Advocating for Precision in Financial Reporting
In the world of finance, accuracy and clarity are important. It includes every accurate decimals point. Ensuring precision in financial reporting is not just a best practice , it’s a fundamental necessity . As we reach the importance of precise financial reporting we clear up the significant impact it has on the overall health of the business or an organization. In this paper, it is our mission to solve the issue or problem regarding “inaccurate financial reports “ and we aim to empower accurate numbers and turn financial reports into a strategic compass for success. We choose this issue because as ABM learners , we certainly know that our specific professional track is relating to finance and accounting , In that case we figured out that one of the problems faced in accounting and Finance field is inaccurate financial report. Therefore , as we open this topic , join us on this journey to advocate for the attention to detail and transform financial reports into invaluable tools for informed and strategic financial management. It’s time to embrace precision , make informed decisions and excellent financial reports.
Our mission is clear: to make financial reporting crystal clear and trustworthy. Our advocacy extends beyond money, it's about creating awareness and understanding.
By achieving precise reporting practices, we want to build confidence in financial statements, support informed decision-making, and contribute to a stable financial system. Through education and collaboration, we aim to highlight the importance of accuracy, promote adherence to standardized guidelines, and encourage a culture of integrity within the financial community. Together, we can emphasize the positive impact of precise financial reporting on businesses, investors, and the economy. This advocacy seeks to instill a culture of integrity and accuracy within the financial community as we adopt this approach for us future accountants.
As an ABM learner and aspiring to be in the Accounting and Finance field , It is important for us to ensure the accuracy of every document we are holding , including every financial document, specifically all the financial reports. Financial reporting accuracy is all about ensuring reliability in financial information. It is significant for stakeholders like investors, regulators, and management of the company. Inaccurate reporting can lead to misinformed decisions, damage investor confidence, and hinder a company's ability to secure funding. It may also result in legal consequences, harming the company's reputation and overall financial health.
Steps to Achieve Our Goal:
Know the Rules:
Get familiar with the rules. Understand the accounting standards and requirements that apply to your area.
Clear Steps:
Make things clear. Create strong financial reporting steps, outlining who does what, from collecting data to finishing reports.
Keep Control Inside:
Protect against mistakes or tricks. Use internal controls, like dividing tasks and checking things regularly.
Use Good Software:
Invest in good computer programs. Get accounting software that does math for you, making fewer mistakes.
Keep Learning:
Keep your team up to date. Make sure they know the accounting rules with regular training and learning.
Check the Numbers:
Look closely at the numbers. Use checks to find mistakes or odd things early in reporting.
Write It Down:
Keep a record of everything. Write down all the steps you take in financial reporting to make sure everyone does things the same way.
Compare and Fix:
Check numbers often. Compare what you have with what others say to find and fix mistakes.
These Tips Help Companies Get Accurate Financial Reports:
Get Outside Help:
Ask others to check. Get people from outside to look at your financial reports sometimes.
Protect Data:
Keep information safe. Use ways to stop people who shouldn't see financial data from looking at it.
Always Get Better:
Keep improving. Change your financial reporting ways when things need to be better, based on what people say and new ways of doing things.
Talk About Problems:
Share problems when they happen. Make a culture where talking about problems in the finance team helps solve them quickly.
Practice for Changes:
Test things out. Try different situations to see how they change the numbers, making sure your reports can handle changes.
Boss Checks In:
Have your boss check. Make time for the boss to look at how well the finance team is doing and find ways to do better.
Good Data Matters:
Use good information. Make sure the numbers you use are right and don't have mistakes, so your reports are accurate.
Quick Reports:
Show numbers quickly. Share financial information fast so that people who use it can make decisions with the newest data.
Tell Everything:
Share all the details. Make sure to tell people using your financial reports everything they need to know, so they have all the information.
Boss Leads the Way:
Let the boss lead. Make sure the boss is actively involved in checking and improving financial reports.
Always the Same:
Keep things the same. Use the same rules and ways of doing things over time, so that your financial reports can be compared easily.
Share What's Needed:
Tell what matters. Make sure to share information that's important and needed for people who read your financial reports.
Use Good Tools:
Get good computer programs. Use modern technology to do calculations and reduce mistakes in your financial reports.
These steps and recommendations can help us future accountants become familiarized for our future job.
As we start with this advocacy, every member of this project has a goal and purpose, which is is to lessen the burden and problem or issue in account, there is no much budget required or needed in accomplishing this project, we just need the people's cooperation to be more aware in this issue.
If you have any questions or concerns regarding to advocacy, you can message or contact us on the following:
Fullname: Dawn Pizarro
E-mail: dawnpizarro9@gmail.com
Contact Number: 09357523641
Fullname: Angel Dayne Flandez
E-mail: angel03flandez@gmail.com
Contact Number: 09651227330
Fullname: Jherick Pimentel
E-mail: Pimenteljherick@gmail.com
Contact Number: 09153146738
Fullname: Karry Gade Tugade
E-mail: ghedkarrygade@gmail.com
Contact Number: 09531991307
Fullname: Krizza Lorraine Rabanal
E-mail: krisaloreyn@gmail.com
Contact Number: 09754115006
Full name: Ruby Ann Rabara
Email: Rubyannrabara919@gmail.com
Contact Number: 09531688110
ADVOCACY MAKER:
LEADER: Pizarro, Dawn
MEMBERS: Rabara, Ruby Anne
Macapas, Alison
Flandez, Angel
Tugade, Karry Jade
Rabanal, Krizza
Pimentel, Jherick
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