Online Financial Reporting

Written by Patricia Tunstall
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Online financial reporting is a boon to the public that wants to have access to such reporting, and to those doing the reporting for a business. An official, annual financial analysis required by the Securities and Exchange Commission can be filed directly with the Commission through its database, Electronic Data Gathering, Analysis and Retrieval (EDGAR). For access to this online reporting, the public can log onto www.sec.gov/edgar.htm.

EDGAR is the archives for external corporate financial reporting, those formal statements that divulge the financial condition of publicly-held companies. By filing electronically, businesses shorten the time necessary to prepare their reports and they eliminate some paperwork. With financial software available, data is stored electronically and is readily accessible by the company's financial personnel.

Software Saves Time and Money

Bookkeeping software, cash flow analysis software, sales and earning software--these programs permit the accounting department to produce internal reports for managers in a much shorter time. By eliminating most of the paperwork and hand labor that used to be necessary to issue a financial report, accountants can now concentrate on other areas of more importance to the company. Internal controls to prevent employee theft, embezzlement, and fraud are the responsibility of the accountants, for they have the expertise to be able to spot financial schemes.

Online financial reporting is part of the electronic approach to doing business that saves all involved personnel time and, therefore, money. Computers and software programs take care of the details and analysis. By reducing the time and effort spent on necessary internal and external reports, electronic systems allow higher-level employees to turn their attention from details to planning and implementing the company's goals.


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