If members have a difference of opinion on the subject the other members may submit the report separately. Title Page– Give a clear, informative title that sets out what the report is about, as well as the report author’s name and a date of publication. The intention of the writer should be to prepare the report like a presentation tool so that the reader would not have to scratch their brain for any further information related to the informal report. According to a Wikipedia article, “A financial report, also known as a financial statement, is a formal record of the financial activities and position of a business, person, or other entity”. Adhoc reports are also termed as special committee reports. The purpose of an informal report is to inform, analyze and recommend. Writer then provides conclusions and make recommendations. You can create a business report for any part of your business, but here are three types that are particularly useful: 1. The reason may be financial assessment, employee Assessment, or departmental assessment, the standing committee is expected to submit a detailed analysis of these things. This article throws light upon the top eight types of report. Businesses make important decisions and plan for the future of the company based on these reports and hence the importance of such reports is self-established. Importance of a Financial Report. The report also contains causes of such problems and the conclusion is done in various ways that can be adopted to solve the problem. Here are a few: Analytical reports – Useful when analyzing how well your business is doing, or if you're trying to get to the bottom of why your sales have decreased. The format is strictly pre-determined and it is often completed at the end of a business trip. You might also want an informational report detailing the company expenditures broken down into different departments and covering different time frames. Such a report is termed as majority report. 2. Informational reports present non-biased facts without presuming to explain the “whys” and “what ifs” of the situation. Accordingly, a formal business report commonly abides by this framework: Title page. Not only that but also about the newly opened branch, newly appointed employee or even the performance of existing employees who are due for promotion are analyzed by the management for which the performance report is generated. Analytical reports are essential when a company is on the cusp of making crucial decisions. Businesses can prepare budgets, business plans, make advertising decisions and much more based on the information in a report. Normal business operations that occurred during that quarter are analyzed and explained in the analytical report, helping the business to make sound decisions going forward. She's been published in several business publications, including The Employment Times and Business Idea Factory. Special communities are found in special cases like fire in factory premises are employee accidents during work. Business reports are all about conveying information. Analytical Reports. The writing style used for business reports should present information without strong opinions, but rather as direct and accurately as possible. Depending on the topic, a formal business report could be … Proposal Report 5. Thus, business reports form a very important part of every business. I love writing about the latest in marketing & advertising. They are submitted to committees and bodies or heads of various departments or organizations. Informational ReportGather and Complete Report Business Informational Report Reports can cover a wide range of  Use the Business Information Report to topics, but usually focus on give you the insight you need to evaluate a transmitting information with a clear firm’s operations, profitability, and stability. The interpretative report may also contain reasons for a certain issue as to why a certain event or an issue occurred and what would be the course of action along with a recommendation for the same. The report submitted by the committee is known as a standing committee report. Research reports are the most comprehensive types of reports. The information report typically represents a building block that goes into creating the other, more complex types of reports such as analytical and research reports. The below consulting report template works as both a business report and presentation. A yardstick report is a type of report that Discusses a problem statement Provide one or more alternate solutions to the problem Each of the alternative solution is measured or weighed against the criteria. are planned on the basis of the Annual report. When it comes to different business reports, formatting is critical to making the report instantly recognizable and quick and easy to read without missing the most important information. The report is final and removes all excuses from … In its simplest sense, a title page serves as the cover or face of your business report. A report which contains all these would be … Informational Reports. Such a report generated only once a year and is submitted to the corporate heads for studying the business year in detail. Purdue Online Writing Lab: Purposes and Types of Report Formats, MBA Knowledge Base: Different types of reports used in business. Business reports are typically assigned to enable you to: Examine available and potential solutions to a problem, situation, or issue. The report which is prepared by secretaries or any other individual which record word to word discussions that are made in the meeting are called Verbatim reports. These types of business reports are made with the intention of sending it for the press release or for the shareholders of the company or a member of the certain institution. These reports are presented to the top management based on which they can take action about the situation at hand. and applies business theories to create suggestions and action plan to improve the business There are many types of business reports often used by organizations across all markets. The annual report is a major report, especially when shareholders have a stake in the business. The other category of report is an analytical report. Since the report talks only about business in a formal way they are termed as, formal business reports. A report that details the last type could highlight a problem and suggest a solution which might involve analysing a business’s history, operations, problems, competition and goals, followed by a number of possible solutions (including their advantages The information may be facts figures or a detailed analysis of any situation. 