Create a flow of internal and external information
The intention behind financial reporting is to inform accounting information to the company’s leadership internally. It collects data to notify the strategic decision-makers to assure the correct resource management is in use and discover any variation that they may alter their numbers, as well as any deviations shown by the budget.
If a company has shares in the stock market, financial reporting allows external agents, shareholders, and other parties to receive data dealing with the health of the company. It is crucial to keep these external parties informed of the internal practices and decisions of the company as a whole.
Automation saves companies from making manual adjustments, which bring about a lot of error margin, or problematic data load. Automating the compilation of accounting data and monthly reports will allow your financial reporting to steer clear of any transcription errors and accelerate the data collection process.
At TGG Accounting, our team of highly trained accounting and finance professionals incorporate accounting best practices to evaluate your current accounting system. We then develop a roadmap that starts with having the right numbers in place, handling everything from day-to-day accounting (account reconciliations, payments and collections, cash flow analysis, inventory management) to the production of financial statements, cash flow statements and balance sheets, among other services.
We then utilize the roadmap to put an infrastructure in place with automated systems, processes and internal control procedures that reduce the risk of fraud or theft. Our team will provide the systems necessary to create a cohesive, transparent strategy for your organization. Contact us to schedule for any of your outsourced accounting needs.