financial reporting software

 Financial reporting is the accounting process for communicating financial information. All companies do some form of external or internal financial reporting—or both. External financial reports must conform to accounting and reporting standards, and internal reports should do so, too, though the two types of reports can look different because they serve different purposes:

  • External reporting is used by company outsiders, like regulatory agencies, tax authorities, investors, lenders, and trade partners, so it has more rigid requirements.
  • Internal reporting is used by a company’s senior management team to inform decision-making, so it can be more tailored to their specific informational needs and the company’s business objectives.

Whether external or internal, the challenge for most companies is creating accurate, timely financial reporting in an efficient way. Here's what’s involved and how to make it better.

Financial reporting—the communication of financial information to external and internal stakeholders—is most often achieved by the “core” financial statements: balance sheet, income statement, and statement of cash flows. But it can also come in many other forms, depending on the information needs of the reader.

For example, public companies file quarterly 10-Q and annual 10-K statements with the Securities and Exchange Commission (SEC) containing extensive notes to the financial statements, supplementary schedules, and the management’s discussion and analysis (MD&A). For internal stakeholders, financial reporting can comprise any financial reports that management wishes to generate, such as detailed sales reports, trends, and key performance indicators (KPIs).

 financial reporting software


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