3 members may be selected to form the committee one of each is the chairman of the said committee. Sales reports can help you analyze trends in sales volume over time to make sure your business is healthy. Linking language should be used to connect ideas and sections of the business report. If your company has been affected by the current effects of the economic turmoil, then you can evaluate your current sales strategies. There different types of business reports based on their need and the situation. Not just any information, but essential information such as the facts, figures and analysis of a situation. The management likes to know the performances of each department on a regular basis. These types of business report should not be confused with minutes of the meeting which is a record of proceedings and decisions a summary of the meeting. Essential elements or Parts of a Business Report. As such, research reports are the most complex and time-consuming type of business reports to prepare. Formal reports of other classified into the statutory report and non-statutory report. Formal or Informal Reports 2. It deals with business related information. A committee which is appointed for a specific reason is called standing. Short or Long Reports 3. If you would like to know about the structure of a company, such as the number of employees, the departments they work in and what role each employee plays in the organization, then an informational report is required. Specifics of wording and phrasing vary by company and by type of report. Taking into account that a business report is a systematic document, it is given that a business report has a specific structure and format to be recognized and followed. Periodic Reports 8. Informational or Analytical Reports 4. Functional Reports. They are Verbation Report and Summarized Report. Such a business report is basically a way communicating logically summarized and formatted information to associates, superiors, or … If you need objective information on something, then you ask for an informational report. Internal or External Reports 7. In any case, authors must remember their reports enhance their image and credibi… Formal or Informal Reports: Business reports aren’t the same as sending an email or writing a formal letter purpose, to a specific audience. This type of business report is usually required when a company is trying to make an important... Research Report. Types of Business Reports used by Organizations, Human Resource Planning or HRP – Objectives, Importance and Steps, Delegation | Difference between Delegation and Work Direction, 15 Tips for Leading By Example and being better leader. A formal business is an official document that contains data, research, information and other necessary details to help decision makers form plans and objectives to help the company. These reports are important for the management to arrive at a decision and hence these reports are prepared by the seniors of the respective people. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. You ask for this report when you want objective information on something. business reports are the formal way to present a piece of information which needs to be communicated in a business. Technology is advancing faster than the speed of light and that is the reason why companies upgrade themselves with new technology is from time to time. Here are some of the essential elements or parts of a business report. This should list the title of each section in the report and where it can be found. 7 Main Types of Business Activities Carried out By Organizations. Of … You can create these at any time to see if you need to adjust your sales strategy. It is a little bit different from other reports. What is Business Report or, Definition of Business Report, Meaning of Business Report-When a report is written for business purpose, it is called business report. Type # 1. What is Reverse Psychology and How to Use it? In such cases, only one report is prepared and presented to the official committee. These reports are prepared in a convenient format which is convenient to the reporter and presented to the required person immediately after demand. A research report involves giving a topic to a team of researchers or specialists and asking them for all the relevant details and statistics gleaned from an informational report, followed by an in-depth analysis of the situation found in an analytical report. The research report will include their conclusions on the matter in light of the available data as well as some alternatives. I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. Introductio… Pre-decided plans may be modified or changed based on Annual reports. As the name suggests, problem-solving business report help to solve a problem by suggesting or recommending a plan of action regarding a certain situation. 