In order to help you the best, tell us what kind of business would describe you?

In order to help you the best, tell us what kind of business would describe you?

The Real Purpose of Financial Reporting

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Countless sources define Financial Reporting as “the best way to disclose the financial data that indicates the financial health of a company.”

Xero goes a little further and says, “The objective of financial reporting is to track, analyze and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance, and the financial health of the business. This helps you and your investors make informed decisions about how to manage the business.”

While these definitions are technically sound, Reach Reporting believes there is more to Financial Reporting than disclosing information and tracking data. 

We believe it is Story Telling. 

Communication without Confusion

I can remember sitting in a college Biology class convinced the teacher, and I was speaking entirely different languages. Only a few of the wide-ranging concepts were sort of seeping into my brain. The teacher knew exactly what she was talking about, using terms and concepts utterly foreign to me (and, turns out, most of the class).

I imagine sometimes, non-accountants feel the same way when they are handed a financial report. Your clients are not accountants. That is why they hired you. 

“The single biggest problem in communication is the illusion that it has taken place.”

– George Bernard Shaw

Simply creating and then giving clients a financial report is NOT ENOUGH. The message needs to tell the story of their financial situation. It needs to be in a language they will understand. It needs to empower them to make prudent decisions. Taking the time to explain, answer questions, and follow up are the next vital steps to find actual communication without confusion. 

Financial Reporting The Reach Reporting Way

The Journal of Accountancy surveyed 1000 accountants and “found that 83% of clients are asking for more services and 42% of clients expect their accountant to provide business advisory services, over and above accounting, compliance, and tax services.”    

Reach Reporting has created a way for you to provide to your clients exactly what they want.  We have simplified the process of creating financial reports for your clients and making them more understandable than any other report. 

By taking the confusion out of financial reporting, your clients will have the most crucial information at their fingertips to make the most beneficial decisions possible. 

Connect

Reach Reporting pulls client data from QBO, QBD, Xero, Data Sheets, and CSV. 

So regardless of how your clients collect their data, it is easy to transfer the data to Reach Reporting. With only a few mouse clicks, the numbers are in Reach Reporting, ready for you to create advisory, financial reports.

Create

Now that your client’s data is in Reach Reporting, you have endless options of how you want to present your data. 

Fancy yourself a designer? Great!  Start with a blank report and do your thing! We have worked hard to make it a simple process. Need a little help to get started? Reach has created oodles of templates just waiting for you to add the data. It is that simple. 

Share

After a financial report is created, sharing it the most convenient way possible for the client is a KEY step. Reach Reporting has made the easiest way to get your amazing report in front of the right people. 

We call it Quick Share. Business decision-makers will be impressed with the insightful information you so quickly provide to them. Best of all, they can access it anywhere and promptly share it with other decision-makers.

Final Thoughts

The real purpose of Financial Reporting is to translate the raw data into actionable knowledge for your clients. The best way to do this is by transforming confusing data into an easy-to-understand story. Reach Reporting is here to help you do just that.

Let me know when more articles are posted.

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