explain the meaning type of the method of managerial reporting and write the essential of an ideal report
Answers
Answer:
The definition of management reporting can be expressed broadly as reports that management uses to run the organization, make business decisions, and monitor progress.
Management reports help managers monitor the smaller details of their department. Employees submit managerial reports to their managers.
Management reports range in content and breadth. Management reports contain financial and operational reports on a small segment of the business. Management reports can also contain complex and involved reports like the P&L document, accounts receivable aging, or the operating budget.
Management reports are a form of business intelligence. Management reports contain performance data and analysis. This is so management can make decisions and advise other senior executives. Often these reports include proprietary information and are for internal use only. They do not follow GAAP or IFRS.
The goal of management reporting is to:
Measure and monitor specific performance metrics and KPIs.
Understand your status, health and what you should do next.
Determine benchmarks.
Ensure better communication between stakeholders, colleagues, and executives.
Guide your next steps.
Force you to have an action plan.
Monitor performance frequently.
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Explanation:
Reporting to Management can be defined as an organized method of providing each manager with all the data and only those data which he needs for his decisions, when he needs them and in a form which aids his understanding and stimulates his action
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