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Top 10 Financial Reports

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Top 10 Financial Reports Provided by Push Digits Global

There are numerous financial reports that provide valuable insights into the past, present and future financial and economic state of a business. As an owner of a business, having hands on good financial reports can help you to:

  • Run your company more effectively,
  • Analyse operations in a better way,
  • Make timely and appropriate business decisions,
  • Have a clearer picture of the overall financial health of the company,
  • Manage threats and avail opportunities,
  • Eliminate weaknesses and highlight strengths.

For many years, Push Digits Global has been consistently providing accurate and timely financial reports and analysis to various clients from all around the globe as part of its accounting services. These reports have not only complemented our clients’ internal accounting system but have also acted as expert decision making tools in the long run.

Below are the Top 10 Financial Reports that have proved to be most advantageous for Push Digits’ clients and are most essential for every business owner to REVIEW regularly to gain a better understanding of the FINACIAL HEALTH and PERFORMANCE of the company:

1. Balance Sheet

This report summarizes the following:

a) Total Assets current, non-current, intangible

b) Total Liabilities financial obligations

c) Shareholders’ Equity investments and retained earnings

The balances are shown as at a specific point in time which is usually at the end of the year. It provides a clean snapshot of the financial position of the company. This details the economic resources a company owns, owes and the financial sources for the resources.


  • Make informed financial accounting decisions,
  • Identify trends,
  • Help to determine a company’s credit worthiness.

2. Income Statement (Profit and Loss Statement)

This report is referred to as the profit and loss statement (P&L), statement of Operations or statement of Income. This report provides a summary of:

a) Total revenue,

b) Total expenses incurred by a business,

c) The total net profit/loss (net income or loss).

These figures are for a specified period usually a month, quarter or a year.


This report is used by external stakeholders (creditors, investors etc.) as well as internal stakeholders (board of directors, management team etc.). The most viable usage of this report is:

  • To evaluate profitability,
  • Help to assess the risk level for any creditor or investor,
  • Make comparisons between costs and revenue.

3. Cash Flow Statement

The cash flow statement summarizes a business’s:

a) Cash inflows,

b) Cash outflows.

This report takes account of only the cash money activity and does not account for non-cash transactions. The cash flow statement is categorized into three sections:

i) Operating activities section,

ii) Financing activities section and

iii) Investing activities section.


  • Identify cash generating areas of the business,
  • Identify which areas of the business are using up most of the cash,
  • Estimate future cash flow needs,
  • Assist in decision making and budgeting.

4. Bank Reconciliation Report

Bank Reconciliation is a statement or report prepared to match the recorded bank transactions with the bank statement. Depending upon the volume of transactions, the activities of reconciliation are carried out either fortnightly, weekly, or daily.


  • Check the correctness of the recorded entries,
  • To ensure the bank balance accuracy,
  • Check whether the bank related transactions are recorded properly,
  • Helps to detect error in transaction recording.

5. Aged Debtors Report

Aged Debtors Report classifies outstanding accounts receivable balances into groups based on the invoice due date. Following are the typical categories of classification:

a) Current,

b) 1-30 days overdue,

c) 31-60 days overdue,

d) 61-90 days overdue,

e) >90 days overdue.

The main source of short term and long term cash flow problem arises from poorly managed accounts receivables. Delinquent accounts and slow paying customers result in greater cash ties up in the receivables balance and less cash available for investing or running the business.


  • Helps proactively manage the collection procedure of receivables,
  • Create more accountability for the receivables collection person,
  • Assist in identification of past due accounts,
  • Helps in timely initiation of collection procedures.

6. Aged Creditors Report

Aged Creditors Report provides a detail on the amount of cash the company owes to its suppliers and other creditors. It groups the amounts based on the number of days of a particular credit outstanding. It provides a snapshot of the issued invoices by the suppliers for which the payment is still pending. Following are the typical categories of classification:

a) Current,

b) 1-30 days overdue,

c) 31-60 days overdue,

d) 61-90 days overdue,

e) >90 days overdue.


  • Identify credit limits,
  • Understand the amount of money owed at any time,
  • Make an assessment of the longest amounts outstanding,
  • Helps in improvement of cash flow cycle.

7. Report on Financial Ratios

Financial ratios shows the relationships between different financial figures and is used for the comparison purposes. It is used to prepare a comparative analysis of different line items of the financial statements of a business. Different types of financial ratio reports include:

  • Liquidity ratio,
  • Solvency ratio,
  • Profitability ratio,
  • Current ratio,
  • Quick ratio,
  • Sales turnover ratio,
  • Market prospect ratio etc.


  • Determine liquidity of the company,
  • Assess the efficiency of operations,
  • Determine profitability,
  • Estimate direction of future ratio performance from trend lines.

8. Collection Report

This report gives a summarized data of all collected transactions received within a particular range of date. The report contains particulars of the following:

a) Data collected,

b) Collection number,

c) Data paid,

d) Payment mode,

e) Bank,

f) Total amount of money received.

9. AR Days Vs AP Days Report

This report makes a comparison between average number of days a business takes to pay its debts with the average number of days its customers to pay it. This comparison indicates the availability of cash and determination of cash flow cycle for a business. This gives the company a glimpse of changes over time to adjust its operations accordingly.

10. Budget Vs Actual

This report is used to make a comparison of actual results from the profit and loss statement against the amounts that were budgeted at the beginning of the period. This is usually prepared on a monthly basis.


  • Assess how closely the company can meet forecasted revenue and cost projections,
  • Identification of under or over budget areas,
  • Determine business areas not meeting expectations,
  • Make an analysis of strengths or weaknesses.

All these reports are essential for the identification of key performance indicators of a business and help to accurately monitor them over time.

So, for all the additional support and valuable insights, contact Push Digits Global today!



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