Making financial decisions for your company requires you to be well-informed to prevent catastrophic organizational failure. You must understand your company's financial activity to set the tone for discerning good business opportunities. This will set you up to make the best decisions to ensure future growth. At this point, it must be clear that tracking, organizing, and analyzing financial performance leads to a better analysis of where the money is coming from and going. To meet this objective, companies use financial reports.
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Types of Reports and their Meanings
You can write a report on just about anything. As the name implies, it assesses what you learn from a particular subject matter. Without further ado, let's dive into the different types of reports and what your instructor means when they ask you to write one.
How do I make a financial report?
A financial report can take many forms. It is important to distinguish which one your professor requires to score good grades. Here's a list of these types of assignments.
- Informational reports
- Analytical reports
- Operational reports
- Product reports
- Industry reports
- Department reports
- Progress reports
- Internal reports
- External reports
- Vertical & lateral reports
1. Informational Reports
The first type o report you can write requires you to provide factual information about a particular topic. These include expense reports, performance reports, and justification reports. What you need to remember about this particular type of report is its objectivity. It is a document that informs without proposing hypotheses or solutions. The most common among these reports are:
- Weekly
- monthly
- annual reports
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2. Analytical Reports
This type of report writing involves a mixture of important information to aid decision-making using qualitative and quantitative data. It further involves using historical and real-time data.
In opposition to informational reports that directly inform users concerning a topic. This type of report also seeks to offer recommendations on the next steps and aids with problem-solving. Businesses can utilize this information to build strategies using analytical evidence and not purely basing decisions on intuition.
It is also important to note that analytical reports are created to offer recommendations on the next steps of an activity and problem-solving.
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3. Operational Reports
These reports track all important details of a company's operational tasks and production processes. You'll mostly be required to write short-term reports in such papers since they seek to paint a picture of the company's present state. Operational reports are commonly evident in logistics, manufacturing, and retail to maintain a record of inventory, production, and costs.
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4. Product Reports
Your professor will ask you to write this report to monitor different aspects connected to a product's development and performance. This assignment aims to help you learn how businesses track their products or subscriptions to determine which are selling the most in each financial accounting quarter. The business may also use this report to calculate inventories or see which products their clients value the most.
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5. Industry Reports
Industry-specific reports offer an overview of a certain market, industry, or sector with key trends, definitions, industry size, and leading companies. They are especially helpful for businesses that aim at joining particular industries and want to determine their competitiveness or set performance benchmarks using average industry values.
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6. Department Reports
These reports help provide an accurate perception of each department in terms of bridging communication between managers and employees. These individuals must maintain connections as they have a common goal. It entails departments such as:
- Sales
- logistics
- finances
- customer service
Such reports help optimize performance on a deep level by tracking and connecting management and their team members. You may find department reports for a support team that need an analysis of metrics like:
- Net promoter score
- top-performing agent
- or first contact resolution rate
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7. Progress Reports
Progress reports offer crucial information concerning a project's status and can be produced daily, weekly or monthly by managers or employees. They help fine-tune tasks and track performance for better project development. Progress reports usually work as visual materials supporting discussions and meetings. A good example you may have heard of is the KPI scorecard.
8. Internal Reports
An internal report is a cumulative document featuring many on this list. As the name implies, you'll write such a report to show a company's internal dealings. Your professor seeks to show you how departments and their team members maintain open communication concerning business objectives and goals. Hire us to get the best writer for your paper. Buy value for your buck today!
9. External Reports
Most of the reports we've listed are used for an organization's internal purposes. However, you need to consider that there are documents that are not meant for closed doors use. You will need to create external reports to share information with stakeholders such as investors or clients for progress or budget accountability. Writing excellent external reports will also help to remain compliant with legal requirements.
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10. Vertical & Lateral Reports
Finally, let's talk about vertical and lateral reports. This is a tricky one as it refers to the direction your report will travel.
a. Vertical
These reports are meant to move up or down the organization's hierarchy. A good example of these papers is a management report.
b. Lateral
In this instance, your writer will focus on assisting in communication between different groups within the same hierarchical level. Department reports are such forms of this document.
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Timely delivery is one of the most obvious ways to market your skills. You cannot provide completed reports at work once the shareholders meeting they were supposed to feature is over. In the same way, you cannot expect your professor to take in late assignments even if you had to collect scarcely found data. We understand the complexity of managing school, work, and active social life. Get timely help and reduce anxiety when we handle your task. Market yourself as a sharp and speedy individual to your readers from the onset of creating financial reports.
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Why Professional Reports are so Hard to Write
Every report assignment has a certain set of rules. You need to showcase your argument from the introduction to the conclusion; otherwise, your professor will not buy your story. A student must conduct extensive research before they write a financial report. A well written report gives you an edge over your classmates and guarantees high grades.
Report writing differs significantly from other types of papers, a fact that an experienced report writer understands. We will assign the best writer to your case to secure the approval of its intended audience.
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