High Quality Reports & Dashboards Don’t Need to Take Extra Effort: Creating compelling visuals seems like a bonus, not a necessity, when working with business managers or presenting to executives. Delivering accurate data takes priority over the way you present the data.

Common Challenges with Dashboards:

Reports and dashboards don’t build themselves. Especially if you’re relying on spreadsheets to build out visual aids for data. Getting to the right numbers takes priority over the look.

Problems you deal with:

• Cobbling spreadsheets together to get the latest version takes days or longer.
• Making sure you’re working with the latest version can take detective work.
• Understanding changes and edits other business owners made can be tricky.
• Double-checking the model to make sure there are no errors or inconsistencies before your present.

Learning Video:

Financial reporting is a vital part of corporate governance. What the financial reporting is, its primary components, its purpose?

Financial Reporting Defined:

Financial Reporting involves the disclosure of Financial information to management and the public (if the company is publicly traded) about how the company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis. This is different from management reporting. Financial reports are included in a public company’s annual report.

Purpose : Financial reporting serves two primary purposes.

First, it helps management to engage in effective decision-making concerning the company’s objectives and overall strategies. The data disclosed in the reports can help management discern the strengths and weaknesses of the company, as well as its overall financial health.

Second, financial reporting provides vital information about the financial health and activities of the company to its stakeholders including its shareholders, potential investors, consumers, and government regulators. It’s a means of ensuring that the company is being run appropriately.

Financial statements are a collection of reports about an organization’s financial results, financial condition, and cash flows.

Useful for the following reasons:

1. To determine the ability of a business to generate cash, and the sources and uses of that cash.
2. To determine whether a business has the capability to pay back its debts.
3. To track financial results on a trend line to spot any looming profitability issues.
4. To derive financial ratios from the statements that can indicate the condition of the business.
5. To investigate the details of certain business transactions, as outlined in the disclosures that accompany the statements.

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