Financial statements are vital for business as they
What business owners should expect from their financial statements.
Your “core” financial statements should create a snapshot of what has happened over the last period (month, quarter, year)
Your periodic financial reports give visibility, and the information necessary, to solve potential problems before they occur.
Financial reporting can allow your company to foster a culture of transparency, where employees receive more information about their company, fostering a greater sense of ownership.
Because your reports are consistent, you can compare them between periods to assess progress. You can also compare results against your goals, i.e., “actual vs. Budget.”
Speak to your financial manager about the availability of interactive reporting. This allows you to model various solutions or growth options, using “what if” scenarios, to assist in strategic decision making.