Accounting is important for business owners as it helps the owners, managers, investors and other stakeholders in the business evaluate the financial performance of the business. Accounting provides vital information regarding cost and earnings, profit and loss, liabilities and assets for decision making, planning and controlling processes within a business. The main objective of accounting…

A management accounting report emphasizes on inside information received through financial accounting. Managerial accounting reports are used for planning, regulating, decision making and measuring performance. Below are some of the detailed points as to why these reports are important; 1. Provides Information – the purpose of preparing a report is to provide information to various…

Financial and management reports are the fundamental to the success and going concern of a business. For large businesses, various departments have to contribute for these reports to give a true picture of the organizational operations.  However, for small businesses one person might be able to handle the reporting of an organization. While some may…