Reports Your Business Needs to Review Regularly

"Successful people form the habit of doing what failures don't like to do. They like the results they get by doing what they don't necessarily enjoy." - Earl Nightingale

No one enjoys reviewing reports and running through mounds of papers to try to make sense of where your company is from 10 or 12 different reports.  We just want to be told in one page or less that things are great !  So many software packages are lacking in this area while others have a custom dashboard such as Timberline.  If you are using Timberline and don't have the dashboard set up, get it set up.  With some tweaking, you will be well pleased.  

That being said, there are some reports that you cannot get away with not seeing on a regular basis.  A list of the reports that you, as a business owner or department manager, should see on a weekly basis are:

• Accounts Payable Report with Aging,
• Accounts Receivable Report with Aging,
• Job Cost Reports for all jobs individually and collectively,
• Updated Job Schedules for all jobs,
• Cash requirements report (projected cash requirements report), 
• Check Registers for all accounts,
• Correspondence (If you don't see it everyday),
• Status reports on any legal issues.

Other reports that you need to review on a monthly basis (at a minimum) are:

• Budget vs. Actuals,
• Monthly progress and goals reports,
• Marketing and business plans,
• Bank Statements (Including canceled checks or thumbnails),
• Financial statements (Balance Sheet, Income Statement, Trial Balance),
• Cash flow projections for the next 6 to 9 months,
• Projects list - completed, pending, bidding, current, negotiating and new prospects,
• Bond capacity and availability.

These reports would be a minimum list for review and you can do these as part of a meeting with your staff or prior to meeting with your staff.  Every company should evaluate where they are on a monthly basis so that they are informed and so that they can make informed decisions when looking at future projects, purchases or other expenditures.

Laying out these rules for yourself and your staff will set up good habits that will prove successful for your company.  Without setting up standards for your business, you risk certain failure at your own hands.  

Ensuring that your staff meets or exceeds these standards will help you in planning for future growth.  If you need help with setting up these types of reports or systems, please call someone.  My company does this type of set up and reports for all types of companies including construction, retail, medical and legal.  The book I wrote earlier this year is for construction companies and can be found on my website.  

Pull your calendar for the next 14 months (now through the end of 2013) and start planning your meetings and on what days you want to get your reports to review prior to those meetings.  Don't let bad habits ruin your company, you have too much invested into it already.  Start today forming good habits for success.

Thank you and please share your thoughts and reports that you would add to the lists above.

Charlene S Reed, Owner/Author

www.MyConstructionOffice.com

PS:  Now is the time to get with your CPA to do year end tax planning if you haven't already.  Call today and make that appointment to maximize your tax savings NOW.  Don't delay, there is just over 2 months left in this year.