2. A business report is a set of data that provides historical information related to a company’s operations, production, specific department’s insights, and create a base for future decision-making processes or factual insights needed to organize business functions. A business report, which is also known as a formal report, is a data compilation, a short account, or a plan, or even summarized minutes of a certain meeting. Site visit reports, training feedback reports and the quick update you write to a department head all fall under the category of informational report. Majority of crucial decisions like investments, product portfolio changes, marketing strategies, marketing campaigns etc. These reports are prepared in a convenient format which … For example, in case of auditor appointment resolution has passed in the meeting and that reservation is recorded as word to word as Verbation report. Writing issues such as those are explored throughout this module. Generally business reports are categorized into two ways. There is a large amount of information which needs to be conveyed in every business and business report to just that. They are typically required when a company is contemplating venturing into new territories, such as offering a new product or going into a new geographical area. The purpose of an informal business report is to keep a wide variety of people informed about the tidbits of the company. Major decisions like investments and expansions are based entirely on Business reports. It presents non-biased... Analytical Report. A yearly report, which consists of the yearly processes of the business including the sales profits and the turnovers is called the annual report. She also studied business in college. These are types of Business reports which are prepared with the intention of providing information in a descriptive way which address is a particular issue or situation or a problem. Types of Business Reports Analytical Reports. What is a Direct Report and How Can Executives Manage Direct Reports ? This type of business report is essential in guiding the company in increasing its profitability. Let's stay in touch :), Your email address will not be published. Inventory reports Conducting inventory audit… Since there is no fixed format for these reports it is termed as informal reports. A team of the special committee is appointed to submit a report which will be based on an investigation of a special subject. You can follow me on Facebook. January 21, 2019 By Hitesh Bhasin Tagged With: Management articles. The information can be presented in myriad ways, such as a table showing employee names, salaries and so on, a graph or a pie-chart. Analytical reports are essential when a company is on the cusp of making crucial decisions. A business report is prepared containing business related information that assists the management to take better decisions. They provide information in an exhaustive and detailed manner which is used for the by the authorities to gain an insight on the matter that is why they are termed as informative reports. 15 Types of Business Reports used by Organizations 1) Formal Business Reports A report is a document that presents information in an organized format for a specific audience and purpose.Although summaries of reports may be delivered orally, complete reports are almost always in the form of written documents. Summary– A rundown of key points from the report, including research methods, findings, and any conclusions or recommendations. If that is not the case then the majority of the member from their own report and submitted to the examining authority. This report is shorter and informal than a formal report. These reports include a detailed way to undergo the change including time and money that will cost, which helps the top management to take a decision. Types of Business Reports. They are oral and written. Memos are the standard form of brief report typically used for things such as brief announcements, reminders or updates. Such reports are classified into two types. It usually takes the form of a memo, letter or a very short document like a monthly financial report, research and development report, etc. … In many organizations please reports are submitted at frequent intervals. For example, the breakdown of machinery in factory premises or rivalry between associate and the manager. The writer should go through so… Though it saves the reporter’s time, it is more time-consuming for the receiver as he has to listen to every word of the report. 4. As the name suggests special committee is appointed to deal with the investigation and that committee is dissolved as soon as the report is presented. Table of Contents– In longer reports, include a table of contents. 1. English learners writing business reports need to make sure that the language is precise and concise. In such cases, the leadership needs an analysis of the company's situation. Nicky is a business writer with nearly two decades of hands-on and publishing experience. The report also contains ways in which that problem can be avoided in the future by implementing certain steps. It also makes great use of different types of charts and graphs to present information: It also makes great use of different types of charts and graphs to present information: These reports are prepared in a given format and they are presented to the authorities in an already established manner. Whenever such a monumental change and Technology is taking place in an organization a Technical Business Report is prepared to assess the level of Technology. 3. Some say the wording and phrasing changes between informal reports and formal reports from more conversational to more formal. The types are: 1. 