Implement a reporting schedule

Every business has different reporting needs. Exactly what reports are needed will be determined by the business's budgets, owners needs and any statutory reporting requirements. 

For business teams it is important that everyone knows cut off dates so that the information reported in each period is complete. Once business reporting needs are determined a reporting schedule should be put into place and distributed to all staff. So that all departments know when reporting periods will be closed off. 

Example of a Reporting Schedule

 A reporting schedule would look something like this if you report on a monthly basis with a financial year from 1 July 2027 to 30 June 2028. 

In this case the period ends at month end, any posting to that period is closed on the 15th of the next month, Bas obligations are prepared by the 18th with reports printed and distributed by the 28th of the following month.

This schedule was prepared with a large organisation with multiple outlets but with smaller organizations you may be able to bring those dates forward. What is important is that it works for your organization.