Financial reports and financial statements. You’ve probably heard these terms used and you might think they mean the same thing.
But a financial statement and a financial report, while similar, have a few key differences that it is important to note.
So, what are those differences? Here’s what you need to know.
A financial report, generally, is a term that means what it says: A report about your finances. It’s a broad term and lots of different data points can exist under it. Financial reports help information get distributed in your company and they usually include quarterly earnings and reports – among other things. Financial reports can help you make better decisions and they can also mean the difference between your company being in compliance with rules and regulations – and not being in compliance.
Financial statements fall under financial reports, meaning any financial report worth its salt will include financial statements like income, a balance sheet, the cash flow situation and more.
Financial statements are important because they let your employees and shareholders know how your company is doing. They also help you and other leaders in your organization make informed and timely decisions.
Why do you need solutions for them?
In a nutshell, having accurate and timely financial statements and reports are key to a healthy and growing business. Financial reporting software can help you with both and make sure your company is always up-to-date with the latest numbers and trends, so you can make the best decisions and continue to grow.
At AccuNet, we have financial reporting software and solutions to help businesses of all sizes. We know how important this data is – and how it needs to be accurate and accessible – and we can help find a solution that fits your needs and budget. Contact us today.