Agency reporting, specifically SEO agency reporting is something that we get asked about quite frequently. A lot of agencies will try to create reporting activity that looks like a lot of information but is mostly fluff.
What you're looking for from a reporting perspective always goes back to ROI. How much was invested in the last 30 days, what specific activity or improvements can be attributed to it, and what is the amount of sales we can tie to it? How closely you can tie investment dollars to sales depends on the type of campaigns you're running and how customers buy, i.e. do they generally purchase on-site or do they have to call you for more information before completing the sale.
Use your gut here. You should be able to understand the reports that you're being given and understand how the investments you're making are building sales. If you are having trouble connecting the dots, maybe it's time to look for a different partner.