Essentials of a Good Reporting System
Reporting system enables management at all levels to keep itself abreast of past performance as well as developments and it facilitates a check on individual operating levels. Based on reports, management takes crucial decisions. Hence, the essentials of good reporting system are as follows:
- Proper form: In order to facilitate decision-making the information should be supplied in form.
- Proper time: Promptness is very important because information delayed is information denied Reports are meant for action and when adversetendencise or events are noticed, action should follow forthwith. The sooner the report is made the quicker can be the corrective action taken.
- Proper flow of information: The information should flow from the right level of authority to the level of authority where the decision are to be made. Further a complete and consistent information should flow in a systematic manner.
- Flexibility: The system should be capable of being adjusted according to the requirement of the user.
- Facilitation of evaluation: The system should distinctively report deviations from standards or estimates. Controllable factors should be distinguished from non-controllable factors and reported separately.
- Economy: There is a cost for rendering information and such cost should be compared with benefits derived from the report or loss sustained by not having the report. Economy is an information aspect to be considered while developing reporting system.
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