How to Make High Quality Financial Reports

How to make high quality financial reports, if the current business financial statement you still a mess? If yes, it can be inferred that the financial activity of your company also has not yet been arranged.

Usually, the main cause of bad financial reports was the lack financial management and financial reporting in a hurry. To avoid this bad habit, here is financial activity of 9 starts daily to yearly that proved effective in helping business in preparing financial reports efforts.

Daily Activity
Check the condition of the cash: Cash is a source of energy companies. Therefore, start your day by checking financial condition every day. Make sure that the company has sufficient funds to conduct transactions that day. Thus, you will avoid the risk of running out of operating money of financial turmoil.

Check and record all transactions: End your day by checking all transactions that occur. Make sure any evidence such as invoices, notes, checks, or receipts collected neatly so that you do not trouble to look at the end of the month. Then make a note of any such transactions into bookkeeping. Remember that a transaction without proof is considered invalid and must be accounted for.

Weekly Activities 
Review the company's business activities: After a week, it's time for you to review the entire business transaction that already or hasn't done. Check out the company's debt which has not been paid, in particular, are due on Sunday, for the sake of maintaining good relationship with suppliers. Remember, to always keep proof of delivery or payment.

Monthly Activity 
Complete each transaction: Try so that all transactions can be completed at the end of the month so you don't trouble working on the report. The transaction was completed on time will clarify your financial reports.
High Quality Financial Reporting

Prepare monthly financial report: Make sure your prepared financial statements every month, especially for taxes and the salary of employee to be paid. Transactions have been recorded neatly will help you complete the financial statements more quickly. Keep in mind that the financial report should at least have the income statement, balance sheet, and cash flow statement.

Note the financial comparison: Remember to include a comparison of income and expenditure this month with the month before so they can know clearly the financial condition of the company. The result can be a reference for you in making financial plans. You can present it in the form of a graph or chart.

Annual Activities 
Evaluation of the financial activity of the company: Collect your employees and do an evaluation of the financial year is based on financial statements each month. Then compare the expenditure and income in the previous year. You must specify a budget that should be added, subtracted, or eliminated. The results of this evaluation will be the cornerstone of your financial plan to make in the next year.

Check the condition of the inventory: Check the quality of the inventory of the company, especially one that has been used, it is the end of the year activities are very important for the implementation of the activities of the company. With checks, you can find out whether there is any equipment or supplies company that already declining quality and should be replaced.

Arrange your year-end report: The end of the year is a great time doing the audit of the company. Just like the process of making monthly reports, the annual report also requires evidence of transactions and also statistical data. The report will be made faster if you have been collecting and preparing the data early on.

Reporting requires a level of accuracy and objectivity: In this case, if you have enough difficulty in drawing up the financial statements, you can use the accounting software that could help make it easier for you because the entire process of your reports can be done automatically.

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