Financial Reporting is the periodical assessment of a business’s performance. They are in the nature of records of business finances and include balance sheets, profit and loss statements, cash flow and fund flow statements.
Why is Financial Reporting Important?
Financial reporting is one of the most vital components of business information.
• It provides a summation of the financial position of a business at a given point in time
• It assists in the preparation of strategies, forecasts and budgets.
• Financial Reports are the principal method of communicating financial information about your business to outside parties such as banks, investors and creditors.
Financial Reporting Made Easy via QuickBooks Online: QuickBooks Online has been a pioneer in providing world-class accounting and bookkeeping software system for small businesses.
It helps you organize your finances and keeps track of all activities related to your business. It also complies with managerial accounting standards. Since this is an online accounting tool, there is no need to install any software on your computer.
All your financial data is kept securely on our servers rather than on your computer. This means that you can access your data from anywhere, anytime. Even if your computer is damaged, lost, or stolen, your data is safe and secure. QuickBooks’ financial reports give you valuable insights into your business’s finances so that you can make better business decisions, from basic financial reports to reports for specialized business activities.
Here’s a quick glance into how QuickBooks Online provides the best-in-class financial reporting tools for small businesses:
• Customise in Minutes: It’s easy to customize QuickBooks reports, so you can quickly develop report formats tailored to your unique business. Once you customize a report, you can have QuickBooks memorise it so that you can run it any time you wish.
• Get the Bigger Picture: The QuickZoom® feature shows the detail behind the reports and lets you drill down to the transaction level. You can display original transactions and analyze the numbers behind the numbers. It is easy to see summary reports on a cash or accrual–basis at any time.
• Get Drilled Down Information: Further QuickBooks has the ability to drill down from reports to specific transactions. This will give you insights into over-spends, under-utilisations, thereby giving you the opportunity to take corrective action.
A sampling of available financial reports on QuickBooks Online: Here’s a sample of the many useful financial reports you can expect in each version of QuickBooks.
For a Free Trial of QuickBooks Online, visit https://quickbooks.intuit.com/in