A formal record of a person, business, or other entity's financial operations and status is called a financial record.
An easily comprehensible format and a systematic presentation of pertinent financial data are provided. Basic financial statements are usually included, along with a management commentary and analysis.
The records and paperwork you compile to monitor and assess the revenue your company is (or is not) generating are known as financial reports. Giving this information to your company's stakeholders—lenders and shareholders—is the aim of financial reporting. Financial reports need to be a part of the fundamental agreement you have with anyone who is funding a portion of your business. Investors and lenders have a right to know if their capital is being spent wisely and returning a profit.
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