It doesn’t pay for companies to wait until the end of the month to run their P & L statements. Reports covering expenses, revenue and other factors should be created and reviewed on a weekly basis to insure the health of the business.
As examples, hotels and restaurants are two industries that greatly benefit from weekly reports that profile prime costs. Easily accessible data about payroll, food and beverage costs, and upkeep and maintenance expenses need to be closely monitored to insure daily success.
The more manual the reporting process, the more room there is for error. An automated system that can pull information from many sources and consolidate it quickly into customized, easy-to-understand reports can save a company many hours of staff time and expense, and give management the up-to-date information they need to make informed decisions that will improve their ROI.
Frequent business reports also reveal patterns and trends that owners can track over time, and pending problems can be identified and avoided before they occur, increasing profitability.
FYIsoft’s financial reporting software was designed to easily accommodate any reporting requirements. Schedule a brief demo, and our team will be pleased to show you how quickly and easily your business can generate the weekly reports that are vital for its continued success.