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What do you consider in designing a reporting system?

What do you consider in designing a reporting system?

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Expert Solution

We need to see that the reporting system covers all aspects of the business and financial reporting meets financial discipline and statutory requirements. The financial reporting has to take care the all entries are captured and reporting has to be as per the applicable reporting framework.Financial reporting has to be done so that the owners and management have full information about the financial position of the organisation and where they stand.It also depends upon the financial accounting package/ERP system which they are using.where a good system is implemented which can capture all entries and deliver appropriate reports as per the need of the hour and as per apropriate financial reporting frame work will go a long way in helping the organisation move forward with full confidence.once properly implemented,a financial system takes care of proper reporting requirements and the finance head monitors and drives his team to deliver as per requirements and for the best of the organisation.One needs to incorporate changes as they appear and financial discipline not to be compromised.Financial reporting standards such USGAAP, IFRS have to be adhered to and complied with

jeff jeffy answered 2 years ago
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