What is a Trended Profit & Loss Report for Current versus Last Year?
Trended, current versus last year financial statements are considered comparative reports and are used by CFOs and financial managers to discover signficant trends and anomalies. Some of the functionality in this type of report is that it dynamically displays all periods up to the current month for this year as well as for last year. It also provides year-over-year variances for each month. Also, each year can be expanded and collapsed for easier readability of the report. You find an example of this type of report below.
Purpose of Comparative Multi-Year Profit & Loss Reports
Companies and organizations use Comparative Multi-Year Profit & Loss Reports to make it easy to find trends and anomalizes. When used as part of good business practices in a Finance and Accounting Department, a company can improve its ability to detect financial issues or opportunities as well as reduce the chances that managers limit their analysis to monthly, year-to-date and budget variances.
Comparative Multi-Year Profit & Loss Report Example
Here is an example of a trended Profit & Loss Report that displays individual months for current and last year with variances.
You can find hundreds of additional examples here
Who Uses This Type of Report?
The typical users of this type of report are: Executives and Financial Managers.
Other Reports Often Used in Conjunction with Comparative Multi-Year Profit & Loss Reports
Progressive Finance and Accounting Departments sometimes use several different Comparative Multi-Year Profit & Loss Reports, along with trended balance sheets, cash flow statements and other management and control tools.
Where Does the Data for Analysis Originate From?
The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others.
In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards?
Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
- View 100â€™s of reporting, consolidations, planning, budgeting, forecasting and dashboard examples here
- See how reports are designed in a modern report writer using a cloud-connected Excel add-in writer
- Discover how the Solver CPM solution delivers financial and operational reporting
- Discover how the Solver CPM solution delivers planning, budgeting and forecasting
- Watch demo videos of reporting, planning and dashboards