There are several common themes presented in the collective wisdom above. Here are my 2 cents.
You are not a sysadmin. You are a businessman and a salesman. Never lose sight of those two responsibilities. Your company is not in business to run computers. Your company uses computers to run business. Everything must have a relationship to your business mission.
Everyone is in sales. Period. You have to sell your skills, projects, ideas, worth, etc. every single day, no matter what job you have. Your goal is to ensure the business leaders understand the value you contribute, not by the details you provide, but by your insightful way of connecting the techie stuff (irrelevant) to the business goals (important).
My advice is to keep the reports high level, with a structured format that makes them time-efficient and easy to digest. Include a project summary dashboard - what is going on and how is it going? Red, yellow, and green are excellent status indicators. Highlight any items that cause a business risk, especially to revenue. Understand how to express opportunity costs. How much more revenue or productivity could be driven if your ideas are implemented.
Quite simply, at some point you hope your 20 person company is a 50 person company (and beyond.) At some point the executives will look at you and decide if you are the right person to continue to connect with the business, or are you a techie person who needs to be managed by someone who can more adequately bridge the gap between business and technology. Your own self-impression can influence this greatly. If you wake up every morning feeling like a sysadmin, then you will soon find yourself with a new IT manager that you report to who basically makes twice what you do and yet you still do all the 'work'. Or you could become an essential business partner who knows how to communicate with the executives using language they speak.
It sounds to me like you're in an ideal spot to manage your career forward given your hands-on activity and yet your interfacing with pure business folks. My advice is to take this as a wake-up call to become more fully-rounded by better understanding the business and sales aspects of your role. If you don't fit into those shoes, someone else will sooner or later.
People will buy anything that's one to a customer.