Business reporting system
Under the present competitive world, a reporting system is a must for increasing the understanding and generating confidence in the minds of management team and running a business unit very effectively. Hence, each organization should design a reporting system on the basis of its needs.
Best practice in designing business reporting system
The design of reporting system will differ from one organization to another. There is no standard set of rules for designing a business reporting system. But, the following points should be kept in mind.
- Users of Reports.
- Time of Report.
- Contents of Report.
- The format of Report.
- Submission of Report.
- Frequency of Report.
- Expectation of Management.
Primary & Secondary Objectives in designing reporting system
The primary objective of any reporting system should be designed in such a way as to provide information which may help the organization or its management to achieve its overall goal. The secondary objective is providing stable and peaceful employment to workers with all welfare benefits and relieving the workers from frustration if so.
A reporting system facilitates free flow information at each managerial level and should allow it to pass to all those personnel who may be interested in it. The contents of report is based on the requirements of the end users of the report. Keeping in mind the tastes and preferences of users of report is very important in the designing of reporting system. A report should be presented in a manger which makes it more effective.
A report can be prepared according to the needs of the management or end user of the report. Taking into account the above facts, an effective and suitable reporting system should be designed.