Short and longterm financial reporting is important for an organisation, to know and monitor the progress and the direction of its financial health.
It is a requirement to be sure invoices can be paid, and income is monitored, and the budget is not exceeded.
- Business plan
- (yearly) Budget:
- (yearly) Financial statements: (legally required)
- General ledger:
- Bank statements: PDF, Excel, or CAMT.053 statement downloads
- Account receivable (debtors)
- Follow-up on (bad) debtors
- Account payable (invoice payment/planning)
- Expenses (expense details: project, activity, responsible, date)
- Financial planning
- Provisions (large, or longterm projects, delayed invoicing)
- Project reporting: at the end of a (large) project, you need to make a financial analysis
- Cost allocation (by project, program)
- Preparation for end-of year grant reporting (Foundation)
Some banks deliver CAMT.053 statements in XML format. This allows for easy and detailed financial reporting via Excel. You can filter on certain periods, or transactions, or create a pivot table to report on expense claims management.
For most standard environments, a straight incremental Excel download is sufficient.
Tip: you better keep all bank transactions per year, for each of the bank accounts.