By Lisa Maxwell on September 20, 2018
You can get all the reports you want, but if you are not looking at the right ones what good does that do for your business. Most ERP systems come with a standard set of reports, but you need to have reports that are custom to your business needs. I know that we help many of our clients with customized reporting so that they have a combination of the basic reports and more detailed in-depth data reporting to make the decisions they need to run their business properly. I suggest talking to your business consultant about what you require or need. If you don’t see the right reports to run your organization, you need to inquire with them to see if they can be created or if there are an add-on product that they can provide.
Now, if you are just using Excel for your reporting then your company is vulnerable. There are numerous reasons why Excel is not a good resource for reporting, including security issues, reporting accuracy, and not to mention it is extremely time-consuming. There is a host of issues with this and you may want to start investigating into a more suitable business system.
Let’s review what the top reports are to run your business profitable.
1) Requisition, PO, and Expense Reporting
Do you know how your money is spent? All businesses need to have a protocol when it comes to materials acquisition. Putting a centralized system in place will give you control of the procure to pay process, while monitoring where every cent of the budget is spent.
Your best bet is to look for an app that has accounting system integration and optional modules for a tailored solution for your organization: web requisitions, approval & purchasing, budget control, receiving, web & mobile interfaces, vendor punch out, expense management, invoice approvals and more.
2) Inventory Optimization Reporting
Inventory is often the single, largest asset on the balance sheet. There is a significant amount of working capital at stake. You need to have control and correct reporting on your inventory.
A product that works within your business management system would be optimal. You should look for an app that has a dashboard so that you can glance at your inventory data in real-time. Inventory reporting improves the accuracy of inventory forecasts, and suggests optimal replenishment recommendations. By having this knowledge you will be able to have monitor order and supplier management.
3) Intelligence Reporting
Intelligence reporting works within your current business system and provided you with meaningful insights into your business information. Speak to your current business consulting firm and inquire if your system has this. I know that many of our clients have a tool like this in place and we help them with the utilization the Sage 100 Intelligence Reporting product.
The beauty of this type of product is that it usually comes with a library of reports and if you can seem to find one that works for you, you or your consultant can either customize them or create it from scratch. You can target your financial reports, sales reports, vendor reports, as well as job and product cost reporting.
4) CRM Reporting
CRM reporting is the critical to your clients and lead generation activities. CRM is a Customer Relationship Management system that manages your current business and empowers your sales team with new opportunities. This essentially holds the key to what is happening with your business and where it is headed.
Your current CRM system should provide you with an activity report, pipeline report, open issues report and much more. It is a product that your sales and marketing team should use daily without fail. It also provides you with a tool to sell smarter, manage campaigns, monitor progress and goals, as well as determine customer profiles.
In a nutshell, these are some of the reporting tools you need to have in place in order to have business success and profitability. You may already have these in your business system and may or may not be using them. Check with your provider and see if they can help you with startup, customization and/or acquiring what you feel you need to succeed. Having a handle on your business not only makes you astute, but gives you the knowledge to make your business that much more successful.