Financial Reporting

Maintaining financial records  with day to day data entry of invoices, purchases, payments and expense receipts is critical to ensure accurate preparation of financial reports. The end of month and quarter preparation of financial reports occurs after all data entry is reconciled to match the bank statement and provides the basis for good quality financial data and records.

With accurate and up-to-date financial records a manager, business owner or accountant can read the financial reports to understand how to the business is performing from several different angles, including

• Profit and Loss
• Credit Management
• Balance Sheet
• Cash flow

With a good understanding of the financial reports and adviser can then analyse, interpret and compare current data with historical financial reports and even work on budgets and forecasts.

Some accountants perform these “forward looking” tasks as part of what is called management accounting as opposed to compliance accounting.

EzyLearn offers training courses to help you understand financial reporting using Xero & MYOB as well as QuickBooks Online & Microsoft Excel. Presentation of financial reports can also involve the use of Microsoft Office programs: Microsoft Word for long form, complex documents and Microsoft PowerPoint to present the information in a broader more graphical format.