere to. Learning about the operations via reports, as in the report sample presented, will help the management control the operations to meet target goals.
- It helps in addressing problems. The reports made for specific concerns will help management to decide the necessary solutions to address these concerns.
Making the periodic reports with the proper report formats will help greatly in maintaining the efficiency of business operations. Thus, business entities must pursue the creation of daily, weekly, monthly, quarterly, and yearly reports.