posted by Anonymous .
I have been hired into a new company to oversee the accounting department. What type of financial reports would I expect to see in the department? How will I use the financial reports available to me to make business decisions?
We'll be glad to comment on YOUR answers.
This is what I have so far. I just don't know if its right.
It depends on what type of business he or, she is in but in most accounting departments; I would expect to see the income statement, the balance sheet, and the profit and loss statements. In addition, accounts payable and receivable, financial reports and statements and there are so many other ones that can be used. I would use financial reports to costs revenues; analyze trends, obligations and financial commitments that incurred to see what happens with future revenues and expenses. I would use the reports to inspect and audit the operations and finances of the organization and report any evidence of fraud. The most important thing to use the financial reports for; is to use them to manage the business successfully and to increase the profits of the company.
In addition, accurately monitoring current business activity and comparing it to historical activity and plans, would give businesses the information they need to keep performances on track. I would use the financial reports to make sure the records are fairly reflected and; they are detailed accurately within the transactions and dispositions of the assets of the company.