External: Annual Reports (Balance Sheet, Income Statement, Cash flows) Directors’ Report Audit Report of External Auditor Quarterly reports Statutory Reports (Registrar of Companies, Tax Authorities – Income Tax, VAT)
Internal Management Information System to facilitate decision making) Costing Records for pricing Sales and Debtors records to facilitate collection Purchase and Creditor records to facilitate prompt payments Salary records for salary payments and increments
Internal Board of Directors Management Team Functional Managers
External: Annually, half-yearly and quarterly depending on the statutory requirements Internal: Everyday and at regular intervals as and when required by the user
Very strong and competent Finance and Accounting team High quality and very accurate accounting system (either manual or computerized) Prompt data entry system to deliver accuracy Quick and decentralized decision making system. Could be written or oral
Transparency Accuracy and Reliability Comparability (year on year basis and within the industry) Decision Supporting Abilities Adaptability to dynamic business environments
Good marketing tool for products Better Goodwill and image for the company Faster and accurate decision making ability Better stock market performance Higher investor confidence Better compliances and hence lower complication with the Government Agencies.