MBRS submission is a requirement not just for big corporations but for small businesses as well. Nowadays, starting up a new business is easier and faster especially with the widespread use and popularity of social media. You can easily create your own business and market your brand, products, and services online. You can sell and earn but the downside is the growing competition in various niches. Thus, in order for your small business to survive and thrive, it is essential that you know the basics of doing and submitting your business reports.
MBRS Submission for Small Business Explained
One of the Standard Operating Procedures of small businesses is to keep a watchful and discerning eye over their processes and reports. Annual Reports and Financial Statements are the types of reports that are crucial and beneficial to all businesses, regardless of how big or small your enterprise or company may be. You can learn and study data that are crucial in improving and propelling your company or business forward.
Small businesses should give more attention to their annual reports, for instance, because the data in there could help business owners come up with better and sounder decisions about their business. Paying attention to the data and analyzing them could either make or break the company. Whatever information is in your annual report would reflect the health and direction of your company in general.
Annual Report Basic Content
Before you proceed to MBRS submission, it is essential to know your annual report and the types of data included therein. For instance, the annual balance sheet, the CEO report, and the cash flow statement are important information that should be in the report. It primarily shows the highlights of the business operations, especially for the previous year. The highlights of the annual report would include economic, financial, and significant business changes that occurred in the past year.
For small businesses, simple data are enough for the annual report but there are big corporations that would require more comprehensive and elaborate information such as the highlights of every department. The achievements in the previous years could also be highlighted and compared. The financial report is actually the main highlight or the core reason why an annual report is created.
More Inclusions of Annual Reports
In order to have a more effective and better MBRS submission, the annual report for small businesses should include other salient data such as graphs, charts, and photos that allow the construction of a snapshot view of the business for the previous year. It should also contain an auditor’s report as proof that the information in the annual report is checked and authentic.
MBRS submission of annual report is significant even for small businesses in Malaysia. There will come a time when all types of businesses should comply with the Malaysian Business Reporting System requirements, small-scale businesses included. Annual reports reflect the current state of the company or business and could boost its growth exponentially. It is both a requirement and strategic move for wise business owners today.
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