Inroduction to Business Reporting.pptx TYBBA-IB

TYBBA-IB

1. INTRODUCTION TO BUSINESS REPORTING Prepared BY Prof. Miss. Mayuree R. Londhe Dept of BBA-IB

2. CHAPTER 1: INTRODUCTION TO BUSINESS REPORTING 1.1 Introduction of Business Reporting 1.2 Definition of Business Reporting & Business Report 1.3 Importance of Business Reports 1.4 Types of Business Reports 1.5 Essentials of a Good Report 1.6 Scope of Business Reporting. 1.7Users of Business Report 1.8 Factors Affecting Business Reporting.

3. Introduction: It is also called as Enterprise R eporting . With the dramatic expansion of information technology , and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. This process involves querying data sources with different logical models to produce a human readable report—for example, a computer user has to query the Human Resources databases and the Capital Improvements databases to show how efficiently space is being used across an entire corporation. Reporting can be used in another mean for verification and cross-checks . A business report is a collection of data and analysis that helps make relevant information easily accessible to a company. A business report is a bunch of facts written in a systematic way related to a specific business matter as per a set of standard protocols.

4. It helps concerned stakeholders to get a thorough knowledge of the problems and how to overcome the problem. Business reports are about showcasing a set of business-related information like facts, analysis, figures, and such. The objective of business reports is to give the information in an organized manner which helps to make major decisions and plan for the future. Reports help businesses plan budgets and decide on promotions and advertisements based on the drafted information.  When there are different types of business reports, formatting is a concern to draft a report that makes it easy for the stakeholders to instantly read through the data without missing out on anything. Organizations conduct a wide range of reporting, including financial and regulatory reporting; environmental, social, and governance reporting, and integrated reporting, implementation of effective reporting processes is essential for organizations to be able to provide this information. A business report is a brief description of business events and financial activities that carries a written presentation in which one analyses a real situation or a case study of business and applies necessary speculations and theories to produce a range of suggestions in order to improve the situation .

5. Definitions: A business report is usually a type of upward communication in which communication process starts from lower level to upper level i.e. An employee makes a report and submits to related upper person to make usage of it. Such communication is basically authoritative and the level of authority depends on the subject and usage of a business report. In other word, A report which contains business affairs is called business report. Generally a business report is an impersonal presentation of facts and information relating to business, trade and commerce. It is an orderly statement of information that assists in decision making and problem solving. A business report may be defined as an organized statement of facts or events or any situation relating to business or commercial interests prepared after an investigation and presented to the interested persons with or without recommendations. It facilitates the evaluation of progress and decision making process for business purpose . A Business report is defined as an official document that contains factual information, statistical data, research findings, or any other form of information relevant to the course of the job.

6. Different famous authors have defined business report in the following way: A business report is an orderly, objective communication of factual information that serves some business purposes. - by Lesikar and Petit A business report is a written message presenting information the will help a decision maker to solve a business problem. - by Bettly and Kay A business Report is a document organizes information on a specific topic for a specific business purpose. - by Louise E. Boone and others .

7. Objectives: To study available and possible solutions to a problem, event, situation, or an issue. To apply commercial and organizational theory to a practical situation. To show one’s analytical and evaluation skills in identifying and weighing-up possible problems existing in business and their solutions. To reach up to a conclusion about a problem or an issue. To suggest required action in future. To show clear, to the point and precise communication skills. To assess business performance , provide a quick status check, and monitor progress towards the strategic goals of the business. To summarise key business indicators by presenting them in visually intuitive charts and graphs, easy to read grids and spreadsheets, pixel perfect documents and interactive dashboards and scorecards. To use statistics such as key performance indicators and financial ratios to present key business metrics.

8. IMPORTANCE: Planning and decision making Measure employee performance Changing business conditions Means of keeping in touch (customers, shareholders, creditors & government) Measuring executive performance: to perform functions of planning, measuring and evaluating performance of employees and resources efficiently. Means of communication Helpful in decision making Useful in knowing unknown information Trains the writer: to come up with strategy or solutions Helps in combating changes Useful to people working in diverse field of activity.

9. Scope of business reporting: The scope of the business reports can be discussed as follows: 1. Business reports are widely used in formulating and upgrading organizational policies and procedures . 2. Reports provide opportunity to look into available investment areas for future investment. 3. The development ideas and concepts of new product are presented through a report. 4. Reports highlight about employee grievances and labor relations. This helps to establish good employees relationship . 5. Reports help the companies to formulate effective marketing strategies. 6. Investigation report helps to claim any compensation or make any action. 7. Report provides basis to evaluate any performance. 8. Report speaks about customer's opinion and therefore it helps the companies to bring necessary changes in product or services. 9. Report helps to establish effective control and coordination . 10. Report shows information regarding various concern of an organization. This provides proper understanding of any issue or aspect.

10. Types of business report:

11. Oral Reports- it is a face to face communication of an observation. Written reports- it is more accurate and precise. Informal Reports – it is usually in the form of person-to- person communication. Formal reports- it exist in a prescribed form. Statutory report- It is made & presented according to the form as per law. Non- Statutory Reports – Not necessary under any law. Routine Reports- daily report as per prescribed form. Special Reports – prepared as per situation or occasions. Informative Reports- It presents the data collected & facts observed. Interpretative Reports- it not only contain facts but also interpretative or evaluation of data.

12. 1.5 Essentials of Good Report: Accuracy Suitability of facts Relevancy Reader orientation Simple language Conciseness Grammatically correct. Fair recommendations Clarity Presentation .

13. USERS OF BUSINESS REPORT: Businesses commonly have a variety of stakeholders, from owners to employees and debtors to creditors, all of whom have an interest in the business being in sound shape. Your company's financial statements provide detail information that allows people both inside and outside of the company to assess its current condition, its prospects for growth and any potential financial risks . Key Internal Users Key External Users Other Users A. Various kinds of Audiences: Primary audience: people who make decisions on the basis of the Business Report. Secondary Audience: people who will be affected by the actions of primary audience. Immediate Audience: People who are responsible for examining the business report.

14. b. REPORT CONSUMERS: 1 . Report consumers: Simplest reporting needs Users who simply want to log into an easy access environment, like web application, click on the link and get their Business report. Report consumption can happen multiple times per day, weekly, monthly or quarterly . 2. Interactive report consumer: Has reporting requirement They want to filter the reports based on products , geography, etc. They link one report to another to get more details. They need the solution from reporting tool to meet their need. They need the clarity to make the appropriate business decision. 3. Production report Consumers: Production report can be thought of as statements, invoices, bills and even mailing labels. They can be internal users, such as account receivable clerks, shipping and receiving and financial auditors They can be external users such as consumers or partners.

15. Factors affecting business reporting: Basic Factors: Absurd Information: untrue or illogical information leads to unauthentic report. Subjectivity or Partiality : it will affect the reliability of the business report. Complexity: would not be easily understandable. Ambiguity: uncertainty will make report doubtful and with a lot of errors. Excessive predictions: it will make the report unreliable. Improper formatting: Incorrect method of data collection Should be signed by responsible authority and addressed properly or it would not hold value. Incomplete Data Too lengthy reports are difficult to analyze.

16. Important Factors: It should serve the business need . It should be realistic to be implemented. It has to be specific. It clearly identifies assumptions . It’s communicated to the people who have to run it. It should have a proper follow up process.

17. CLASS TEST NO. 1 Q1. answer the following (any two): (10 marks each) Define Business Report and State its Importance. Enumerate the essentials of a good report. What are the different types of business report? Summarise the various factors affecting business Reporting.

18. Thank You.