A snapshot report is an executive summary of a company’s current financial situation.
A flash report is a report that provides a company’s top management with a quick snapshot of how the business is performing. The report is written by an employee who collects information about the company’s liquidity, profitability, and efficiency and presents it in a summary format that should be skimmed through to get a quick overview of how the company is doing. Preparing such a report typically takes half an hour to an hour and may fall within the job responsibilities of multiple employees, depending on the structure of the company.
The idea behind instant reports is that while companies prepare extensive periodic reports that provide insight into their financial health, the intervals between these reports are very long. Employees, like the CEO, often want to see snapshots between these reports so they can immediately identify exceptions and take corrective action before the situation worsens. These reports can be issued daily or weekly, depending on how the company is organized.
The report provides information on sales volume, how many units the company is producing, and how the company’s cash flow is doing. This is done with the understanding that the numbers may not be entirely accurate, but can be used to provide general information about the health of the company. Report preparers typically work with a specific set of parameters so that information between reports can be compared.
Flash reports are often presented in a format that allows quick comparison between other reports so people can see the changes. The report can be compared to a previously issued report, a report issued in a different year at the same time, etc., so that standards can be observed and followed. If a report deviates from an expected pattern, it could be a sign that there is a problem that needs to be resolved.
Multiple people may be responsible for creating the report. Accounting clerks are typically responsible because they have access to necessary financial information, although a secretary or executive assistant may also be responsible for this. Reports that take more than an hour to prepare are often too detailed and lengthy to be useful, going beyond a quick presentation of data. If a member of management wants to delve into a specific area of a flash report for more information, she can request more information from the person preparing it.