The need for greater business transparency has become more pressing over the past few years, as stakeholders and regulators alike have demanded access to more information about various aspects of operations.
As a result, many companies have had to reconsider their operations and have adopted new ways to automate reporting procedures in a bid to easily combine data from across the company and present a thorough picture of their financial information, Financial Reporter website notes.
An integrated approach to reporting can help the business focus on what is necessary to ensure sustainable economic development in the long term. It makes it easier to set goals and to monitor processes, eventually leading to a change in the entire reporting process. These developments are already taking place in many companies and are likely to transform the way financial reporting is seen in the future, the website commented.
It is obvious that these days reporting should not rely solely on financial results. By expanding the scope beyond financial performance, businesses can benefit in a number of ways. Integrated reporting, for example, can support better decision-making. A broader view into business adopted by every single department of the company could highlight its integrity and common goal. This can subsequently be incorporated in marketing materials and presented to consumers and stakeholders as a clear and transparent representation of what the company stands for, Financial Reporter explained.