In the operation of companies and organizations, financial statements and management reports play a key role. Although they may seem similar at first glance, they actually serve different purposes — together ensuring transparency and efficiency in business operations.
Financial statements
Annual reports, balance sheets, or income statements – are typically prepared annually or semi-annually. These documents present the company’s or organization’s financial position, results, and assets in a regulated format in compliance with legal requirements.
Who are they for?
- Owners
- Investors
- Creditors
- Authorities
The purpose of financial statements is to provide a comprehensive and reliable picture of a company’s financial performance while ensuring compliance with statutory obligations.
Timely and accurate preparation of corporate financial statements is essential for effective management decision-making.
Management reports
Prepared monthly or quarterly, primarily support the internal operations of a company. These reports can be flexibly tailored to the needs of management, focusing on:
- Supporting management decisions
- Monitoring operational efficiency
- Early identification of problems
- Measuring goal achievement
Management reports enable leadership to respond quickly to changes and proactively steer the company’s direction.
A key distinction between the two is that management reports are designed for daily or operational decision-making and provide quick feedback, while financial statements offer an official, comprehensive overview intended also for external stakeholders.
Together, financial statements and management reports are complementary tools that ensure transparent, compliant, and successful business operations.
With many years of experience, we are fully prepared to assist our clients in preparing both internal and external financial reports.
Who do we recommend this service to?
Our service is primarily recommended for medium and large enterprises that:
- Want to establish reliable financial foundations for management decision-making
- Need to meet international reporting requirements (e.g., IFRS)
- Require accurate and transparent documentation in cases of transformation (merger, demerger, etc.)
Our Financial Reporting and Management Reporting service includes the following activities:
- Preparation of annual financial statements and reports
- Preparation of consolidated financial statements
- Preparation of transformation balance sheets and inventories
- Preparation of IFRS reports and group reports
- Preparation of management reports
- Preparation of custom reports (e.g., profitability analyses)
- Preparation of business plans
Why is the preparation of financial statements and management reports important?
Properly prepared financial statements and management reports:
- Support transparent operations
- Build investor confidence
- Provide a basis for strategic decision-making
- Offer feedback on daily, weekly, or monthly performance
- Enable early identification of potential issues
- Comply with applicable accounting and IFRS regulations
Up-to-date and comprehensive information on accounting changes
Our accounting team provides regular newsletters to inform clients about legislative changes, official interpretations, and practical accounting updates — supporting accurate planning and financial compliance.
Our company’s experts regularly publish on our blog.
