Establishing a Financial Reporting System

Introduction

Financial reporting is the process of compiling, producing and presenting the financial information and statements of an organization to its various stakeholders. Financial information is crucial because it facilitates faster and well-informed decision making. This paper discusses the steps that I would take as the manager of a business (ICBI) to establish sound financial procedures and structures for the business. 

Meaning and Components of Financial Reporting System

This refers to the methods, tools, and channels used to prepare and present the financial records of the business. The primary purpose of a system of financial reporting is to compile, process, interpret and avail financial information.

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