The music industry is, no doubt, one of the developing sectors in the United States. This, after it placed a market revenue of $20 billion in 2018. With this,…continue reading
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What Is a Monthly Report?
As it can be challenging for a manager to oversee numerous projects and activities in an organization, monthly reports can help a manager’s job get easier. A monthly report is an official document that notes the project status, updates, and achievements done in a month. Such reports are written briefly yet comprehensively. Besides the actions taken and accomplishments involved in the company, the report also contains the goals for the next month. And what is covered in such reports depends on the manager, whether he or she needs updates on employee attendance, business budget, etc.
The Census Bureau’s 2016 entrepreneur survey reported that about 5.6 million employer firms operated in the US.
Meanwhile, Statista confirmed that in the second quarter of 2020, Facebook remains the biggest social network globally, garnering around 2.7 billion monthly active users.
Also, the Gallup State of Global Workplace said that only 13% of employees are engaged with work.
Why Are Monthly Reports Important?
While there are annual and daily reports to cover, every workplace should realize how important monthly reports are. A monthly report is your reliable source to monitor whatever happens every month. More so, such reports mark transparency, accountability, and fulfillment of each activity done. Maybe an employer was too confident that the business was doing well for an entire month. However, the report results might prove that sales were going down due to the lack of workforce and training. Thus, insights are incorporated into the report.
Furthermore, monthly reports are beneficial to remind each employee to do their tasks. Without any monitoring, people might get lazy. The Gallup State of Global Workplace’s research survey even said that only 13% of employees are highly engaged with work. It is wrong to be too complacent because a manager would want to hear achievements, especially in a month where a lot can happen. Since a monthly report is required near the end of the month, then employees know very well not to dilly-dally at work.
The Elements of a Monthly Report
Monthly reports are highly detailed that they do not only benefit managers. Clients and other stakeholders may want to see a company’s monthly report to check if every department in business fulfilled their tasks or if there is good progress to an ongoing project. Besides knowing how detailed it is, do you ever wonder what specific details can be found inside the report? In this segment, we outlined the key elements of a monthly report.
How to Write a Monthly Report
You already know the monthly report’s elements, importance, and even its definition. Now apply what you learned further by actually making the report itself. To do that, you need to start downloading one of our sample monthly report templates. You can customize your preferred template and tailor the report to your management or business needs. And to write the monthly report excellently, please follow these four simple steps:
Step 1: Review Data from the Previous Weeks
You need to study and review the previous weeks’ data. And those details should cover a whole month. Data may come from employee attendance, financial records, and other references where some information will be needed to write the monthly report. After studying, list down the essential details. An example is to record each employee’s productivity scores, hours spent at work, and more. And the significant parts will be transferred to the template of your choice.
Step 2: Insert the Monthly Report’s Elements
Can you still remember the many elements of a monthly report discussed earlier? Don’t forget to include them in your monthly report. Such elements make up a complete monthly report anyway. However, you should know what to prioritize. Base on what your manager needs to report or whatever is necessary to cover in your job description. Maybe you don’t need to add reference pages or assurance statements if they are not part of your organization’s rules.
Step 3: Summarize and Organize All Info
Learn from the executive summary where summarizing should be taken seriously. You don’t need to add lengthy irrelevant details in the report anyway since the main takeaways are the ones essential to incorporate. Maybe if you run a competitive social media network, it becomes a problem when you find out that Facebook remains the world’s biggest social network. In your report’s challenges, don’t just say Facebook is number one without proof. Add facts like how records show Facebook has 2.7 billion monthly active users. Most importantly, organize the details. Know how to sequence the elements because you wouldn’t just begin with the conclusion before the introduction.
Step 4: Update the Report Regularly
Writing a monthly report is not a one-time basis only. It should be done per month, as its name suggests. Hence, you should update the report regularly if you are assigned for that monthly task. Watch out for possible errors because there would be conflicts if reports were left mistaken. And once you are happy with how the monthly report turns out, submit it to the supervisor.
How many pages does a monthly report have?
A monthly report’s general format has one or two pages long. Pages may be longer if other additional files are submitted, like graphs, charts, and progress.
When do you submit monthly reports?
The date to submit a monthly report depends on the supervisor. But generally, a monthly report is submitted one week after the end of the month.
What is a monthly status report?
The monthly status report is an official document made every month that details a project’s progress to particular stakeholders. The report also summarizes the month’s significant highlights and activities that bring impact to the project.
With over four weeks, 30 days, 730 hours, or 43,800 minutes, a lot can happen in a month. Businesses should not simply waste time, as there should be accomplishments and progress to certain projects per month. For effective monitoring purposes, use downloadable and printable sample monthly report templates. Rest assured, you can already provide a quick summary of your organization’s monthly activities, achievements, plans, and more in just a short time. At the end of the day, with over a million companies to compete with, you will realize that a monthly report keeps a business afloat. Make every month count!