Board Reporting Best Practice

Board Reporting Best Practice

It’s no secret that the lion’s share of a board’s work is all sorts of reports. There are many useful digital tools that can help facilitate this process and make it less time-consuming and less resource-intensive. However, without the use of best reporting practices, using the software can be almost futile. Here are a few boards reporting best practices that can help make the reporting process more efficient and optimized.

A few tips on how to draw up a report for the board of directors

In today’s market, there are many useful software products that can physically facilitate the process of compiling a report for the board of directors. However, such efficiency can be achieved only with the competent and thoughtful use of such software. In particular, experts advise resorting to a few simple techniques:

  1. Set up automatic data collection. You need to use analytical data about the company’s performance to compile the report. With the help of virtual platforms, the process of collecting the necessary data can be set up in automatic mode to facilitate the process of collecting and systematizing information.
  2. Organize centralized data collection. To ensure that the board report is complete and up-to-date, you need to use information about the performance of all departments of the company. Collecting the necessary data manually can be lengthy and complicated, but thanks to virtual platforms, this process can be made easier. It is enough to specify automated data collection in the settings and create centralized storage of reporting data.
  3. Use templates. Reports for the board, as a rule, have a standard structure, in which only the main indicators may differ. To make reports less time-consuming, you can use ready-made templates where you can simply add the necessary data and change small details, such as the date of the report, who is responsible for compiling it, and so on.
  4. Choose cloud data storage. Increasingly, remote cloud storage is being used to keep corporate data safe. They are more reliable than physical data rooms. In addition, using such storage is more convenient – you need to grant access to selected users. This will help board members receive reporting data faster and comment on its content.

Board-level reporting requires a certain amount of care, but with the right technology and methods, it will help make the process more efficient.

Are there different executive-level reporting?

In order to write a report for the board of directors, you need to understand who the report writer is. There are different corporate levels for which reports need to be produced. Reports can be at the department, business unit, or entire company level for the shareholder meeting. Reports need to take this factor into account, but it should not be forgotten that ultimately all reporting data is part of the overall body of analytical data.

As a rule, reports are prepared by executive structures, which perform the bulk of the work. In order to simplify the work process in general and reporting in particular, it is necessary to automate some operations to the maximum – for example, the collection and systematization of analytical data for the report. It is also worth bearing in mind that depending on the type of report, it may have a different look. Each company may have its own standards for the preparation and maintenance of corporate documentation, which should be taken into account when drawing up reports or templates for their future use.