Today's reporting function has moved beyond simple financial reporting into a more structured yet flexible accumulation of general information that can be used to support rapid and accurate business decision making. Emphasis should also be placed on determining why something happened and ensuring that appropriate corrective action is initiated.
Corporate reporting must be designed to provide timely, accurate and meaningful information regardless of destination of the data that will allow management to make decisions and take appropriate action. Understanding the business model and then developing the proper reporting requirements are keys to success.