7 Templates That Help Finance Teams Automate Processes

monthly financial management report template

The CEO has to deal with lots of information coming from various sources and aspects of the business. Management reports are therefore utilized to make his life easier and to help with the decision making process. They allow the CFO and finance department to report on the areas of business that the CEO is interested in examining or alternatively reflect areas of the business that need to be addressed. Monthly management reports are the reports that review and assess your company’s financial and operational performance on a month to month basis. These reports enable your management team to track past and present performance of your company and assist in making informed business decisions. This document from the financial reporting experts at Solver is geared to help you improve your monthly financial reporting processes, so your company can make better, more agile decisions in response to surprising situations . One way to ensure that board directors have a familiarity with financial reports is to build some training into the onboarding process.

Be specific about what your customers care about and how you can measure it. Do not provide reporting or measurement on something just because it’s easy to measure. You should always set a “data deadline,” and enforce it across all departments. If you allow reports to be turned in late, then you are ensuring a frenzied process where everyone is scrambling to gather data. To avoid this recipe for disaster, set simple and strict deadlines, and stick to your guns. Once you’ve walked through the basics, don’t forget to point them toward the software’s Support Center. ClearPoint, for example, offers videos on navigating the software, updating charts, adding measures, making edits and updates, exporting reports, and much more.

  • The report should also improve accountability across the company by clearly naming who is responsible for each action.
  • Daily reports, however, have a limited impact, as most of the financial KPIs that are used need a mid- to long-term monitoring, and do not provide accurate information if analyzed only on a daily basis.
  • This can help the company obtain a perspective of whether or not the company’s profits have improved with time.
  • Each of these reports will provide different information about your department’s monthly financial activities.
  • This means they’re oriented towards the needs and interests of top management and the CEO – the decision-makers within the organization.
  • With this annotation in place, the monthly meeting can move forward swiftly and maintain focus on the big issues that truly require executive feedback.

Our experts predict that this practice will be especially important for remote working environments in which the Finance team will not be available to provide explanations and context for financial data at all times. Your CPM can automatically generate a narrative account of critical financial information, using descriptive adjectives and other language that changes in response to the most current financial data. In our nanosecond-driven world, it is simply a fact of business that the faster your decision-makers can access key data, the faster their analysis and action phases can be. Lightning-fast action helps your company achieve desired results more quickly than your competitors – and that is what gives you the leading edge. By choosing to closely integrate your ERP with your financial reporting solution, you can do away with cumbersome, spreadsheet-based, export-import procedures and simply enjoy attractive, understandable reports with the click of a button. Of course, saying you need weekly reporting is quite different from achieving that goal.

How To Make Status Reporting 10x Easier

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monthly financial management report template

The power of a modern dashboard builder lays within the opportunity to access insights on the go, in real-time, and with refreshing intervals that you can set based on your needs. Continuing on our previous point, after specifying the financial statement and metrics you want to add, it’s time to include visuals. This point is important since the average reader will struggle to digest raw data, especially if you work with large volumes of information. This is why we still mention them and provide examples of what can be tracked and analyzed every day, but for a long-term view, you should take a look at our weekly and monthly reports. Our monthly reports are on top illustrated with beautiful data visualizations that provide a better understanding of the metrics tracked.

What Types Of Management Reports Exist?

All expenses and revenue line items are important, but that does not mean you need to track and analyze every penny. If you are a huge company and have a very expensive system that does all this automatically, then good for you.

monthly financial management report template

This means that a monthly reporting package in Powerpoint can be refreshed with the latest numbers with one click. All costs- including raw materials, overhead, and labor- are taken into account and divided by the amounts of products produced. Marketing helps your business build brand awareness, attract customers and create customer loyalty. Use these templates to forecast sales, develop your marketing strategy and map out your marketing budget and plan. You can use the templates below as a starting point to create your startup business plan or map out how you will expand your existing business. Then meet with a SCORE mentor to get expert business planning advice and feedback on your business plan. The recipients of this report might be receiving a multitude of monthly reports from different project teams and department and might not easily remember what each one is about.

An Online Version Of The Report

It is important to note that if you find an error in a report, the information must be adjusted in the myUFL system before it can be reflected on the following month’s reports. Reports will reflect how the information was entered in myUFL, and should be reconciled and/or reviewed fixed assets to discover any transactions requiring correction. You may not have all of these reports each month, depending on what applies to the selected department. Automation and robotics enable planning, budgeting, and improve data standardization to achieve a single source of truth.

