FINACC

The process of recording financial transactions relevant to a business is termed accounting. The task involves summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. A business uses its accounting records to prepare financial reports called accounting reports that are equivalent to financial statements. The most common forms of accounting reports are – income statements, statements of cash flows, balance sheets, and statements of equity change. Reports can be as brief or comprehensive as needed for bespoke reports prepared to deliver for a particular purpose such as the profitability of a specific product line.

Financial reporting is the all-inclusive account of all the business transactions, including expenses and income details. Generated either quarterly or annually, financial reports communicate the financial position of an organization over a specific period. Prepared to study resource usage, cash flow, business performance, and the financial health of the business, financial reports intended to track, analyze, and report business income. Business owners and managers have to keep the historical data (presented in the form of financial statements) in front of them for future planning and budgeting. They also need to check the correlation between profitability and cash generated from operations. Not only that but businesses also need to present the company’s financial status to their investors, creditors, clients, suppliers, and government agencies. In the light of these facts, it’s paramount that the accounting and financial reporting is accomplished by the experts in the field only who not only is capable of presenting the true and fair picture of the business’s financial standing but also of ensuring the financial statements comply with IAS/IFRS.