Experienced business professionals read and analyze various business reports before making business decisions. Why do they do this? Because making a business decision naturally requires considering several pieces of information and factors. To ensure that the decision is not based on mere guesswork, having some experience or references makes the decision-making process easier. So, the question arises: where can you obtain this experience or references, and how can you use business reports to make decisions?
The answer to the first question is quite straightforward! First, you can leverage your own past experiences and references related to your business transactions. Second, you can use the experiences of someone you know. This analysis of experience and references is broadly referred to as business reports or business reporting.
The answer to the second question cannot be provided in just a few words. It is to explore this answer that we are writing today's blog. Through this blog, we will sequentially learn about—
This blog contains-
What is a business report?
A business report encapsulates crucial information and statistical data pertaining to the financial transactions of a business organization or company. The meticulous calculation and analysis of these elements serve as a cornerstone for internal decision-making within the company. Similar to larger enterprises, small or medium-sized businesses also adhere to distinct reporting periods. The significance of any business report lies in its instrumental role in steering the business towards its goals.
Where to find business reports?
Locating various reports for your business is a crucial aspect, and today's blog addresses this vital question. First and foremost, it's essential to comprehend:
- For Large Corporations: Many significant companies compile comprehensive business reports for diverse periods, often making them publicly accessible. This transparency allows for widespread observation and analysis. Consequently, these companies prioritize secure storage of their business data.
- For Small or Medium Enterprises: In contrast, many small or medium-sized businesses lack a dedicated repository for their business data and accounts. Some resort to manual methods using notebooks or diaries, while others opt for digital storage in computers or cloud-based spreadsheets, leading to potential data loss. Retrieving and utilizing these calculations for business decisions becomes challenging, delaying the analysis process.
To generate various business reports effectively, it's imperative to permanently store all transaction accounts and other business information on a secure platform. Therefore, opting for a reliable accounting software or tool is essential. Choosing an accounting app ensures convenient management of business accounts and includes specific features for accessing business reports.
Reports Feature in HishabPati for Small Business Owners
HishabPati, a comprehensive app tailor-made for small and medium businesses, boasts a robust Reports feature. This feature allows users to access reports for different periods, covering aspects such as business transactions, stocks, parties, and expenses. Let's delve into the details of the reports available through HishabPati's Reports feature.
Various Business Reports in HishabPati
From small businesses to small and medium enterprises HishabPati In the app, you will find all the features needed for maintaining accounts. Additionally, since the data is saved on the server, there is no fear of losing it. This is why you receive accurate reports of all the data you input into the HishabPati app. Now, let’s explore the types of reports available in HishabPati’s Reports feature -01. Business Transaction Reports in HishabPati
HishabPati's Transaction Reports offer a comprehensive overview of various business transactions with user-friendly options tailored for each transaction type:
- Sales Report: Easily access detailed sales data categorized by party, user, and specific periods, including daily, weekly, monthly, yearly views. This report also covers sales returns.
- Purchase Report: View purchase reports segmented by party and different periods, along with details of both purchases and purchase returns.
- Profit and Loss Report: Gain insights into detailed profit and loss data derived from sales for various periods through this report.
- Cash Statement/Cash Flow: Track the business's total cash on hand at different times with this insightful report.
- Daily Statement/Day Book: Monitor daily sales, cash receipts, and cash expenditures categorized by various factors.
- Mobile Banking Report: Explore sales reports based on popular mobile financial services in Bangladesh (Bikash, Cash, Rocket) over different periods.
- Cash Reconciliation Report: Access the Cash Reconciliation report, offering insights based on day, week, month, year, or specific periods.
- Balance Sheet Report: Obtain a detailed report outlining both total assets and total financial liabilities of the business.
02. Item/Stock Reports in HishabPati
Delve into detailed reports for all products or items in your business, covering stock, purchases, and sales categorized by party and item types, each with its distinct options.- Stock Summary Report: Receive daily updates on the total stock and stock prices for each product or item.
- Item Detail Report: Obtain date-wise sales amounts, purchase amounts, stock change amounts, and closing amounts or the last amount report for various products or items.
- Party-wise Item Report: Access party-wise product purchase and sale reports.
- Product-wise Profit and Loss: Evaluate total profit and loss reports categorized by each product.
- Item-wise Sales Report: Review fixed product or item-wise sales reports.
- Category Wise Sales Report: Explore repurchase reports organized by product category.
- Item-wise Purchase Report: Obtain item-wise purchase reports for different periods or specific dates.
- Category-wise Purchase Report: Access category-wise purchase reports.
03. Party Reports in HishabPati
Explore comprehensive reports capturing all transactions with your customers and suppliers under the Party Reports section.- Party Statement: Access transaction types, total values, balance, and balance reports for various periods and dates related to business parties.
- All Party Reports: Consolidate all accounts receivable and balances for both customers and suppliers in one convenient location.
- Item-wise Party Reports: Receive item-wise reports for various parties.
- Party Wise Purchases: Obtain reports detailing purchases and sales with different parties.
- Party Wise Profit and Loss: Conclude with a report outlining profit and loss calculations categorized by different parties.
04. Expense Reports in HishabPati
Under the Business Expenses Reports section, find a detailed account of all the costs and expenses associated with running your business. This report proves highly beneficial for small business owners.- Expense Reports: Receive a comprehensive, category-wise report of your expenses. Additionally, there is an option to add new expense categories.
- After understanding the intricacies of various HishabPati reports, you have the flexibility to save these reports in PDF and XL files.
HishabPati's report for decision making
The previously discussed business reports serve as comprehensive records of nearly all financial transactions within a business. Imagine the advantages of having these reports readily available for your decision-making process.
- Leverage various trade reports to make informed decisions on your next trade or significant business transactions.
- Examine item/stock reports to understand product performance, sales figures, and current stock availability. This insight facilitates strategic decision-making regarding product management.
- Evaluate different customers and suppliers through party reports. Gain insights into fruitful partnerships and identify reliable collaborators for business transactions.
- Harness the power of expense reports to manage and control the overall costs of running your business. Stay informed about expenses across different sectors, enabling you to optimize costs and enhance profitability.
So why the delay?
Empower Your Business Decisions with HishabPati Accounting
In the realm of accounting apps, choosing the right one for your business is crucial. HishabPati stands out as a comprehensive accounting software designed specifically for small businesses, instilling trust in its users. What makes it even more appealing is its affordability.
The HishabPati app subscription fee starts at just Taka 99, a cost-effective solution tailored to the financial constraints of small traders. The subscription options are flexible, offering monthly and yearly terms, and three budget-friendly packages:
- Basic Package: The basic package is completely free!
- Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
- Business Package: The monthly subscription fee of Business Package is only 199 taka! And there is a 17% discount on the annual subscription, just like the premium! So the cost is only 1990 taka in a year!
Know about all features of packages Get Detailed Information and Choose Your Preferred Package Today! Download HishabPati app free.
Now that you know how to make decisions based on business reports, you too can make informed decisions like seasoned entrepreneurs!
