IF your server storage is on a SAN and the main server and the reporting server are on the same SAN, ask the SAN folks if they could setup an automatic SAN "snapshot" for you. The update time every night would be measured in seconds or less.

If not on a SAN or the particular SAN doesn't have that capability, then you might want to consider "replication" which will do most everything automatically and could be used to keep the reporting database in sync up to the minute.

Of course, the backup/restore method DOES test the production backups for viability and that's a major warm-fuzzy.