Operational and Financial Reporting Outsourcing Services
What is Operational Reporting?
Operational reporting is the real-time daily numbers reported to an organization. An example might be batch reports at the end of a restaurant’s day, or daily reports on investments by a brokerage firm.
Operational reporting permits businesses to track trends and do data analysis in real time, allowing decisions to be made based on real-time facts and metrics rather than projections or hypotheses.
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The TGG Way: Why You Should Outsource Your Operational Reporting
The TGG Way™ relies on the accurate and detailed operational reports we produce. Operational reporting with TGG gives you up to the minute snapshots of where you are. Our operation business analyst team’s insights put that in perspective in relation to your budget, cash flow forecasting and industry benchmarking.
Traditional stand alone operational reports run the risk of failing to identify inefficiencies in workflows or products. Simply looking once at a static snapshot leaves out the perspective and information about production over time. With TGG’s regular financial reporting outsourcing, reporting, collaborative process, and experienced CFO and Controller in place, your operational reporting takes on a larger perspective in which we are able to observe trends month-over-month and year-over-year creating clarity around financial decision making.
How Does Operational Reporting Help?
In industries with complex interconnected systems working in unison, an operational report can measure several key aspects of the supply and production chain. Then, based on resource costs and usage, production efficiency can be improved, sales performance would increase, and strategic decisions can be made.
Types of Operational Reporting
Operational reports vary on the data and how often the operational data is being presented. Examples of types of operations reports include real-time information, current & planned work, forecasts, dashboards and trend analysis. These reports provide actionable insights for the business owner to make decisions based on the operational data. The more accurate the data analytics is, the more accurate the operational reporting.
The Benefits of Operational Reporting
Operational reporting delivers data in real-time that business owners can use for data analysis as well as track trends. There are a few other benefits like improving workflow productivity, faster decision making and building efficiencies that can improve the overall operational performance as well as the sales performance of the business. An operational reporting analyst can help you improve the overall efficiency of your company.
WHAT IS OPERATIONAL REPORTING VS ANALYTICS
Is there a key difference between operational reporting vs. analytics? Yes, and most businesses can benefit from outsourcing operational reporting. Operational reporting focuses on a company’s day-to-day operations. Analytics, on the other hand, is focused on building a database to identify trends over time.
That may sound like analytics are more important. But as much as it helps to evaluate broad business trends, these trends are built on a thorough understanding of your company’s standard operations. In fact, operations reporting can sometimes be more helpful than analytics since the data will give you real-time insights into your organization’s performance.
The key advantages of outsourcing reporting include:
- Access to real-time business insights
- Data that helps you reduce inefficiencies
- Actionable reports that reveal the structure of your business
Additionally, operational reports can help you understand the broader picture of your company and devise initiatives that improve your operational efficiency.
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How is TGG different from other Operational Reporting Service Companies?
TGG’s mission is to make business owners’ lives better through excellent financial management. We are not another vendor for our clients. We partner with them to understand their goals, mission, vision and brand voice so we can work as an extension of their team. We provide a team of outsourced accounting professionals and are not a bookkeeping firm.
What is the Exit Planning Process?
The Exit Planning Process has several steps that include first understanding the goals of the business owner(s); figuring out the true value of the business; continuing to build & preserve its value; sell to a third party or transfer to management or family members; create a contingency business plan; finance and estate planning with the owner.
How is Operational Reporting Outsourced?
One challenge of traditional operational reporting is that you only get access to the data you collect at any given moment. Unless you have a team member devoted to gathering operational data, you’ll have access to only periodic reports. But financial reporting outsourcing gives you regular, real-time information about your company, which you can use to create and refine your business strategy.
The ideal reporting process will depend on your industry. For instance, a restaurant owner may prefer a batch report at the close of each business day, while a brokerage firm may prefer reports on investments. Operational outsourcing allows your organization to develop its own KPIs in operational reporting to boost efficiency and meet strategic goals.
What Does Outsourcing Operational Reporting Work?
Outsourced operational reporting is often a part of a broader array of business and financial services. With TGG, for example, a business owner pairs their operational reporting strategy with the services of an outsourced controller or CFO. As a result, you’ll gain a wider perspective on your business data, with your controller identifying trends in sales performance, overhead costs, and other essential aspects of your business.
The longer you outsource these responsibilities, the fuller the picture you’ll receive of your business. These reports can provide month-to-month analysis of your business data, as well as year-over-year analysis.
Best of all, you can rely on this data to evaluate the effectiveness of any changes you make to your internal processes or marketing plan. Outsourced operational reporting keeps you up to date regarding your current financial health and gives you clarity about the future trajectory of your business.
What Are Examples of Operational Reports?
What is an operational report? An operational report provides actionable data about one or more areas of your business operations. These are some common operational reports:
- Financial forecasts
- Real-time information
- Current and planned work
- Project management and progress
- Trend analysis
- Batch reports for retailers and restaurants
- Investment reports for brokerage firms
Nearly any measurable business process can be converted into an operational report. The report, in turn, allows you to monitor how that process functions and changes over the lifespan of your business.
What is Functional vs Operational Reporting?
While there is considerable overlap between functional and operational reporting, the two processes are distinct.
What is operational reporting designed to achieve? Operational reports provide high-level data on your company’s overall performance, while functional reports can drill down into individual processes or departments.
An operations report can include the data contained in a functional report. However, only an operations report helps you see how every department and business process contributes to the broader health of your business. For instance, functional reporting can help you understand cash flow in operations, while an operations report will help you understand how this data impacts your broader organization.