When it comes to business reports, we are all aware that it helps the business stay in shape and that it will aid in ensuring that all results are heading towards the goals set by the company from the start. Business reports can tell you so much in just a few pages. The data you collect everyday can be used to take a finer look at how your company is doing.
With the addition of the Malaysian Business Reporting System, we are going to break down a few ways how MBRS reporting will sooner or later improve the way you do business.
Firstly, the MBRS will require you and your team to submit forms and reports like your annual finance reports, EA forms and sometimes your profit and loss sheets. With that being said, those reports hold a lot of very crucial information that can make or break your company. Essential data is your business’ most valuable asset and it is known that the more you look at it and analyse it, the better your chances are at making the changes required to constantly improve and better your business.
It is super important because it will change the way your run your business. Not knowing what your data is telling you is like shooting blindfolded. You have no idea where the bullets are going or where you are aiming. With someone working and analysing all your financial data or HR data – you will have a much more clearer vision as to how to make business decisions. With a view on what your company has done over the year, you can have a proper overview as to what strategies worked and what didn’t. After your teammate submits your reports to the MBRS via the MBRS tool, you will be able to create targeted strategies to improve your business decisions like hiring decisions, business development strategies and even marketing plans overall.
Secondly, with a proper reporting tool like the MBRS, you can look at your reports and you could also track how your clients are doing. Or rather, you could look at how your business is doing in terms of inbound transactions or deals. With the finance reports, you can see where the most of your money is coming in from and where you are losing the most. If a certain client is causing you to lose more money than it does gain you money, you can immediately see it in your reports. This way you are able to take a look at it and try to plug that hole. You would not want a problematic transaction to continuously bleed money out of your company.
Next, you will also will obviously be able to identify the services and products that bring you profit. This can be seen in your profit and loss sheet. Being able to analyse the sales figures and to see what kind of services not only brings you the most money, but also allows for profit, this is super amazing information for you and your business. Some services might need a revamp or a restructuring to make sure it sells more. Maybe you need to look at why it’s not doing well and listening to the consumers to improve it to become profitable again. If you didn’t have the reports, you would not have been able to confidently see and say that something isn’t working right.
For the fourth point, you would be able to closely monitor your cash flow. Once you own a business, and if you don’t have a finance background, it is easy to just hire someone to head up your finance department and for them to handle all things finance related. However, if you have a designated time to submit financial reports through the MBRS, you can have this time to look at your cash flow and to check the health of the cash flow. If your cash flow is bad, you won’t be able to maintain your normal business expenses. This way you get to respond as soon as you see that something isn’t working the best way. You will be able to see where you’re losing money the most – is it wages? Or maybe rent or maintenance of the office? Without these reports, you would not be able to figure these things out.
These are some of the few ways how the MBRS reporting system will improve the way you do business. Any sort of reporting is better than not having any reports.