Reporting is often looked at as a by-product of an implementation, something that may need to be tweaked after the implementation is completed. Your implementation will be much more successful if you identify the reporting needs upfront and include reporting in your planning. There are three types of reports to be considered: financial statements, management reports, and business forms. Let us look at each of these in more detail.
Financial statements are typically run monthly, once the month is closed. Some companies also like to see interim financial statements throughout the month. The basic financial statements are Balance Sheet, Profit and Loss Statement (also called P&L, Income Statement, or Statement of Operations), and Cash Flow Statement.
Most companies have many variations of financial statements, especially the Profit and Loss Statement. For example, NJW may want to have an overall company P&L as well as a separate P&...