In our previous post, we highlighted the incredible capability of our accounting software, which offers an impressive 990 potential reports for management to scrutinize income and expenses. However, management has wisely streamlined its focus, narrowing it down to just 40 essential reports that deliver the most value.
These 40 customized reports provide management with a clear and concise snapshot of where every dollar is allocated every morning. This daily review gives decision-makers the financial clarity needed to steer the company toward greater efficiency and profitability.
Although this company doesn’t utilize the Plus & Minus payroll system, which would allow for precise daily revenue accrual, it can still estimate revenue with impressive accuracy. By leveraging, for example, a 60% profit margin, the controller can approximate daily revenue, creating estimated income statements across all 40 report variations.
This proactive approach to financial management ensures that every department’s performance is closely monitored, fostering a culture of accountability and informed decision-making. Imagine the power of receiving daily income statements! Management will undoubtedly appreciate the enhanced visibility and control over the company’s financial health.
The bottom line? In today’s fast-paced business environment, having a daily pulse on your financials is not just a luxury—it’s a necessity. And with the right tools, it’s entirely achievable.
