Posted on Friday, 30 June 2017.

EoFY Reporting: Tips & Tricks

A Time to review the past year - let's look back and look forward.

EoFY Reporting: Tips & Tricks

Like the Roman god Janus, the end of financial year is when we both look back and look forward.

It’s a time to review the past year, see what’s worked and what hasn’t and then to plan for next year. Here are our suggestions of some useful reports to help you do that in Calxa.

So to get started, let's get our settings in Calxa right. For the purpose of these examples, we’ll assume you have the Report Month set to the last month of the financial year. Then from here it's just about running the right reports to get the necessary views. 

 

 

Review what’s happened in the year gone by

A good report to start with is the Budget Analysis report. You can run it for a date range (Tip: choose Financial Year Period 1 to Report Month to work in any year) and you’ll get the actuals, the budget, a dollar variance and a percentage variance. Use the Exception Reporting criteria to highlight lines with a high dollar or percentage variance. You can run this report at the organisation level or at the department or project level. This makes it an excellent report for managers at all levels.

The Cost Centre Summary for those of you who need an overview of projects without all the detail – or run this one first and then a detailed Budget Analysis report on those projects that do have significant variances.

To get a good understanding of your cash position and how it’s changed during the year, run the Where Did Our Money Go? report. This will compare your net profit to your bank movement and show what else has changed. The Bank Movement Waterfall chart can give useful insights as well.

Finally, use KPIs and the KPI spreadsheet chart or the KPI Comparison Chart to look at particular numbers that are important to your business. Look for trends (hopefully yours are all heading in the right direction!) and aberrations – this will give you a deep insight into your business.

 

Looking forward to next year

The best combination for looking to the future is the classic 3-way forecast. Use the Spreadsheet Profit and Loss (the Spreadsheet Variance with Last Year Forecast template is best). Start from Report Date +1 and use actuals up to Report Date to get a comparison to the year just finished), the Balance Sheet Forecast and the Cashflow Forecast. This will give you a complete picture of your expectations for the next year.

 

Put it all in a Bundle

As you select each report and set the criteria, add it to a Report Bundle. Then next year, it’s just one click to generate the whole lot – or next week if you need to re-run any or all of them.

 

Tags: AccountantNFPSmall Business