During day-to-day operations, you make transactions for your business. Knowing how to organize and review this information is key to long-term success. One way to keep track of transactions is to manage financial reports.
What is Financial Reporting?
Financial reports are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
What are financial reports used for?
The purpose of financial reporting is to give you an in-depth analysis of your business’s performance. The reports help with business valuation, predicting future cash flow, and investment planning.
The transactions in your reports show the financial effects of your decisions. Some reports are for internal use while others are used by outside entities. Investors, lenders, and government agencies often look at your business’s financial reporting. You may need to implement internal controls over financial reporting for outside entities to ensure accuracy.
Use a consistent method for each report you prepare. That way, you can easily compare figures from different reports.
How Can We Help:
- Profit and Loss statement
- Balance Sheet statement
- Cash Flow Statement
- Monthly, Quarterly and Annual Reports
- Statement Analysis
