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What Some of the Reports that are Necessary in Business Daily, Weekly, and Monthly?

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Because some reports are required at certain times of the year, daily, weekly, and monthly reports are often generated by which the quarterly or yearly reports can be balanced. Daily cash flow reports, sales reports, and even tip reporting by wait staff in hotels and restaurants must be maintained daily in order to make accurate predictions and schedules for the future.

Payroll tax reports must be generated as often each payroll period and as infrequently as government regulations dictate, usually quarterly and yearly. However, daily payroll tax reports would be cumbersome and ineffective. Therefore, the need for the information in the report must dictate how often that particular report is generated.

Some other reports that should be created on a frequent basis include:

• Cash Flow

• Sales Reports

• Payroll Reports

• Payroll Tax Reports

• Retirement account Reports

• Bank Statements

• Tip Reporting

• Monthly Sales Reports

• Balance Sheet Summaries

These reports (and many others) should be created in a less frequent, or yearly basis:

• Income Tax reports

• Annual reports

• Employee Evaluations

• Efficiency Studies

• Feasibility Studies

• Statements of Earnings

• Comparisons of Proposed Equipment Purchases

• Technology and Asset Depreciation

Each business will have its own set of required reports and the company, in compliance with government regulations, will dictate the frequency of those reports. The manager requesting the report also determines that report’s format, but uniformity of style and content on similar reports will make comparisons between reports easier. Once a schedule and format for the reporting system are set, they should be followed consistently.

Next Page: What are the Elements that should be Included in a Business Report?

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