Skip to content

EOM Reporting, get it right

EOM Reporting, get it right.

Home » End of month reporting » EOM Reporting, get it right

Computer statistics

It doesn’t matter how big your finance department is, if you’re a solo entrepreneur, it all comes down to YOU. Chances are, end of month or EOM reporting is already leading to arguments. Furthermore, it may be causing headaches within your team and also frustration.

According to a Brisbane-based data analytics company Bistech. The key to moving your business forward is understanding the data within your business and also having the information readily accessible at the click of a button. By deeply analysing your existing EOM reporting processes, you can, therefore, identify which parts of the processes are efficient and the ones that are not.

Thanks to technology, you can create simplified financial assessments and reporting systems. You can use software such as Xero to develop what you need. And also as your business continues to adapt, it’s also imperative to ensure that your EOM reporting does not get left behind.

5 questions you must ask for every EOM report

Are you using the most effective and efficient end of month processes for your business while using the best products to complete this task?

Bistech recommends asking yourself these five things.

1. How long is your reporting process?

Which steps of the reporting process are being performed manually? Could these steps be processed with automation? EOM reporting shouldn’t be an excessive drain on staff time. If your team is being slowed down by slow processes, then it’s a sign that you need to consider other alternatives.

  1. Is the information produced easy to interpret?

Visual dashboards are an incredibly helpful tool for monitoring and evaluating financial information. Remember, not all business leaders are financially savvy. So, when you create visual dashboards and scorecards these can help improve the understanding of the business finances beyond the finance department.

  1. Do you track budgets and forecasts and adjust them to accommodate evolving business conditions?

For effective EOM reporting, you need to ensure that budgets are regularly updated and the information is also reflected in the forecasts. It may seem trivial but not updating the financial reports periodically and according to the changing circumstances can considerably reduce the impact of the time and effort you’ve put into the initial plans. Periodical tracking of budgets will also prove to be helpful at the end of the financial year. Also, tracking 12-month budgets retrospectively is not productive.

  1. Are you using your data to futureproof the company’s performance?

This is a big step in any EOM reporting process. By forecasting future outcomes and also trends, you can plan accordingly and consider the ‘what ifs’ for multiple scenarios preparing you to react proactively to changes in key business drivers. This is critical information that should also be shared with all of the business leaders. Ensuring all senior executives are aware of potential changes and impacts. This enables across the board preparedness for the business.

  1. How easy is it to access reporting information?

Who is this available to and is it all located in one place? Ensure the information is in an adaptable, easy to access format including mobile as well as on desktop too.

Improve your EOM Reporting

By asking yourself these questions, you gain valuable insight into what you are doing right and what you’re not doing right. As the saying goes: “there is always room for improvement.”

Streamlining your EOM reporting process will have a positive effect on the productivity of your business. Also, you’ll create meaningful improvement in the measurable data produced by your end of month reporting processes. This will allow you to be agile and adapt quickly.

Bistech has created a financial performance management solution referred to as FPM Headstart, developed by a highly experienced and skilled team of Certified Practicing Accountants (CPA).

This solution also reduces last-minute headaches caused by incomplete data and incorrect information and also, arms you with easy to interpret data that enables you and your colleagues to make informed decisions.

How does your EOM process stack up?

When was the last time you conducted a thorough evaluation of your end of month process? Unlock vital business information and also find out how you could save money by determining your end of month costs with Bistech’s free cost calculator.

This calculator asks questions specific to your organisation and end of month process so you can see the base-line cost in preparing your end of month reporting packs.

Also, don’t forget to try the cost calculator to see how your EOM process stacks up.

This article was written with information supplied by Bistech and Business News Australia.

Darren Finkelstein

Author – Who is this bloke?


Darren Finkelstein – The Accountability Guy® is an Accountability Coach, Business Advisor, Mentor & Author/Speaker.

Darren works with high-performing individuals and teams to get results, achieve their wildest dreams and smash their goals by leveraging over 30-years of experience both in the corporate world and in small business.

Darren is a successful entrepreneur, winning the Australian Entrepreneur of the year award for Dent Global. He built a wonderful lifestyle business which he successfully sold and exited after 15-years.

Before all of this, Darren worked for Apple for 10-years as ‘Manager of Commercial Markets’, during the inspirational Steve Jobs era and was awarded the prestigious Golden Apple Award during his time there.

Darren offers accountability at all levels, there are no excuses just action and results. 

  • Read his newest book: The Accountability Advantage – Play your best game
  • Complete Darren’s D.I.Y online program called: Accountability Made Easy
  • Engage Darren privately, through his popular One-On-One Sessions where he works with you and/or your team to implement and execute your plans to hit your goals. These private client sessions can be conducted via Zoom or face-to-face (subject to his travel policy) and COVID.
  • For groups of 3-7 px, Darren offers Group Accountability Forums for your team(s), networking group, alumni or project team. This is a shared learning environment and the strength of group accountability is very powerful indeed.
  • Darren is a great Speaker to hire him for your next event, workshop or conference. Face-to-face or virtually, he's truly engaging.

