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Business reporting is the process of collecting, analyzing, and presenting data that gives an insight into any given business activity. This is done in a way that is accessible and easy to understand. Through business reporting, executives have a starting point to share information with stakeholders and make business decisions, driven by data.听

Business reporting gives an overall picture of a business's performance. You can also drill down into specifics, such as financial and regulatory reporting, and generate ad hoc reports to help with certain one-time decisions.

Discover more about business reports, why you might use them, the pros and cons of doing so, and how to learn more.听

Types of business reporting

Business reporting helps monitor and understand how a business is performing, and it provides a way for you to present information to stakeholders and staff effectively. You鈥檒l find various business reporting options, depending on what area you want to focus on鈥攚hether it鈥檚 the health of your business financials, the effectiveness of marketing strategies, or creating multiple reports to gain insights into business performance. Examples of business reports include:

• Financial reports: These reports present financial information to stakeholders and investors. A financial report compiles data from a range of sources. You may analyze data on costs and revenue, profits and losses, previous financial statements and annual reports, or regulatory filings for tax.听

• Marketing reports: This involves gathering and analyzing information from marketing campaigns to assess performance and make decisions on future improvements. You may analyze SEO, email marketing, web hits, social media ad spend, and customer engagement.

• Research reports: With research reports, you鈥檒l collect and analyze information to help you decide on a topic. Research reports may be internal or external.听

• Regulatory reports: Regulatory reports present information to prove that you are working in line with key industry regulations. Producing such reports can be good for business, showing your commitment to compliance.

• Ad hoc reports: This involves reporting information on a need-only basis. You might create reports to solve specific questions around customer retention that you鈥檝e seen dramatically reduce, remedy a safety concern, or address employee conduct.

What does business reporting do?

You鈥檒l find evidence of business reporting in all industries and organizations to support strategic decision-making, share information with stakeholders and relevant parties, and monitor performance.听

By using business reporting, you have the potential to really understand your organization, its strengths, and where changes can improve performance. Data provides you with concrete evidence that you鈥檒l use to make important decisions. You can pull data from a variety of sources, which you may report in a clear, structured format that is easy to understand.听

Who uses business reporting?

Business reporting should be accessible to all relevant parties within an organization, so it鈥檚 important that you consider your audience and follow a proper reporting format. You may also use visuals to present your report so that it is clear and you can highlight important points.

While various tools exist to help you in business reporting, larger organizations often rely on analysts or other data professionals to handle this task. Below you鈥檒l find examples of professionals who produce business reports.

1. Financial analysts

Requirements: Bachelor鈥檚 degree in a business major. Certification may be necessary if you plan to advance.听

Average annual salary (BLS): $99,890 []

Job outlook: 9 percent []

As a financial analyst, you鈥檒l analyze financial data to support businesses in making data-driven decisions. This may include accessing financial statements, assisting with investment decisions, and evaluating historical data.听

Read more: What Is a Financial Analyst? (+ How to Become One)

2. Operations managers

Requirements: A bachelor鈥檚 degree in business management, supply chain management, or similar. Some employers may ask for a master鈥檚 degree in a major like business administration.听

Mean annual salary: $129,330 []

Job outlook: 6 percent []

In this role, you鈥檒l monitor production and oversee the supply chain to improve processes, reduce waste, increase output, and maximize profit.听

3. Marketing managers

Requirements: A bachelor鈥檚 degree in a relevant major such as business, marketing, or communications. Some employers may ask for a master鈥檚 degree.

Median annual salary: $156,580 []

Job outlook: 8 percent []

As a marketing manager, you鈥檒l assess the demand for products and services while creating marketing campaigns to reach potential customers. You鈥檒l develop pricing strategies, undertake competitor research, and understand industry trends.

4. Compliance officers

Requirements: A bachelor鈥檚 degree in a subject relevant to the field of compliance you wish to work in.听

Median annual salary: $75,670 []

Job outlook: 5 percent []

As a compliance officer, you鈥檒l ensure that people and businesses work according to regulations and legal requirements. You鈥檒l know the laws for your industry and offer advice and guidance on compliance.听

Pros and cons of using business reporting

Business reporting has many advantages, including enhancing data-driven decision-making in businesses. That said, it also has limitations, such as its operational complexity.听

Benefits of business reporting:

• Enhanced decision-making: Business reporting allows you and your company to make strategic decisions based on data relating to past performance, successes, and areas for improvement.

• Accessibility: A well-written business report should follow a structure that outlines everything clearly. You can also use visuals to present the information in a more organized way.听

• Compliance: Business reporting gives you a tool to prove that your work complies with relevant industry laws and regulations.

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• Data overload: Business reporting involves drawing data from multiple sources and using the data in a useful way that draws solid conclusions鈥攚hich can be difficult to manage.

• Complexity: Working with data is complex. You need strong problem-solving, analytical, and communication skills. This often requires a professional or data reporting software.

How to make a start in business reporting

If you鈥檇 like to work in a career that incorporates business reporting, you鈥檒l find a range of career options like those covered above. To move into this area, you鈥檒l need some specific skills and education.

Education

To work in a role that includes business reporting, you will need a bachelor鈥檚 degree relevant to the role. For example, if you want to work as a finance analyst, you鈥檒l need a degree in a business major. If you're interested in marketing and looking into business reporting in a marketing setting, you鈥檒l need a bachelor鈥檚 degree in business, marketing, or communications.

Business reporting skills

Business reporting requires a skill set that you need to master and highlight on your resume. These include:

• Communication

• Data analysis聽

• Adaptability

• Critical thinking

• Problem-solving

• Visualization

• Dashboards

• Business reporting software

• Business intelligence

Next steps in business reporting on 糖心vlog官网观看

Business reporting is an important aspect of any business. Whatever industry you work in and whether you are in a large or small company, business reporting is a common feature. If you want to develop your business reporting skills, you can learn more about business intelligence with the Google Business Intelligence Professional Certificate. You鈥檒l discover essential skills, including business reporting, in about two months. If you want to work in financial reporting, check out the Financial Reporting Specialization from the University of Illinois.听You'll learn about essential accounting to create and analyze an organization's financial statements.