The One Reporting Must Have for 2017
It’s common to wonder what reports you should be running and when. And while reporting is a must-have for any successful business, it can also be a slippery slope. Five reports turn into ten, which turn into twenty, and then, suddenly, you’re spending all of your time reviewing and comparing reports. So what are the reporting must haves for 2017?
The answer may surprise you: there’s only one. The flash report.
Defining the Flash Report
There is no single definition for a flash report. Instead every flash report is completely unique to the business, creating a daily view of your business and where you’re at. This will help you recognize any issues that are arising as well as plan for the remainder of the day, week, month or year.
This doesn’t mean that you should completely eliminate your current reports; the granular reports that you run for your business are imperative. They provide important details on the intricacies of your day-to-day business. Instead of replacing your current reports, the flash report acts as an overview to all of these reports, providing a daily snapshot of your business.
What to Include In a Flash Report
A flash report can include many things. Common data may include:
- Cash in the bank account
- Open accounts
- Accounts payable
- Month-to-date revenue
- Year-to-date revenue
- Forecasted sales
- Orders to be shipped
- Backlogged orders
- Marketing alerts
- Month-to-date returns
The information in this report should be the pivotal to your business- information that you need to review and measure against regularly. This daily report will keep you up-to-date and will help you avoid information slipping through the cracks.
In keeping with the simplicity of flash reports, do not include any graphs or charts. The flash report should be comprised of the most important data you need to see on a daily basis, and should be able to be quickly digested at a glance. The report should not require a depth review or contemplation.
Setting Up the Flash Report
By definition, flash reports are simple and setting them up can be too. Simply use your Point of Sale (POS) system to run a report with your selected information daily. Once you have the flash report in place you can quickly access it on your POS system or have it emailed it to you.
Does your POS offer your business the support you need? Are you ready to simplify your business with the use of a new POS? SilverEdge can help. If you are ready to talk with a SilverEdge representative about the right choice for your business, contact 970-800-2890 or email email@example.com today.