Efficient reporting for faster decision making to sustain growth and achieve goals

• Main Author: Laurea, Stephen F.
• Format: text
• Language: English
• Published: Animo Repository 2023
• Subjects: Financial statements; Construction industry—Finance; Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etdm_manorg/149; https://animorepository.dlsu.edu.ph/context/etdm_manorg/article/1174/viewcontent/Efficient_reporting_for_faster_decision_making_to_sustain_growth_Redacted.pdf
• Institution: De La Salle University

This action research focuses on the resolution of the inefficient and inaccurate financial reporting for the family-owned business under the umbrella of the construction industry. The focal issue critically involves the preparation of monthly financial statements with their corresponding schedules and reconciliations especially the statement of cash flows and statement of financial performance that are most of the time the struggles of companies in the construction industry. The main purpose of this action research is to provide an efficient and accurate financial reporting to the management, thus it is directed towards developing an approach leading to our target outcomes through the optimization of the financial reporting process and promote better financial decision making. Additionally, it is to inspire and motivate other employees and readers to be a change agent in the organization for continuous improvement and sustain growth as it pursues to add value to the stakeholders regardless of being direct or indirect benefactors with an aim to have a favorable impact within the company and to the other organizations. As a result of hard work and collaboration, we have attained the desired development in the financial reporting as the timing and conciseness of all aspects in the finance and accounting function massively improved that assists the management in their sound financial decision making as well as capturing target markets and opportunities. With this success, we have learned that projects will not be successful when teams involved are not in sync or collaborative enough as it is vital to be always on the same page with your collaborators. Furthermore, my perception of aggressively climbing up the corporate ladder changed as I learned that I don’t need to be in an executive position to drive a change in the organization. This action research recommends the PDCA and Financial Reporting conceptual frameworks for future enhancements in any departments targeting accuracy and efficiency in achieving the company goals and objectives.