What is the best method to determine which reports should be created for a business?

Gathering requirements from multiple stakeholders is the most effective method for determining which reports should be created for a business. This approach ensures that a diverse range of perspectives and needs is considered, allowing the organization to produce reports that are relevant and valuable to various departments and functions. By engaging stakeholders, businesses can identify specific metrics, insights, and information they need for decision-making, ultimately leading to more tailored and actionable reports.

This method fosters collaboration and alignment among different areas of the business, which might have varying goals or objectives. The information collected from stakeholders can help in prioritizing the reports that are most critical for strategic planning and operational efficiency, ensuring that the reporting aligns with business objectives.

Other methods, while they have their merits, don't capture the full picture as effectively. Reviewing industry standards might provide a baseline but could overlook unique business requirements. Automated reporting tools can generate reports quickly but may not reflect the specific needs without human input. Limiting report creation to financial managers can result in missed insights from other departments and hinder a comprehensive understanding of business performance across the organization.