Module 1 - 2024 Management Reporting Overview S.pdf

managementreportin Twenty22 If you need wisdom, ask our generous God, and he will give it to you. He will not rebuke you for asking....

managementreportin Twenty22 If you need wisdom, ask our generous God, and he will give it to you. He will not rebuke you for asking. JAMES 1:5 The one who gets wisdom loves life; the one who cherishes understanding will soon prosper. Proverbs 19:8 For educational purposes only. Do not upload nor reupload.  mnagementreporting Twenty22 Most businesses today, whether small or big, depend on timely information in INFORMATION decision-making. IS THE LIFE Therefore, a suitable system of BLOOD OF A BUSINESS management reporting is part and parcel of the operation of a business. For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 WHAT IS MANAGEMENT REPORTING? Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Management reporting constitutes an essential element of a WHAT IS comprehensive business planning MANAGEMENT and control system. REPORTING? A company's success depends not only on the quality of its basic resources, equipment and technique but also on the quality of the reports supplied to the management. https://www.indeed.com/career-advice/finding-a-job/managerial-reporting Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 WHAT IS Managerial reporting is the MANAGEMENT collection of data that REPORTING? informs managers on how to efficiently run their department. https://www.indeed.com/career-advice/finding-a-job/managerial-reporting Management Reporting # managementreporting Twenty22 A successful business implements managerial reports WHAT IS MANAGEMENT not only to track a department's REPORTING? key performance indicators (KPIs) but also to help guide its managers toward making accurate, data-driven decisions. These decisions can range from cutting costs to determining how many employees should be on staff. https://www.indeed.com/career-advice/finding-a-job/managerial-reporting Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload.  KPI’s WHAT IS MANAGEMENT REPORTING? T ARE THE IMPORTANCE OF MANAGERIAL REPORTING? For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reports can include a wide variety of data and should WHAT IS be tailored to the recipient. MANAGEMENT REPORTING? Example, while there may be some crossover information, a floor manager at a clothing store should receive different data than the marketing manager. Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 A *floor manager needs figures such WHAT IS as employee hours and sales MANAGEMENT numbers, while a marketing manager REPORTING? needs information regarding sign-ups through email and social media engagement. *A floor manager is responsible for supervising the general operations of a specific department in an organization. Floor manager tasks include assisting customers, ensuring prompt resolution of clients' inquiries, distributing tasks to the staff, and monitoring the employees' performance. Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle What is management reporting, and how did it all begin? Often referred to as managerial reporting, it offers data and insights to decision-makers within an organization. Management reporting helps businesses and teams track, analyze, and improve their performance across various aspects.  A management report is a critical tool in business intelligence, enabling leaders What is a and managers at all levels to make management informed, data-driven decisions. These report? reports, varying in format and detail, are prepared to reflect the financial and operational aspects of a business over a specific period.  HISTORY OF MANAGEMENT REPORTING https://www.bluecopa.com/blog/management-reporting-types-best-practices-and-importance What is management reporting, and how did it all begin? ‍ HISTORY OF While initially, it started in the 19th and early 20th MANAGEMENT centuries, it was driven by several factors — the REPORTING Industrial Revolution, the Development of Accounting Standards, and Tech Advancements. From reporting financial metrics like revenue, expenses, and profitability to tracking operational performance and marketing & sales, management reporting had its significant journey. What is management reporting, and how did it all begin? ‍ Management reporting helps businesses and teams track, analyze, and improve their HISTORY OF performance across various aspects.‍‍ MANAGEMENT And modern management reporting has to do REPORTING more with data analytics and visualization. business intelligence platforms are deployed continuously to help business teams transform data into insights. It is becoming increasingly sophisticated and integrated with real-time data, enabling instantaneous decision-making.  PURPOSES OF MANAGERIAL REPORTING? https://www.indeed.com/career-advice/finding-a-job/managerial-reporting managementreporting Twenty22 Managerial reports reflect the status and health of a business and remove the guesswork from implementing strategies. WHAT ARE THE With hard data compiled specifically for PURPOSES OF MANAGERIAL certain departments, department managers REPORTING? can evaluate what strategies have worked and which need improvement Managers can make informed business decisions. Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: 1. Monitoring and tracking KPIs and WHAT ARE THE other performance metrics. IMPORTANCE OF MANAGERIAL REPORTING? Reporting is essential to make the management familiar with the progress and details of operations Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE 2. Setting goals and milestones IMPORTANCE OF MANAGERIAL REPORTING? The management has to plan for future operations, strategies and projects. (planning) Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE IMPORTANCE OF 3. Determining the profitability of a MANAGERIAL product, service or client REPORTING? Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload.  Managerial reporting is important in: WHAT ARE THE PURPOSES OF 4. Reporting enables the management to MANAGERIAL concentrate on important problems and REPORTING? allow the lower level personnel to deal with routine matters. MANAGEMENT BY EXCEPTION  Managerial reporting is important in: WHAT ARE THE PURPOSES OF 5. Reporting can help the management to place MANAGERIAL right persons in charge of every function and REPORTING? define their authority and responsibility suitably. Organizing  Managerial reporting is important in: 6. Reporting conveys the level of motivation and morale of the employees at different levels WHAT ARE THE of the management. PURPOSES OF MANAGERIAL REPORTING? Incentive schemes can be devised to improve the employee performance based on the reports. Motivating  Managerial reporting is important in: 8. Reporting is essential to know the actual WHAT ARE THE performance in comparison with the PURPOSES OF budgeted results or standards. MANAGERIAL REPORTING? The variances and their analysis can lead to control over operations. contol managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE IMPORTANCE OF MANAGERIAL 9. Deciding where money is best REPORTING? spent Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE PURPOSES OF MANAGERIAL 10. Pricing products or services REPORTING? accurately Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE IMPORTANCE OF 11. Hiring the correct type and MANAGERIAL number of employees REPORTING? Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload. managementreporting Twenty22 Managerial reporting is important in: WHAT ARE THE IMPORTANCE OF MANAGERIAL 12. Creating cohesive REPORTING? communication regarding the data collected Management Reporting Elvy B. Razonales, CPA, JD (26) #InspireSquad Central Philippine University @elvyrazonales #InspireLifestyle For educational purposes only. Do not upload nor reupload.  MANAGEMENT REPORTING VS FINANCIAL REPORTING https://www.wudpecker.io/blog/management-reporting-definition-examples-best-practices Definition and Scope Audience and Purpose Content Focus Frequency and Timeliness Detail and Flexibility Historical vs. Forward-Looking  Management Reports: Are comprehensive reports that cover a wide range of internal business aspects. Are designed to provide managers with the information needed for strategic decision-making and operational control. Definition and Scope Financial Reports: -A specific category within management reports, financial reports focus exclusively on the financial performance and position of the company. Form a critical component of management reporting by offering detailed financial insights.  Management Reports: Primarily intended for internal stakeholders, including managers and department heads. These reports help in understanding various facets of the Audience business, from operations to marketing strategies. and Financial Reports: Purpose Although part of internal management reporting, they are also crucial for external stakeholders like investors, creditors, and regulatory bodies. Financial reports ensure transparency and compliance with financial regulations.  Management Reports: Encompass a wide array of topics such as operational efficiency, market trends, resource utilization, employee performance, and future projections. Content They are tailored to the specific needs of the business and its Focus departments. Financial Reports: Concentrate on financial statements like the balance sheet, income statement, and cash flow statement. They provide a clear picture of the financial health and profitability of the business  Management Reports: These can be generated as needed, often Frequency providing real-time or near-real-time data for and agile decision-making. Timeliness Financial Reports: Typically produced at regular intervals (quarterly, annually) due to statutory requirements and for historical financial analysis.  Management Reports: Highly customizable and detailed, addressing specific Detail and managerial queries and operational areas. Flexibility Financial Reports: Standardized in format to comply with accounting principles and regulations, focusing on precision and accuracy of financial data.  Management Reports: Blend historical data with forward-looking Historical vs. projections, offering both retrospective analysis and future planning tools. Forward- Looking Financial Reports: Predominantly historical, providing a retrospective‍view‍of‍the‍company’s‍financial‍ performance. MODULE 2 - MANAGEMENT REPORTS PHILIPPIANS 4:8 Finally, brethren, whatsoever things are true, whatsoever things are honest, whatsoever things are just, whatsoever things are pure, whatsoever things are lovely, whatsoever things are of good report; if there be any virtue, and if there be any praise, think on these things. END