Management Reports

Purpose

Prepare a standard monthly suite of management papers for review by senior management

Background

This procedure details the minimum reports that should be prepared monthly for management review.

Scope

Management and Accounting Staff

Procedure

Prepare the following reports for use by management in monthly management meetings (where appropriate prepare both monthly and year to date reports):

• Profit and Loss: refer separate procedure
• Budget variance report: (sometimes called performance to budget)  This report identifies the percentage variance on individual accounts to budget.  for example, advertising might have been budgeted at $2,000 for the month but due to a special promotion authorised by management, actual expenditure was $3,500.  The variance of $1,500 must be reported together with a brief explanation of the variance.
• CAPEX Report: where capital expenditure has occurred, a detailed list of all items purchased together with amounts expended should be prepared.  Any projected major Capital Expenditure for the next 3 months should be forecast.
• 12 month Rolling Projection:  Based on existing budgets, each month, a projection of future income and expenditure should be prepared.
• Payroll and Staff Reports: Report identifies staff levels and wages for the month and projections for next month.

Outcome

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What you will need before you begin

Safety hazards awareness

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Steps

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Tips

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Traps

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Related documents

• Bas Reports – Australia Only
• Profit and Loss Statements
• How to use bottlenecks in your business to help you write effective standard operating procedures (SOP)
• SOP Software to help you manage your standard operating procedures (SOP)

TKO Business Modeller

Pat Williams, is the creator of TKO Business Modeller & TKO Policy Guides software. Pat firmly believes in the benefit of documenting your business systems. In doing so, a business owner can build the system once, then duplicate themselves over and over again simply by inducting new people into the system.

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