Financial Reporting Packages

Written by Patricia Tunstall
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Financial reporting packages are available in whatever size or configuration meets a business's requirements. Large corporations can afford and need a sophisticated automated financial reporting system, but small and medium companies do not have to have the most elaborate layout on the market. These companies can, however, use software packages and financial services programs that fit their budget.

Fortunately, there are many packages on the market--and packages that can be customized--that will substantially assist a business with just a small number of employees to track financial aspects of the business. Managers request reports from accounting daily, weekly, or monthly, depending on the urgency of a developing situation. Any cash flow analysis software, for instance, will enable accounting to get an accurate cash flow report to the manager in a short time.

Aspects of Reporting

Business terminology and functions are not specific to any one business or industry. "Cash flow" is a universal term used throughout the financial world. Software that gathers statistics on cash flow, analyzes them, and produces a formatted report saves the accounting department a lot of time and effort.

Financial reporting packages do even more. Cash flow is just one factor in financial statements, although it is, of course, a major one. Financial reports can deal with cash flow in isolation, or financial packages can draw on information stored in the company's computer databases to summarize income resulting from sales revenue minus expenses, cash flow from various sources, such as investment activities, and operating earnings.

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