What is Meant By the Term “Financial Reporting” and Why Is It So Important?

Financial reporting is a buzzword in the accounting space, but what is meant by the term “financial reporting” and why is it so important?

Financial reporting compiles all pertinent financial information for distribution to those outside of the company. Examples of financial reporting include:

  • Financial statements including income statement, balance sheet, statement of comprehensive income, statement of cash flows, and statement of stockholders’ equity
  • Quarterly and annual reports
  • Quarterly earnings distributed via press releases, conference calls, or company website
  • Quarterly and annual reports for governmental agencies such as the Securities and Exchange Commission (SEC)

Accurate and timely financial reporting is incredibly important for businesses, not just for the purposes of making their own informed business decisions, but for their reputation in the industry and for the purposes of compliance. A good financial reporting solution should be fast, easy to use, and always accurate.

Financial reporting software can integrate with your existing general ledger (GL), affording you powerful and modern reporting capabilities without the high cost of replacing your GL or ERP. A strong financial reporting solution can cut your financial reporting time by up to 50 percent, even in complex multi-entity or global currency environments.

Faster, easier financial reporting matters for your business because you’ve worked hard to account for every number and transaction, and it should be easy to report on it. With the right reporting solution, you can improve productivity by generating, packaging, and distributing reports with precision and speed, even when consolidating data from different sources, locations, and currencies is involved. And, the ability to automate reports means that deadlines are never missed, and the reports are perfectly formatted for your needs–whether they are meant for the board or the SEC.

What FYIsoft can do for your financial reporting needs

With FYIsoft, you can supercharge your financial reporting power. FYIsoft is proven to cut financial reporting time by up to 50%, even in complex multi-entity or global currency environments. And, because FYIsoft integrates with your current general ledger, you can get the power of our cloud reporting solution without replacing your ERP. You can empower your users access financial reports from any device with an internet connection, and to drill down into transaction details, including the invoice. FYIsoft is easily implemented and you can be up and running with your new reporting solution before your next financial close.

Schedule a brief demo with FYIsoft today to learn how cloud accounting can transform your financial reporting game.

 

By |2019-04-30T12:19:00-04:00April 30th, 2019|Financial Reporting|0 Comments