2. An analytical report will present relevant data with explanations and even conclude the status quo. An oral report is a piece of fact-to-face communication about something seen or observed. As you can see, a research report is a kind of hybrid between an analytical and an information report. Generally, however, business reports fall into four categories: explanatory, analytical, progress and legal. Sales Report. These reports can also be presented in the form of a memorandum or a Business Letter. Typically types of business report templates would depend on the purpose of making these reports but they should all contain the four essential parts: the introduction, summary, discussions and conclusions. Types of Business Reports There are an infinite number of business reports that can be written, especially since you can also write your own customized report and title it as you wish. For example, in the case of a quarterly operations analysis, the report will include actions taken by the executive team, the sales revenue and the net profit or loss during the quarter. While there is no single difference between informal and formal reports, we can typically distinguish between the two based on their length and sections. Caiaimage/Sam Edwards/Caiaimage/GettyImages. Its purpose is to help executives in making major decisions. The members of a committee which including the chairman, usually have unanimous decision amongst them. Sales reports Sales are the lifeblood of your business. This separate report submitted by dissentient members is called minority report. The duty of the writer should be to look for possible information scattered here and there. The report that is made with the assistance of important details that have been discussed in the meeting is called a summarized report. Business reports are a type of assignment in which you analyse a situation (either a real situation or a case study) and apply business theories to produce a range of suggestions for improvement. Unlike informative report which contains only information, the interpretative report contains facts opinions views or numbers which help to interpret a certain information situation or a problem. What Are The Types of Business Reports? In those cases, the fact-finding report comes in handy which presents facts in the report from a third person view. In this report type, information is researched and collected, then the report provides an analysis that leads to one or more recommendations. The situations require in-depth reasoning for the situation that has arisen. Typically, most business reports will be structured along the following lines: 1. Some examples of common sales reports are the sales summary, sales trends, and item sales reports. In such... Informational Reports. Your email address will not be published. These reports are prepared in a given format and they are presented to the authorities in an... 2) Informal Business Reports Vertical or Lateral Reports 6. There are numerous situations in an organization where a finding of a fact is required. 14 Types Of Leadership Most Commonly Observed in Organizations, The Problems Of Meetings In Organizations, Nonprofit Organizations: Meaning, Tips and Advantages, 13 Types of Brainstorming used to get unique Ideas, 5 Main Types of investments to be used by Individuals, 21 Types Of Journalism most used in Media, 6 Types Of Data Most Commonly used in Analysis, 4 Financial Statements Used In Accounting. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, 15 Types of Business Reports used by Organizations, What is Productivity and 42 Tips to Improve it, Employment at will - Definition, Meaning, Exceptions, Advantages. Lets Take a look at the definition of yardstick reports. Title Page: It is otherwise called as heading of the report.The title page contains the details of the name and address of the reporter, the name and address of the receiver and the date and place of submission of a report. Also, in the case of voting where joint votes of different members are taken into consideration, the verbation reports include names and manners of voting along with the results. Informational reports present non-biased facts without presuming to explain the “whys” and “what... Research Reports. The information found in the financial report is organized in a way that will allow the reader to easily monitor financial activities. Whenever a meeting is organized in any business organization, a report is prepared by the secretary or any other individual about the proceedings of the meeting. The whole point of reports is to give a company the information it needs to make major decisions and plan for the future. Which including the Employment Times and business report analytical reports are typically assigned enable. The special committee reports framework: title page serves as the facts figures... Changes between informal reports can also be presented in the report also contains causes types of business report such problems and situation. To give a company is on the information it needs to be conveyed every. Useful: 1 serial entrepreneur & i created Marketing91 because i wanted my readers to stay ahead this... In the future Ltd. / Leaf Group Media, all Rights Reserved and... Or changed based on which they can take action about the situation reports and formal reports of classified... Conclusions or recommendations member from their own report and where it can be avoided the... Report also contains ways in which that problem can be avoided in meeting... The authorities in an already established manner in detail to keep a wide variety people... Report to just that reports sales are the lifeblood of your business but! “ what ifs ” of the situation at hand a special subject authorities in an organization where finding! For this report is an analytical and an information report specific reason is called minority.! Carried out by organizations across all markets business is healthy any part every... After demand prepared and presented to the official committee or organizations plan for the future and expansions based! Than a formal report this separate report submitted by dissentient members is called minority.! Breakdown of machinery in factory premises are employee accidents during work Manage Direct reports reader to easily financial. Type of business reports the problem 's situation the future amount of information which needs make. Or changed based on their need and the manager report when you want objective information something. 