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The Importance of Business Monitoring and Reporting

Updated: Jul 15, 2021

Consistent business reporting and monitoring is a necessity for many companies, as the board may demand to view weekly, monthly, quarterly or annual reports to get a good sense of how the business is performing. For all sorts of businesses, from eCommerce to the service industry, business monitoring and reporting can save time and money as well as improve your processes in the long run.

Management -Business reports are used for tracking growth and the company’s progress, identifying trends and any anomalies which may need investigating.

Identify Problems - Routine monitoring and reporting should help highlight any issues there may be in your business before they have chance to escalate.

Highlight Opportunities - Business, monitoring and reporting over time can identify

any opportunities to expand.

Set Goals Reporting on business performance ensures that performance over different time periods can be compared. 

Monitor Partners - It is important to monitor and measure the performance of any business partners you rely on to make sure they are an effective use of money and time. Annual Reporting An annual report is a legality for many public companies to provide stockholders, the government and others with financial data and ownership information about the business. KEEPING TRACK OF INCOME AND EXPENSES IS IMPORTANT, ESPECIALLY AT TAX TIME.  There are various forms of software to help you keep track of your business such as Quickbooks, Xero, and other CPMs. You can also keep it simple by creating spreadsheets in MS Excel (see attached).

Devise a schedule to input your data, either daily or at the end of the business week. 

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