Simplify Year-End Reviews With These 5 Easy Steps

It’s nearing that time of year when it’s time to review how this year went and begin making goals and budgets for next year.  I will admit, that while this year has been anything but normal, the steps are still the same.  So, make it easy to pull this information together so you can spend more time planning for next year.

  1. Decide what information you want to review.  Here are just a few ideas
    1. Profitability of Divisions/Departments (This is simple if you use Classes for your Divisions)
    2. Profitability of Jobs- which ones were great and which ones were not?  Don’t just focus on total dollars but look at the profit margin (%)Year-End
    3. Metrics, e.g. Throughput or Sales/Hour (you might also find some of your industry specific apps will have key metrics)
  2. Create Report Group – e.g. Year-end Review 
    1. Click on Reports>Memorized Reports>Memorized List
    2. Down at the bottom, click on Memorize Report>New Group
    3. Give it a name 

Click here to see how to create and use groups

  1. Create reports – below are a few you might want to run – I’m sure you’ll have a few more!
    1. P & L by Class (You might want to turn on % Inc, % Exp)
    2. P & L Prev Year ComparisonYear-End
    3. P & L by Job (perhaps with % Inc & % Exp)
      1. If you use Job Types, you can filter for a specific job type. You might even create a group of P & L by Job reports, each filtered for 1 type of job.  You can also combine them in a P & L by Job Type if you export out to Excel
    4. Time by Job Summary (for P/R in QB)
  2. Memorize! A couple tips in memorizing 
    1. Use the drop-down dates, e.g. YTD or This Year to Last Month or This Year so you don’t have to always edit the date
    2. When memorizing, save to a Group (below)Year-End
  1. When it’s time to review, Year-Endthere are two ways to quickly run these reports
    1. Run the group of Reports (my preference)
      1. Click on Reports>Memorize Reports>Memorized Report List, then double-click the group name.  It will run all the reports in the group – and sooo much faster than you or I can do one at a time!
    2. Process Multiple Reports – Run several reports at one time. You can click on Reports>Process Multiple Reports then choose the reports and dates.  This gives you a chance to change dates if needed or add or remove a report.  (below)Year-End

If you do just a couple at a time starting now, then when it’s time to review, your group will hopefully all be done so you can focus on reviewing and planning instead of having to create and edit reports.  Even if you do wait, once they are all done, you will make subsequent year-end reviews go faster.

Leave a Reply