During the accounting cycle, accountants track, organize and record the financial dealings of a company. At the close of each period, accountants use the information they've gathered to prepare financial statements. Income statements, statements of capital, balance sheets and cash-flow statements are four common types of financial reports.
Today every organization requires financial reporting services. Financial reporting and analysis has become crucial for all businesses today because financial reports are necessary to assess a company’s financial performance. Organizations need to know and understand how their organization has fared during a specific financial year.
Financial reporting and analysis is a practice which is conducted by every organization or business to analyze and assess the company’s financial performance in the previous financial year. Financial reports would give the organization an analysis of how the organization performed. An organization can find out if its performance was excellent, good, satisfactory or poor with the help of effective financial reporting services.