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Financial Reporting

Financial reporting is done by every business and organization to assess its financial performance. It is an indicator of how well or poor a company has performed in a particular financial year.

Financial reporting involves preparation of financial reports or financial statements and then studying the overall performance of a company. These financial statements give a summary of a firm's long and short term profitability.

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Financial reporting involves making the following financial statements/ reports:
  • Balance Sheet: This is one of the most important financial statement containing the assets, liabilities and net equity of a company at a given point of time.

  • Income Statement: Also known as Profit or loss statement, this financial statement reports company's results of operations over a period of time.

  • Cash Flow Statement: This statement reports company's cash flow activities, including its operating, investing and financing activities.
A company's financial reporting is done based on the above financial reports or statements. Since understanding & analyzing the information can be a tough job, companies these days are delegating the job of financial reporting to professional accountants. This helps the management get an accurate analysis of their financial standing and also helps them make strategies for future.

Advantages of Outsourcing Financial Reporting
  • Accurate analysis
  • Improved decision making
  • Helps management make future strategies
  • Less time consuming
  • Requirement of less manpower
  • Cost efficient
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