What are MIS reports and what should be included in monthly MIS?
MIS is an effective tool that is adopted by the managers to evaluate the business processes and operations. It also includes the visual presentation of different kinds of information relating to financial projection that are supposed to be formulated. MIS stands for Management information system. Business managers at all levels rely on the reports that are prepared by the senior officials.
What are month end closing posting & importance of month end closing and financial reporting services?
It is a process of evaluation of the financial transactions along with the assessment of the same at the end of the month.
And when month end closes we will review the entire records of the company, we shall be checking the accounts reconciliation, journal entries, review of expenses, approval system, Balance sheet review.
What are the importance of Local GAAP, US GAAP, IFRS in financial reporting services?
It becomes difficult to report these financials as financial reports can be done in multiple GAAP’s (Indian GAAP, US GAAP, IFRS).
What is Indian GAAP
This is a set of accounting standards that every company operating in India has to follow when reporting its financial results.
What is US GAAP
These are generally accepted accounting principles also known as US GAAP which are adopted by US securities and Exchange commission.
What is IFRS ?
It referred to International Financial Reporting Standards. These are common global language for business affairs so that company accounts are comparable across international boundaries.
Why are Board and management reporting the key elements of financial reporting services?
Board of directors and financial managers are the key essentials of the company who manage the operations of the company and are also responsible for strategic and financial performance.
Board exercises its duty by making guidelines within which they expect management to act or operate.
Features of Boards and Management reporting
-It identifies the true value of the business.
-It accumulates the focus on data [pertaining to the future of the business.
-Helps in analysis of the data from diverse sources.
-Flexibility to report tends to improve performance.
-Benefits of board and management reporting
-It offers a better understanding of past and future performance.
-It helps in significant savings and on the time and cost of management.
Why is audit preparation an important milestone of Financial reporting services?
Here are several kinds of audits that are handled by the finance team of the organization. Some of the audits are TAX audit, bank audit, statutory audit, HO audit etc. thus vital planning is a vital area of the audit primarily conducted at the beginning of the audit process.