Today we are going to look at Part 1 of the Monthly Confidence Package (from my blog post titled The recipe for turning boring financials into real insight (or turning an accountant into a chef).
Part 1 is a short memo that answers the question "What happened last month".
A one (or possibly) two page memo is a powerful way to simplify and summarize your financial results for the month. This is the first page of the Confidence package.
Picture in your mind each person that will be receiving the Confidence package. Imagine they receive the package and, before they look at it, they are asking themselves this question "I wonder how the month turned out? And I wonder where their results are headed"?
The job of the financial reporting package is to very quickly answer those questions for them.
If they get to the answers quickly, then the package has done its job. If they have to dig and ask a bunch of follow up questions then it has failed to do its job.
That’s why the memo comes first in the package.
Go take a look at the example package real quick so you see how I have set it up.
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