To be able to effectively manage all your finance reports, you will need professional tools. The traditional way of reporting through countless spreadsheets no longer serves its purpose since, with each export, you manage historical data and don’t have access to real-time insights.

monthly financial management report template

By doing these simple calculations you can quickly see how profitable your company is and if your costs and income are being managed properly. A robust finance report communicates crucial financial information that covers a specified period through daily, weekly, and monthly financial reports. These are powerful tools that you can apply to increase internal business performance. A data-driven finance report is also an effective means of remaining updated with any significant progress or changes in the status of your finances, and help you measure your financial results, cash flow, and financial position.

Getting Started With Your Reporting Process

Data-driven, dashboard reporting is the way forward, and if you embrace its power today, you’ll reap great rewards tomorrow and long into the future. Using datapine’s seamless software, your business will be able to see the full financial story of your company come to life, and have a better grasp of your future financial path. Monitoring on a daily basis which promotions are getting “too” popular can help you stop it before it generates more revenue loss than revenue growth that was supposed to create. Now we will take a look at some financial statements examples to get a clearer picture of what can be tracked in weekly intervals. Generally, costs should not be looked upon purely on the basis of black and white.

Monthly financial reports take on various formats depending on the info the board wants. For example, include cash as a dollar amount and also as a percentage of the total assets. Board directors may also be interested in whether accounts receivable are increasing or decreasing and monthly financial management report template whether debts may be collected in the future or must be written off. Everyone in your organization should be on the same page before the reporting process begins. The document would define roles, responsibilities, the reporting calendar, and rules for evaluation and analysis.

At the end of the meeting, the leader should run a report that summarizes all action items from the KPIs that required action, thus ensuring that each team member clearly understands the issues and proposed resolutions. The report should also improve accountability across the company by clearly naming who is responsible for each action. As an example, a Profit & Loss report could help explain why the profit margin KPI is below the set target .

Financial ReportsFinancial reports or financial statements help managers and analysts analyze the financial activities as well as situation of the company. Useful financial data can be introduced within an organized way and an application which is easy to comprehend. Download financial reports templates, examples, excel dashboards and more. The income statement, together with the balance sheet as well as cash flow report, is among the main financial reports employed to examine the company’s financial status. Monthly executive finance meetings using annotated KPIs will help these companies leverage the cutting edge in monthly reporting process best practices, acting more decisively in response to their monthly reporting results.

The COVID crisis and the rise of the home-based workforce accelerated the leap to the cloud for many enterprises, but not always with a cloud ERP migration. Instead, savvy business leaders from a range of industries chose to leverage cloud gateways and connectors that enabled on-premises ERP to seamlessly integrate with a cloud-based CPM solution for real-time reporting and planning capabilities. The most commonly run reports (Profit & Loss, Balance Sheets, Cash Flow) are presented with user-friendly graphical options, like dashboards and charts that highlight key variances and trends. As you know, great ideas come from every area of your company – and that means you need to empower every key stakeholder and potential problem solver with understandable financial information.

Most global Finance department leaders are already burning the midnight oil to complete the month-end close process on time, and they would be hard-pressed to quadruple their reporting frequency. It seems that nearly everything in the business world runs faster every day – which means your financial reporting needs to be faster as well. Take the time to get acquainted with board members and get a sense of their base financial knowledge. For instance, older board directors may not be familiar with Excel spreadsheets or Internet dashboards. This invariably makes your work easier, by allowing you to simply enter the proper data. At the assigned places and merely add the commentary to the tabulated report, thereby relieving you of the extra pressure formatting a report. Select the one that best suits your purpose and utilizes them to tabulate your monthly report.

Weekly Financial Report Template

Monthly status reports also help the team and the company reflect on what they can accomplish during the month and determine which among the contribution margin initiative made are producing positive outcomes. We’ve worked with companies like yours for more than a decade, and on over 30,000 deals.

In addition, seeing actual figures on a regular basis prevents cash flow problems and assures board directors that the numbers all add up. Monthly financial reports provide boards with the financial standing of the business at a specific point in time, as well as providing an overall picture of how the company has performed over time. Managing your personal and business finances is a complex operation, involving a number of important tasks and responsibilities. A financial template is a great resource to generate a monthly budget, track spending, and manage your debt.

To manage financial performance in comparison to a set target, you can also use a modern KPI scorecard. That way, you will not only monitor your performance but see where you stand against your goals and objectives. Determine financial stability of your business and monitor your assets and liabilities over a three year period with this Balance Sheet template. A guide to the most frequently used accounting reports including budget reports, general ledger account detail, and award-project reports. If you want to add more value to your company, creating a great month end report is a good start. Learn 5 other ways to add value as a CFO with our 5 Ways a CFO Adds Value whitepaper.

Author: Anna Johansson

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