Administration is in charge of guiding the company to the direction where goals are met. The directorate make decisions with basis on the documents being made periodically to achieve the objectives set for a given period. These documents are known as financial and management reports. Although both reports are made to meet objectives of the business entity, they differ not just on the Report Format but also on the purposes and the content of the report.
The following downloadable sample templates show a Monthly Report which is the Management Report and the formats that the different departments use to make the necessary periodic document used by the administration in decision making.
Financial Management Report
Sample Project Management
HR Management Example
Management Report vs. Financial Report
Generated almost at the same period of time, the management and financial reports differ in various elements as shown on the Report Examples because of these factors:
- Purpose. Financial reports serve the needs of external stakeholders like investors and banks as opposed to the management report that guide the internal stakeholders such as the business owners and executive management.
- Usage of Standards. Management reports are not strictly bound to the accounting principles set internationally, while financial reports should follow those principles.
- Scope of the Report. Management reports show departmental or segmented progress, while the financial reports show the performance of the company as a whole.
- Report Content. Financial reports present the performance of the company’s past fiscal period, while management reports help the company in its future growth.
Management Report Format
Here is the outline most commonly used in making a management report:
- Executive summary. This section of the report shows a brief summary about the findings, the analysis, and the conclusion made on the report.
- Main body. This part presents the essence of the report which includes the profit-and-loss statements by department, team, labor, or product along with other information like call reports to support these statements.
- Conclusion. With the findings as basis, the conclusion shows the different strategies the management can decide on or ponder upon to improve the performance of the entity.
Contract Management Example
Free Management Report
Guidelines in Making a Management Report
The following elements can serve as your guide in making a good management report:
- Accurate facts. The information provided on the body of the report like graphs or charts and other supporting facts should be accurate and concise in order for the management to generate the right decisions for the entity. Avoid misleading facts and numerical data.
- A balanced report. When presenting ideas for strategies you provide or suggest, present the advantages and disadvantages, the benefits and losses, or the pros and cons the entity will meet. This will help administration in the decision-making process.
- Coherent ideas. From the summary to the conclusion, the report should be consistent in presenting the goals or objectives set for the management report. Make sure that you suggest ideas with clarity and with sense.
Reports are essential in the proper management of the business. Although they have differences, they guide the stakeholders with the information and the numerical data like the report sample in .doc format on our website. That is why it is important to have accurate, balanced, and coherent management or Financial Reports because having a good report greatly helps the management in generating decisions that will guide the business entity to a profitable direction.