Business Advice

Key Reports To Focus On Now In Your Business

To truly be in control of this cash it’s vital that you can dip into your accounts, financial reports and dashboards and see the genuine story behind your financial position.


It’s never been more critical to have a good grasp on your finances and key reports.

For many businesses, priorities have changed, customer behaviours have evolved, and revenue streams have had to adapt and pivot to create a viable business model.

To track, monitor and drive your financial performance in this new business world, it’s essential to have a handle on your key financial reports and metrics.

Focussing on key financial reports in business

Whereas in the past, extra cash in the business may have been seen as a surplus that needed to be spent on something, recent years have shown us that having these reserves is vital for businesses’ survival and long-term health.

To be in control of this cash, it’s vital that you can dip into your accounts, financial reports and dashboards and see the genuine story behind your financial position.

So, what are the key reports to focus on in your business? Let’s take a look:


Your budget is the financial plan tied in with your strategic plan. The budget approximates the money it will take to attain your critical strategic goals and the revenue (income) and profits you hope to make during this period. It’s a benchmark you can use to measure your actuals (historical numbers), allowing you to see the variances, gaps and missed targets over a given period.

Cashflow Statement

Cashflow statement shows the flow of money into and out of your business. Understanding these cash inflows and outflows in detail allows you to manage this ongoing process and aim for a ‘positive cashflow position’ – where inflows outweigh outflows. In this ideal optimistic scenario, you have enough liquid cash in the business to cover your costs, fund your operations and generate a profit.

How To Improve Your Business Cash Flow​

Cashflow Forecast

Forecasting allows you to take your historic cash numbers and project them forward in time. As such, you can see where the cashflow holes may appear weeks, or even months, in advance – and that gives you time to take action, whether it’s increasing your income stream, reducing your underlying costs, chasing up unpaid invoices (aged debt) or going to lenders for additional funding.

Balance Sheet

The balance sheet shows the company’s assets, liabilities and equity at a given time. In a nutshell, it’s a snapshot of what the business owns (your assets), what you owe to other people (your liabilities) and what money and profits you currently have invested in the company (your equity). The balance sheet helps see what stock and equipment the business owns, how much debt (liabilities) you’ve worked up and what the company is worth – all beneficial information to have at your fingertips when making big business decisions.

Profit & Loss

Your P&L gives you an overview of the company’s revenues, costs and expenses over a given historical period. Whereas the balance sheet is a snapshot, your P&L is more like a moving video. It shows you how your finances are progressing by demonstrating how revenue is coming in, and costs/expenses are going out (rather than cash coming in and going out, as you see in your cashflow statement and cashflow forecasts).

Talk to us about financial reporting for your business.

We’ll run you through the critical reports in your accounting software and can help you track performance, take action, and prepare your company to survive the new business-standard. Clout Advisory offers models that enable ongoing monitoring and a valuable tool to analyse the potential result of any changes in your situation. Talk to us today at 1300 886 006.

Share this

Subscribe for more insights

Need more?
Check out more insights


How Do I Avoid Insolvent Trading?


Navigating Employee Rights in Times of Company Insolvency

Business Advice

Financial Recovery: Negotiating Payment Plans With Creditors