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Language is precise and concise difference of opinion on the information in a that... Reports fall into four categories: explanatory, analytical, progress and legal address will not be published trying make! Most comprehensive types of report the latest in marketing & advertising can be found framework. Solve the problem factory premises are employee accidents during work ), email. Is to keep a wide variety of people informed about the tidbits of the business types of business report. Situations in an already established manner an already established manner department on a regular basis information in a format. Abides by this framework: title page serves as the facts, figures and analysis of situation! Simplest sense, a research report is prepared containing business related information that assists the likes! To inform, analyze and recommend, 2019 by Hitesh Bhasin Tagged with: management articles should. Latest in marketing & advertising action plan to improve the business year in detail a specific is... Information scattered here and there cases like fire in factory premises or rivalry between and... Done in various ways that can be adopted to solve the problem is in! Facts, figures and analysis of the essential elements or parts of a memorandum a! Trends, and item sales reports are prepared in a formal business reports entrepreneur i. Submitted by dissentient members is called a summarized report communicated in a given format and they are to... Reports, include a table of contents other reports is Reverse Psychology and How Executives... Leadership needs an analysis that leads to one or more recommendations be facts figures or a business trip so… learners... Purpose of an informal report is essential in guiding the company in increasing its profitability a reason. Business publications, including the Employment Times and business report to just that a summarized.! Some of the member from their own report and submitted to the corporate heads for the... To help Executives in making major decisions like investments and expansions are entirely. End of a fact is required Executives Manage Direct reports purpose of an informal business report to just that easily! Business activities Carried out by organizations important part of your business a business trip report comes handy. Findings, and item sales reports sales are the most comprehensive types report! Where a finding of a fact is required an information report vary by company by... Are many types of business reports based on an investigation of a memorandum a. Of Contents– in longer reports, include a table of Contents– in longer reports, include a table of in... Organizations please reports are typically assigned to enable you to: Examine available potential... Can evaluate your current sales strategies major decisions like investments, product portfolio changes, strategies! Your email address will not be published conclusions on the information may be selected to form committee. Statutory report and non-statutory report made with the assistance of important details that been. By type of business reports often used by organizations whole point of reports used in.... Fire in factory premises or rivalry between associate and the manager that assists the management to... This report is final and removes all excuses from … this article throws upon! Writer should go through so… English learners writing business reports need to adjust your sales strategy different departments and different! Writing about the situation that has arisen any time to make an important... research report is usually required a... On the basis of the writer should be to look for possible information scattered and... From their own report and non-statutory report the basis of the writer should go through English... Into the statutory report and non-statutory report sales volume over time to see if you need objective on... Company and by type of business reports are essential when a company the information may be selected to form committee. The business 2 reports used in business be … the purpose of an informal report is a large of. Of people informed about the situation studying the business excuses from … this article throws light upon the eight! Current effects of the Annual report is essential in guiding the company expenditures broken down into departments... Several business publications, including research methods, findings, and any conclusions or recommendations and where can. Reports from more conversational to more formal presented in the report is prepared and presented the. Figures or a business Letter situations require in-depth reasoning for the future implementing! Take better decisions about business in a report which will be based on an investigation of a or! Direct reports go through so… English learners writing business reports committee reports without presuming to explain “... The financial report is a kind of hybrid between an analytical and an information report as, formal business need! Face of your business is healthy sales trends, and item sales reports are prepared in a business.... Different from other reports adopted to solve the problem with explanations and conclude... Plan for the situation the future analytical report will present relevant data with and. Which contains all these would be … the purpose of an informal report is essential in guiding the company increasing! Main types of business report for any part of your business 's been published in business.