Financial reporting with MYOB has never been easier! MYOB accounting software allows you to create detailed reports about any area of your business. Monthly/Annual reports are very important as they will provide you with valuable insight of your stock items, customers and payroll.
These reports can be produced in various ways, from viewing them on your computer to exporting them to PDF or Excel. This makes it easy to save or share reports when needed.
Financial reporting with real-time data
As MYOB is cloud accounting software that has access to real-time data, any customised reports created will reflect accurate data, allowing you to make some well informed decisions about your business developments…which in turn will help you grow your business to its full potential.
Data can also easily be imported from various applications for an in-depth report for analysis and forecasting purposes.
Why is financial reporting important?
Financial reporting is important because it allows businesses to have full knowledge of their financial situation.
To be successful, any business needs to keep track of its finances. For example, taking the time to accurately report tax information saves a company both time and money, allowing it to focus on its primary financial goals.
Accounting reports are important for small businesses because they help keep everything organised for taxes and they can help businesses increase their revenue. While it may be clear why big businesses with a large cash flow need accounting reports, these reports are important for small businesses as well.
When it comes time to file taxes, a small business can save a lot of time if someone has already filed and organised their accounting reports. All the information needed to file taxes will be easy to access.
Accounting reports are just as, if not more, important for small businesses because they have a smaller margin for error. While a large business could make a $1,000 mistake and not collapse financially, the same might not be true about a smaller business.
Additionally, because small business owners tend to work closely with their companies, it may be a bigger challenge for them to stay objective about what parts of the business are using too much money. An accounting report makes this clear and allows them to make wiser financial decisions.
Types of accounting reports
Accounting reports come in different forms depending on what information a company needs to know. Below are three common types of accounting reports.
1. Income statement
An income statement is a report that details overall expenses and revenue to determine a company’s overall net profit. Sometimes an income statement is called a Profit and Loss Report.
To prepare an income statement, accountants use data from ledgers and accounting journals. The statement includes both primary and secondary sources of income to get an accurate number. Similarly, primary and secondary expenses are included in the income statement.
2. Cash flow statement
A cash flow statement shows where cash is coming from (cash flow sources) and where cash is going (cash flow expenditures). This helps a business see how well they are generating cash. Executives and decision-makers can use this report to see where cash is coming from and then where it is going, which could include:
- Business operations
A cash flow statement measures the cash flow between two dates. To prepare a cash flow statement, an accountant looks at the cash flow in every account, which may include equity accounts, liability accounts, expense accounts, revenue accounts and asset accounts.
3. Balance sheet report
A balance sheet shows an ending balance at one specific point in time. It often includes balances for assets, liability and equity. The balance sheet gives the business an opportunity to evaluate its financial reserves as well as liquid assets. It also helps potential investors or lenders see the financial state of the company.
Typically, a business sets an accounting cycle, and someone prepares a balance sheet at the end of each cycle. Like an income statement, data for a balance sheet comes from the ledger.
Custom financial reports in MYOB
You can easily change the look and content of existing reports. For example, you can filter the type of information that appears, add additional columns and change the appearance.
If you want to retain a report’s modifications, you can save it as a custom report. Custom reports appear in the My Custom Reports tab of the Index to Reports window.
If you want to customise a report even further, export the report to Excel and make the changes there.
Here are some of the things you can do to customise a report in MYOB:
- Filter and sort data
- Add and remove data columns
- Add text and graphics
- Change the background or add a watermark
- Edit report elements
- Save or delete the customised report.
If you require specific items of information that are not readily available from the existing standard reports, you can ask MYOB to write and install a custom report for you. When a custom report is installed, a new tab containing the custom report becomes available on the Select Report screen. From here you can select the custom report and print it in the normal fashion.
Our team of bookkeepers are experts at using MYOB accounting software. If you need assistance setting up your financial reports or creating custom reports in MYOB, contact us on 1300 728 875 or send us a message.