Financial Reports generated by a Professional Accountant are much more representative and accurate than those created by a bookkeeper using only accounting software to compile financial data based on the information provided.
This is because of the overall standards and experiences of Professional Accountant which play a significant role in the process of preparing financial reports.
Some advantages that Financial Reports provide to stakeholders are highlighted as follow:
- Reviewing and modifying journal entries which are prepared by the bookkeeper
- Scanning the accounts in order to observe any errors or missing information from the accounts
- Utilizing the corporate tax returns to ignore any overpaid corporate taxes due to overstated income