Daily operations reports are tools used to summarize the status of a project or operations, using metrics identified as key to the reporting purposes. The reports are distributed to employees for use in goal-setting, and are also distributed to senior managers to appraise performance. In highly regulated industries, daily operations reports can be mandatory, and are used to demonstrate a company's compliance with regulatory requirements. Reports can be broken down by company reporting units or by project, and contain information regarding daily progress towards the completion of goals. Using administrative and financial software systems, the reports can tie in to billing or invoice generation.
Sample Daily Operations Report
Employees of audit and consulting firms typically have weekly billable hour goals, and time-based goals with respect to the completion of particular engagements. Weekly operations reports are distributed at the end of the week, which summarize productions by each employee and also by reporting unit. The reports disclose each employee's billed hours for the prior week relative to that week's goal.
The reports allocate the number of hours completed for each particular engagement, allowing employees to see how many billable hours remain in the budget. This helps ensure that the budgeted costs are not exceeded. Employees can see their own billable hours, but also those of their coworkers. Billable hours are tracked relative to the employees' weekly and annual quota. In addition, the operations report contains information regarding collections, because time is spent corresponding with clients to ensure that they pay their fees. Realization is tracked, which is the amount of work performed by the employee that is actually billed and collected from the client.
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