What Do You Need Help With?

  • Are you working hard but still not achieving your goals?
  • Are you feeling so overwhelmed, it’s overwhelming?
  • Do you need some direction on how to get your business to the next stage?
  • Perhaps, you are high-performing and successful and want to juggle more balls in the air at once?

Accountability is the superpower that you must harness.

You have so much to gain and nothing to lose! There is NO downside for you whatsoever by taking action. If you do nothing, it’s exactly the same as sticking your head in the sand and hoping it goes away. HOPE will not fix the situation, in fact, doing nothing just makes it worse, but you knew that...

You must take action now, otherwise, tomorrow’s result will be exactly the same as today’s. Implementation and execution are key and I’ll ensure you follow the plan and you meet your deadlines. After all, that is what true accountability is all about. Together, we can achieve your goals; you’ll meet your commitments and promises that you’ve made to others and most importantly, to yourself. You can’t do it alone.

Maintaining your current status quo, only means that you’ll miss important opportunities to make money. You’ll let people down, especially those that are important people to you, and that just pisses people off.

-----------------------------------------

Question
After reading this, how likely are you to achieve your GOALS, promises, obligations and commitments alone?
Unlikely I suspect.... without assistance.

Book your FREE Unboxing Session with
Darren Finkelstein – The Accountability Guy®

Together we’ll examine exactly where you’re at, what’s worked and what hasn’t. We’ll take a look at your priorities to set the path moving forward.


Each Unboxing Session includes
  • 45-60 min obligation-free Zoom call to discuss your goals, promises and commitments
  • Examine your priorities
  • Review your ‘To-Do List’ and we’ll dig-in to how you will implement
  • Together, we will create a plan and set timelines

Click here to book your free session.

 

Book your FREE Unboxing Session with
Darren Finkelstein – The Accountability Guy®

Together we’ll examine exactly where you’re at, what’s worked and what hasn’t. We’ll take a look at your priorities to set the path moving forward.


Each Unboxing Session includes
  • 45-60 min obligation-free Zoom call to discuss your goals, promises and commitments
  • Examine your priorities
  • Review your ‘To-Do List’ and we’ll dig-in to how you will implement
  • Together, we will create a plan and set timelines

Click here to book your free session.

 

Darren Finkelstein

Author – Who is this bloke?

Darren Finkelstein – The Accountability Guy® is an Accountability Coach, Business Advisor, Mentor & Author/Speaker.

Darren works with high-performing individuals and teams to get results, achieve their wildest dreams and smash their goals by leveraging over 30-years of experience both in the corporate world and in small business.

Darren is a successful entrepreneur, winning the Australian Entrepreneur of the year award for Dent Global. He built a wonderful lifestyle business which he successfully sold and exited after 15-years.

Before all of this, Darren worked for Apple for 10-years as ‘Manager of Commercial Markets’, during the inspirational Steve Jobs era and was awarded the prestigious Golden Apple Award during his time there.

Darren offers accountability at all levels, there are no excuses just action and results. 

  • Read his newest book: The Accountability Advantage – Play your best game
  • Complete Darren’s D.I.Y online program called: Accountability Made Easy
  • Engage Darren privately, through his popular One-On-One Sessions where he works with you and/or your team to implement and execute your plans to hit your goals. These private client sessions can be conducted via Zoom or face-to-face (subject to his travel policy) and COVID.
  • For groups of 3-7 px, Darren offers Group Accountability Forums for your team(s), networking group, alumni or project team. This is a shared learning environment and the strength of group accountability is very powerful indeed.
  • Darren is a great Speaker to hire him for your next event, workshop or conference. Face-to-face or virtually, he's truly engaging.

What Do You Need Help With?

  • Are you working hard but still not achieving your goals?
  • Are you feeling so overwhelmed, it’s overwhelming?
  • Do you need some direction on how to get your business to the next stage?
  • Perhaps, you are high-performing and successful and want to juggle more balls in the air at once?

Accountability is the superpower that you must harness.

You have so much to gain and nothing to lose! There is NO downside for you whatsoever by taking action. If you do nothing, it’s exactly the same as sticking your head in the sand and hoping it goes away. HOPE will not fix the situation, in fact, doing nothing just makes it worse, but you knew that...

You must take action now, otherwise, tomorrow’s result will be exactly the same as today’s. Implementation and execution are key and I’ll ensure you follow the plan and you meet your deadlines. After all, that is what true accountability is all about. Together, we can achieve your goals; you’ll meet your commitments and promises that you’ve made to others and most importantly, to yourself. You can’t do it alone.

Maintaining your current status quo, only means that you’ll miss important opportunities to make money. You’ll let people down, especially those that are important people to you, and that just pisses people off.

-----------------------------------------

Question
After reading this, how likely are you to achieve your GOALS, promises, obligations and commitments alone?
Unlikely I suspect.... without assistance.

Categories

Subscribe Today

For my 7-Day Road
to Accountability Series

7-steps in 7-days
to HIT your goals