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100 WAYS: #33 Develop Regular Financial Flash Reports
– July 5, 2010
A flash report can be the lifeblood of your business. A financial statement will report numerous items, can be difficult to understand and can be useless if not prepared timely. A flash report focuses on several categories and is able to present information in a useful and timely manner. This report will provide important clues as to what is happening in your business and will help you identify trends. Your company should decide if this will be reported hourly, daily, weekly or monthly.
Identify those factors which are key success factors for your business and convert them to numbers:
- Productivity
- Inventory turnover
- New sales, renewals
- Cash flow
- Production
- Receivables
The key is to be able to make changes to your operation before it is too late to have an impact.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is a Senior Auditor in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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