Reports are essential for running a business and myBooks comes with loads of reports. You have to decide which report is best suited for your business. For example Cash Flow report shows how much cash your business has and Profit and Loss shows whether your business runs on profit or loss. Some of the reports are key to running the business and in myBooks these reports are just a click away saving you lot time to concentrate on your business. In myBooks reports are classified in four different sections they are
- Finance Reports
- Management Reports
- Sales Reports
- Expense Reports
The purpose of the financial report is to provide accurate financial position, performance and changes in the financial position of your organization. It is very useful in making financial and economic decisions of your organization. Financial statements should be understandable, relevant, reliable and comparable. Financial statements should show assets, liabilities, equity, income and expenses directly linked to your organization.
Reports which can be created under finance section is General Ledger, Account transaction, Profit & Loss, Balance Sheet, Cash Flow and Trial balance.
Management report concentrates on pending payments from customer and payment pending to vendors. These reports for customer will show the pending payment aging wise and also customer wise and you can run the same report for vendor as well. Another important report which can be run here is tax summary report this report will show you how much money you have to pay as tax.
Reports which can be created under Management section is Customer Balance, Aging summary, Aging details, Vendor Balance, Vendor aging summary, Vendor aging details and Tax summary.
Another important report is the sales reports these will help you in showing your organizations sales month after month, Which in turn will show whether the sales is been increasing or decreasing. You can also check which product of your business sells the most. Another one is which help you in identify the repeat customers. These reports will help you in deciding the best course for your business.
Reports which can be created under sales section is Sales by customer, Sales by item, Sales by salesperson, Invoice and Estimate.
These reports shows details of all expenses. From expenses relating to operational activities to expenses relating to purchases. These reports will help in identifying where the money is spent and help you in take control of the expenses.
Summarization of all expenses posted by a company in a specific time-period. A detailed report produced monthly, quarterly, or yearly for parts or all of the business. Subsections in the report decompose the total into smaller subsets of the business, like a department or a group. Helps the company to identify the cost of that area to the company.
Reports which can be created under Expense section is Bill, Purchase Order, Expense, Expense by vendor and Expense by item.