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Financial Reporting
Every business needs robust accounting systems and to report on its performance.
Financial reporting is used to determine taxable income, and tax planning. However, more importantly, financial reporting is used for internal purposes as a basis for decision making. Budgets and forecasts are tools we use to look forward. They are used to help plan where resources will be needed. Working capital, labour requirements, and materials or equipment. These can all be accurately anticipated from a robust financial forecast.
When historic periodic financial reports are compared against forecasted reports, we can accurately track how a business is performing.
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