During the accounting cycle, Organize and, Accountants track record the financial dealings of a company. At the conclusion of accountants use, Each period the information they ve gathered to prepare financial statements. Statements of, Income statements capital, Balance sheets and cash, Flow statements are four common types of financial reports. Today every organization requires financial reporting services. Reporting on financial matters and analysis has become crucial for all businesses today because financial reports are necessary to assess a firm's financial performance. Businesses must know and understand how their organization has fared in a particular financial year. Financial reporting and analysis is a practice which is conducted by every organization or business to analyze and assess the organization’s financial performance in the previous financial year. Financial reports would give the organization an analysis of how the organization performed. An organization can find out if its performance was excellent, Good, Satisfactory or poor by utilizing assistance from of effective financial reporting services.