The importance of reports when doing business online

Monday, June 28, 2021 - 3 min read

Have you ever wondered why all businesses from small to large have an accounting department, and why all business transactions need to be collected and recorded? The answer will be in this article, let's learn about the importance of reports in online business and how to create useful reports.

It is a general picture of the business situation

Business is a combination of many departments and activities that work together so that products can get from the place of production to the customer. Therefore, there are many indicators showing the effectiveness of different departments. A good report will show all those indicators in a scientific and reasonable way for you to easily track and grasp the business situation.

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This helps you make timely adjustments to solve problems or seize opportunities to expand your store. If you don't continuously monitor and update your business situation, you may miss a market opportunity or discover a problem when it is already extremely serious and difficult to fix.

It is an effective store management support tool

In general, a manager's job is to organize work, monitor progress and make reasonable adjustments. To be able to do those things, input information is indispensable and reports are the source of input information for managers to base on making appropriate decisions.

For example, in that month sales increased steadily but the shipping cost was unusually high compared to other months. At this time, the manager will find out the specific cause and make adjustments such as: changing packaging specifications, changing shipping units, ...

Helps increase transparency and clarity

When doing business, sometimes there will be disagreements between employees and customers or between employees in the company. The historical data in the reports will help the two sides confirm the information and come up with the best solution.

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A typical example of this is the disagreement between the warehouse department and the sales department, the mismatch between inventory and sales figures. At this point, the manager definitely needs to check the sales and warehouse reports to find out the reason for the deviation and make adjustments.

How to create an effective report?

The two most important factors that make an effective report are immediacy and accuracy. The data in the report needs to be constantly updated and saved with absolute accuracy.

If you do it by manual methods such as using excel, using books, etc., it is easy to make mistakes or lack data. In addition, they also consume a lot of your time and effort. So we recommend you to use a reporting application instead, which will do the collection and aggregation of data automatically and provide detailed reports for you.

Currently, there are many developers that provide reporting applications such as: SUPER REPORTSBETTER REPORTSREPORTS PUNDIT,... You can choose an application based on the size of your store and your needs. Fit.

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