Financial and management reporting

Financial and management reporting are tools that help a company monitor and analyze its financial condition and operational activities.
Financial and management reporting

Financial statements are documents reflecting such company indicators as profit, expenses, assets, and liabilities. These reports are provided to external users — shareholders, investors, tax authorities and banks. It contains information about how the company manages its money. The main forms of financial statements include a balance sheet, a profit and loss statement, and a cash flow statement. The goal is to show an overall picture of the financial condition of the company on a certain date.

Management reporting is an internal tool of the company, which is intended for management and managers. It helps to monitor current activities and make operational decisions. Unlike financial statements, management reports are not subject to strict standards — the structure and content may vary depending on the needs of the company. The document may include data on sales, production, costs for individual projects, business performance analysis, and other indicators.

Together, these two types of reporting help the company plan its activities, make informed decisions, and monitor the fulfillment of its goals.

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