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Management reporting – often referred to as monthly reporting or management accounts – is one of the most essential reporting processes in any business. It enables effective reviews and decisive management of the day-to-day performance of a business.
Reports are typically assembled by extracting the year-to-date and month-to-date results, as well as operational or other non-financial data or statistics, before capturing additional information that cannot be extracted from any system. Cash flow is calculated and the results for the remainder of the financial year may be be forecasted. A monthly report will also compare your budget to the actual and forecasted results and provide commentary on variances.
Here is how management reporting works in Finnivo®:
First, the reporting formats and report templates are finalised. This means including all line items, calculations and input sections (content or commentary) for cost centre owners to complete.
The report packs are then distributed or made available to the owners of your various cost centres.
Next, your results are imported. Results can consist of the year-to-date and/or month-to-date actuals.
Starting 1 July 2018, various qualifying / selected Companies will be required to submit their financial and mandatory information to the Companies and Intellectual Properties Commission (“CIPC”) in a new electronic format. This will ultimately become a mandatory requirement for all Companies.
The new reporting format will require Companies to upload an iXBRL digital file to the CIPC portal (which will ultimately replace the process of uploading PDF report formats). Various other regulatory bodies are also currently investing in infrastructure to allow for the upload of the iXBRL files for submission of required Company information.