Best Practice (Good)
Create a standardized survey for management to assess the content and usefulness of each report. Use these surveys to remove excessive detail and redundant reports within the Finance Department. This is sometimes referred to as "report rationalization."
Typical Practice (Bad)
Use an ad hoc, one-off method to amend and improve management reports, making changes on the fly based on informal requests from managers and executives.
Benefits: Reduces cost related to reporting by consolidating and, sometimes, eliminating redundant or useless reports. Also frees up accountants and financial analysts, who are typically relatively high cost employees, to work on other tasks.