3 Reports Every Business Should Run Consistently
The analysis of data is important for every business. Some data is more important than others, but ultimately, if you want your business to thrive you will want to know exactly how your business is doing so that you can make educated decisions that won’t waste your organization's time and money. Today, we will look at three reports that every business, no matter what size or what industry it operates in, should be running.
Employee Time Tracking
If your business is one of the millions of small businesses looking to stretch every dollar, payroll is likely your largest expense. The Internet has created thousands of businesses and has helped thousands more build stronger operations. The downside to it is evident too. There are more distractions on the Internet than anywhere else and every minute your employees are distracted online, you lose revenue.
By running employee productivity reports you can easily determine the specific periods of time they were unproductive, and go see what they were up to. This provides a tool that allows you to educate your workers on the importance of staying on task; or, if they are repeat offenders, gives you precedent to block the sites where they waste time, or make a necessary change if need be.
Revenue & Sales
Being able to sell your product or service is the most crucial position in your company. That’s why it’s important to review your sales and revenue figures often. Since your sales team likely has monthly goals to meet, you can see who is excelling and who needs a little help. This keeps the company growing, and cash flowing in.
Most accounting solutions or CRMs will give you the option to run reports that generate sales and revenue information. By doing this weekly, or bi-weekly, you can ensure that your sales team is on track, and gives you the information you need to make changes if need be.
You can’t reliably know how your business is doing if you don’t track every penny that is spent by it. Since you are likely trying to keep costs down, or at least below the revenue you take in, expense reports can give you an overview of what you can cut, what you should be investing in, and how your money would be better spent.
Expenses correlate with growth, so don’t fret to see your output rising as long as you can quantify it with increased productivity. The expense reports gives you a chance to make realistic budget decisions and cut goals.
Your business has a lot of moving parts, but running reports will put you in an advantageous position when it’s time to assess the health of your company, and what steps to take next. The IT professionals at Nexela can put you alongside some of the best business management software solutions on the market. Call us today at (215) 525-3223 to learn more.