variance reports

variance reports

tabulations which compare actual results with the BUDGET or STANDARD COST and show the VARIANCES. It is especially important that such reports highlight variances which are adverse and of a significant value. It is also important from a control point of view that all variances which are being reported and which require management action are supported by sufficient narrative to explain the reasons why the variances have occurred.

See VARIANCE ANALYSIS.

References in periodicals archive ?
Variance reports frequently are developed and investigated weeks after the data is generated, creating a time lag.
Budget AdvisorA will enable SwedishAmerican to seamlessly integrate data to provide complete and actionable variance reports with ease, allowing its finance team to spend more time identifying trends and offering value-add analysis.
Delivery dates, KPIs, lean thinking, six sigma, variance reports, constraint meetings, fast response meetings, and layered process audits ruled the day.
Straightforward and streamlined integration to multiple source systems; built in reconciliation and trends and variance reports.
For instance, variance reports that provide information at aggregated levels do not provide adequate information to exercise operational controls in a lean environment.
Variance reports were generated almost three weeks after forecasts were submitted, and subsidiaries were rarely held accountable for inaccurate forecasts, Zinn says.
Among the reporting data that managers receive are valuation variance reports detailing price comparisons, model inputs and assumptions.
This information is queried from a computer database or from a file folder of variance reports. Most problems are prioritized based on resident safety and department goals.
Improved variance reports: The documentation standards in place clearly identify construction features and characteristics.
* Variance reports: How do your sales and expenses compare to the same period last year?
While many accounting systems allow for the input of monthly budget values that can be used to generate monthly variance reports, most systems do not provide an automated methodology for accurately allocating annual budgets into monthly increments.
In one of my recent training classes, I polled the students to see how many of them reviewed their property's monthly financial statement, includ ing variance reports, on a regular basis.