Financial statement reporting is the process of producing statements that disclose an organization's financial status to management, investors, and the government. It should be noted here that the financial reporting cycle is a process designed to make the financial accounting of business activities easier for business owners. There is some financial statement reporting process that every company follows: identify transactions, record transactions in a journal or an online tool like EdrawMax Online, posting it in the general ledger, unadjusted trial balance, maintaining the worksheet, adjusting the journal entries, generating financial statements, and closing the books at the end of the day. By following these financial statement reporting processes, bookkeepers make everything easy and ensure consistency, accuracy, and efficient financial performance analysis.
