Why Business Financial Reporting Matters

If you’re a small company or you’re just starting out, you might not yet recognize the important role that financial reporting plays in your business.

You will be called upon to provide profit and loss statements, balance sheets and other types of reports for a variety of purposes. If you want to apply for credit accounts with vendors, banks or lending institutions, providing accurate and verifiable reports can help ensure you get approved. You might also be required to provide reports for audits, taxes and compliance matters as well as potential investors or government regulators. In some industries, such as construction, you might have to prepare financial reports for your own clients to support job costs and progress billings.

Presenting accurate, professionally prepared reports can help identify you as a serious business owner who is committed to providing full and transparent insight into your company’s financial health and well being.