The financial reporting process ensures accuracy and transparency in financial management by collecting data from sources like sales records and bank statements, recording it using double-entry bookkeeping, and classifying it into assets, liabilities, income, and expenses. Summarize the data to prepare key financial statements such as the balance sheet, income statement, and cash flow statement, adhering to accounting standards like GAAP or IFRS. Analyze these statements with ratio analysis and trend analysis, report findings to stakeholders, conduct external auditing for compliance, and distribute the finalized reports digitally to enhance compliance, decision-making, and stakeholder trust.
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