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If you can't explain it to a six-year-old, you don't understand it yourself. ~ ALBERT EINSTEIN

Reporting to Management Boards

Reporting to Management Boards, i.e. information included in the management report form the bases for making business decisions.

The basic financial reports are the Balance sheet that shows the state of assets, liabilities and capital; P&L account as an indicator of business success and the Cash flow report which analyses cash flows in a detailed way. Since these are the information structured in uniformed forms, it takes time to analyse them and see if they can be used to understand business in a better way and make correct business decisions.

In order to make business decisions in a faster and more adequate way, management reports for the Management Board (i.e. persons responsible for decision-making) have to be prepared. Management reports have to be concise, clear and precise with previously defined key business indicators and comments on extraordinary indicators and deviations.

Reporting is essential to keep track of business operations at as short intervals as possible to see any deviations in relation to, for example, the previous year or business plan quickly and clearly, and accordingly amend business decisions. Otherwise, if the business is not analysed or monitored, the entrepreneur does not know whether they are doing good or bad, which can significantly affect future business results.

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