Annual and monthly reports are powerful tools in analyzing and forming businesses strategies. A clear and cohesive report can help managers compare goals achieved with those planned at the beginning of the month, quarter or year. But let’s face it, preparing these reports is no walk in the park. The biggest challenge lies in collating inputs from different individuals and teams to make an accurate integrated business report. In this post, we will be identifying a few challenges that come with producing an integrated business report.
Challenge #1: Gathering Information
Preparing a report means collating a lot of information. This process is a little bit more daunting than it sounds. First off, you know the data required will not be readily available in a single database. To collate the data accurately means scouring through hundreds of emails, spreadsheets and other documents; also (and the least desirable part) this entails constant follow up with key individuals and teams for their input. This is time consuming no doubt, but it may also lead to the second challenge in our list.
Challenge #2: Verification and Authenticity of the Data in the Report
With inputs coming from different sources, it is always a challenge to ensure that the data incorporated in a report is authentic and verified. It is also important to track each and every entry made in the report to its source. On the other hand, any changes made to the source needs to be incorporated seamlessly into the report to ensure that the data presented in the report is accurate and changes can be traced to individuals or teams responsible. If this is not done … well, you know what they say about too many cooks…
Challenge #3: Auditing and Updating the Reports
Preparing a monthly or a yearly report is not a day’s job. Business report means a lot of numbers and it becomes necessary that these are updated on a daily, weekly and monthly basis. These reports also need to be audited at regular intervals to ensure that the data entered is accurate and has been compiled the right way. This can be a challenge once again if the source files or data files are not linked to the report or if there are different source files to screen through for the process. This means another challenge; next on our list.
Challenge #4: Follow Up with Key Individuals and Teams for Inputs
This can be the most frustrating part of preparing a report. Many a time, a report that needs crucial inputs from different teams and key members may get delayed or be deemed inaccurate only because of the failure to follow up. Constant email reminders bombarding your team’s inbox can easily be ignored or even lost in transition. This is when you end up chasing individuals rather than numbers.
XaitPorter’s linking tool! This tool makes your report creating process seamless. The tool helps you link your monthly and annual reports to a separate document that is always up to date. The tool also helps you to bring all your content from different sources into one file, thus making it easy to be viewed and edited by anyone at anytime. Whether you are writing a financial, sales, legal or a more technical report, the linking tool from XaitPorter makes the whole process easier. The tool also ensures that you can keep a track of the changes made to the document and also track the source of the change. You can also seamlessly add graphs, pictures and charts to your report and ensure that the layout and formatting is consistent throughout the document.
Contact us to learn more about XaitPorter and benefits we provide to financial reporting.