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How to present financial data for management?

 

 It is a document for presenting financial data for management in an analytical manner about the company's expenses and includes the balance sheet, income statement and statement of cash flows. The financial report is analysed by financial analysts, business managers, boards of directors and investors, and the financial report is divided into several sections: a daily report, a weekly report, or a monthly report or an annual report, and the duration of the report is determined according to the need for it when presenting financial data for management. The financial report aims to reach the appropriate financial decisions to invest the company's financial resources to achieve its goals and contribute to its development through presenting financial data for management.

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 Preparing to write the financial data in order to presenting financial data for management 

• When presenting financial data for management, select the time frame. Before you begin, you'll need to specify the time period your financial report will cover. Most financial reports are prepared quarterly and annually, although there are also some companies whose financial reports are prepared on a monthly basis.
• When presenting financial data for management you should determine the time period within which your financial report should be prepared, review government documents for your organization, such as regulations, founding charter, or incorporation contract. These documents often describe how to prepare financial reports.
• When presenting financial data for management, ask the CEO of your organization about the usual approach expected to prepare the reports in that organization.
• When presenting financial data for management and if you are the current CEO in the organization, estimate for yourself the appropriate time to prepare financial reports that are useful to you and choose it as a specific date for your financial report.
• When presenting financial data for management, review your account books. You will then need to ensure that all data in the books of accounts is up to date and properly recorded. Your financial reports will be of no use to its owners in case the existing accounting data is incorrect. For example, make sure that all paid and received accounts are already prepared and that the bank reconciliation is complete and that all inventory purchases and product sales are recorded.
• When presenting financial data for management, you will also need to consider any liabilities not recorded at the reporting date.
• When presenting financial data for management, collect any missing information. If, while reviewing your books of accounts, you discover any missing information, track any relevant documents you will need to confirm your financial reports are complete and correct.

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 Considerations in preparing financial reports in order to presenting financial data for management 

• When presenting financial data for management, determine the type of report: to know its criteria, its specific features, and its purpose.
• When presenting financial data for management, you should be willing to write: dividing the tasks required to write the team, determining the responsibility of each of the contributors in preparing it, and determining the time set for the completion of each sub-task.
• Initial preparation: includes monitoring the performance of team members and progress in achieving the desired tasks.
• Preparing the draft report in order to presenting financial data for management: meaning assembling and coordinating linguistically and technical parts of the report, and reviewing and evaluating it.
• Presenting financial data for management in its final version: It is the preparation of the final version of the report after applying the notes referred to in the previous stage.

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 Types of financial reports used in presenting financial data for management 

• Trend Report: It includes the results of similar financial activities during a specific period of time. It reviews the results of similar activities in the past with the aim of supporting the ability to predict its future direction.
• Analytical report: It is the purposeful report to compare similar financial activities.
• Gains and losses report: It is a brief report that shows the profits and losses of the organization during a specific time period.
• Cost report: Shows data on the cost of carrying out a specific task, such as developing something or making adjustments.
• Periodic report: It is prepared regularly at specified time periods.
• A non-periodic report: it is prepared to deal with a specific opportunity or problem.
• Monthly Report: Evaluates the financial situation for each month.
• Quarterly Report: Submitted every three months.
• Mid-term report: Refers to the semi-annual report.
• Annual report: final evaluation for the year.
• Progress report: It includes financial statements about activities executed during a specific period of a specific project, spending plan, and obstacles.
• Final report: means preparing a final financial report for each project.

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 The objective of preparing the financial report for presenting financial data for management 

The financial report for presenting financial data for management aims to enhance the capabilities of investors to take financial decisions to invest financial resources in the correct way through the analysis of accounting data to achieve its goals and development, in addition to monitoring and evaluating the work of employees and the company's work, documenting work, and improving the ability to combat the financial obstacles facing the company without giving an opinion , And offer alternatives and solutions to a problem. The financial report is an effective way to communicate between administrative levels, support the ability to plan effectively, and assist the company in planning future activities.

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 Presenting financial data for management for decision making: 

When presenting financial data for management for decision making, the main purpose of the financial data is to provide sound data that enable good decision making. A good decision making process should be based on accurate financial data. Since the decision making process is of great influence on the company wellbeing. Thus, decision making process should involve the availability of accurate data. In addition to that, decision making also involve the ability to understand the presented data to enable good decision making. That said, the decision making process in case of bad financial data will result in bad outcomes of the decision making process for the management.

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With greetings: Al - Manara Consulting to help researchers and graduate students