When you report for companies, accuracy is everything. But when you’re reporting for many different companies speed also comes into play – of course, speed is only good if it’s easy and accurate. There is no point in reporting on the companies you manage quickly only to find the accuracy is reduced.
To effectively manage your companies, you need to have access to all the details at once. Not only is effective reporting a challenge, it is also quite important due to the consequences of ineffective reporting.
The Consequences Of Ineffective Reporting
The first and most important consequence of ineffective reporting is that your customers will not be delivered the best service possible. It can also be a real detriment to the welfare of the companies your customers have entrusted you to report on.
There are all sorts of potential hazards including the following:
- Legal Repercussions – Failure to report accurately can mean the customer is unclear, perhaps on important matters such as when their accounts are due. This means they could face some kind of official consequences, and a great inconvenience.
- Credit Ratings – Not reporting correctly and accurately, or in enough detail, can impact credit ratings. This could potentially have a severe effect on a business, if they were they to find that their credit rating was reduced at an inopportune moment for example.
- Usefulness – The main goal of company reporting is to gain an insight, without effective company reporting the possibility of this is reduced, and it can make it more difficult to work out company plans and strategies for the future.
The process of reporting can be complicated, but it is aided by precise and effective company management. This is where Cosec comes in, it can give you highly practical company management tools – which then facilitates more effective company reporting.
How Cosec Simplifies Company Reporting
The capabilities of the Cosec management toolare numerous, but there are several features that are specifically useful for wholesalers looking to achieve better company reporting. These include the following:
- Detail At A Glance – Once you login to your dashboard and click the ‘My Companies’ button, you can see all your companies at a glance – along with their details including incorporation dates, accounts due dates and returns due dates.
- Importing & Exporting – Not only can you quickly and easily import existing companies into the tool, you can also export the details as a .CSV file and use them with your own spreadsheet software – this provides useful functionality and flexibility.
- Accredited Partners – Cosec has partnered with the best companies in the world, meaning there is a solid emphasis on the needs of wholesalers. Partners include Google, Barclays, ICAEW and ACRA.
Overall, the process of reporting is a very important one. It’s not just a important that you do your company reporting, it’s also important that you have the right tools to do the job. That’s half the battle. With the right tools at your disposal, it’s much easier to deliver great reports that satisfy your customers’ needs.
If you have any questions about our company formation for professional services contact Michael on the following:
Email: [email protected]
Telephone: 0203 772 2426