HOW CENTRALIZED REPORTS IMPROVE SMALL/MEDIUM SCALE BUSINESSES?

What is a Centralized report?

A centralized report is a report that aggregates information about all your accounts or transaction details in one place. An excellent example of a centralized report is your credit report. You can get the details of credit accounts opened under your social security number in a credit report.

In this case, a centralized report will be a report that aggregates all your business transactions. The deposits, payments, details of the sender and recipients, date of transaction, etc., are all accessible in one place.

I came across an online app called online check writer that offers free centralized reports.

Different sections of a centralized report

Understanding your report is an essential part of managing your business transactions. A crucial and fundamental part of your business is handling the finance, which is simplified if you understand the report.

Date

This section of the report will display the date of the transaction. Usually, you get to see the latest transaction on the top. Most online platforms let you pull the transaction details by date on a search bar. A search bar will have a calendar that will allow you to select the date and month of the transaction.

Payee or Payer

This section of the report will display the name of the payee or payer. It could be an individual's name or the name of an organization that you are sending or receiving the amount.

Amount

The amount section will show you the amount of transaction received or paid. The amount displayed could be in different colors. Typically amounts debited are shown in red color. The amount credited in green color and other forms of payments could be blue or a different colors.

Bank

Under this segment, you will see the bank's name from which the amount has been received or paid.

Balance

Under balance, you can see the balance amount after each transaction. For example, if the account balance is $100 and you have received a deposit of $50, then you will see a balance of $150. And if the account balance is $100 and you made a payment of $50, you will see a debit of $50 and an account balance of $100; then the balance will show the remaining amount of $50.

Type

You can see the type of transaction under this section. This section will let you know if the transaction was a cash type, check, or online.

Transaction Number

Under this title, you will find the transaction numbers or reference numbers. You can file discrepancies by referring to transaction numbers while calling a bank's customer care to help them get quick access to that specific transaction details.

Remarks

In the remarks section, you can see any comments made by the individual or organization. Usually, remarks are made as a note to know the reason for the transaction.

Benefits of a Centralized report

Would you go to five different places to get your work done or to a place where you get the same services that you get from all five places under one roof? Access to all your business transactions in one place has many benefits. You can save a lot of time, be confident about the accuracy of transaction reporting, improve business analysis, better customer management, reduce cost and operational efficiency.

Time-saving

Time management is an essential factor in running a business. Having access to a centralized report can save you a lot of time and labor. You don't have to go down to your bank or go through different online accounts to access your business transactions. Instead, invest this time to concentrate on other business functions and take your business to the next level.

Improved Analysis

One location is equal to improved analysis. Analyzing your business's expenditure and overall finance is more effortless with the reports in one place. It becomes a vital part of improving your business. You can easily find out the areas of unnecessary expenditure and cut down accordingly.

Accuracy

Be tension-free about missing out on any business transaction data. A centralized report will aggregate all your business transitions from different areas without missing any details. Accurate reporting will give you a sense of confidence as you know every transaction made is traceable.

Central reporting will keep track of your transaction details and categorize the data for your better understanding, as discussed in the previous paragraphs.

Better customer management

A central report can show you customers who make regular transactions. History of transaction can help you identify your valuable customers and make them available for your premium services or convert them into your monthly/yearly subscribers.

Reduced cost

You don't have to maintain multiple systems or use human resources to handle your business transaction records with a centralized report. By having access to an online report can also cut down on transportation cost and trips to banks.

Operational efficiency

With a centralized report, you can redirect the resources dedicated to managing transactions to core business needs. With an online reporting you can eliminate the manual processing of data, which in turn reduces errors and risks of poor decisions.

Make sure you have access to a centralized report for your business transaction. This can come in handy while filing your tax return and other benefits.

One of the online apps that offers free central reports is online check writer.