Promptness is submitting a report is an essential element of a good report. The reports should be sent at the earliest. These are required for studying the progress and performance of various departments. A considerable delay in the occurrence of an event and reporting of the same will defeat the purpose of reporting. Information delayed is information denied. The quick supply of reports will enable the management to take corrective measure at the earliest. The reports are to be based on information; the promptness in reporting will depend on quick collections of facts and figures. Following steps may help in quick reporting such as a proper record-keeping system should be introduced in the organization to meet various informational needs, to avoid clerical errors, mechanized accounting should be used and the accounting work should be centralized to avoid bottlenecks in collecting information’s.

Some of the important points to be taken into account while preparing a report. The main points are the report should be given a proper title, headings, sub-headings and paragraph divisions. The title will explain the purpose for which the report has been prepared the title also enables to point out the persons who need the report. A production report may be titled as productive report for the month of April 2010. The title explains the purpose and period of preparing the report. If statistical figures are to be given in the report then only significant figures and totals should be made a part of it. the report must contain the date of its preparation and date of submission.

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A report is vehicle carrying information to those who need it. A report is prepared by putting in labour by the executives. The usefulness of the report will depend upon its quality and the way in which it has been communicated. A report should be prepared in a way it serves the purpose and presented at a time when it is needed. Good reporting is thus essential for effective communication. A good report should have the following requisites such as good form and content, simplicity, promptness, relevancy, consistency, accuracy, controllability, cost consideration, comparability and frequency of report. In this Cost consideration means that the cost of preparing and presenting the report should also be considered.

Reports may be presented in a number of ways. The method of reporting may depend upon the nature of information to be conveyed, the volume of data or information to be given or the media available for communications. Following methods of reporting may be used such as written reporting, graphic reporting, and oral reporting. In written reports number of written reports may be sent to the different levels of management. These reports may be as formal financial statements, tabulated information and according ratios. In this formal financial statement may deal with any or some of the following points such as actual figures against the budgeted ones and comparative accounting statements giving information at different periods of time.

The process of providing information to the management is known as ‘management reporting’. The reports are regularly sent to various levels of management so as to enable in judging the effectiveness of their responsibility centres. These reports also become a base for taking corrective measures, if necessary. According to Anthony and Reece, “reports on what has happened in a business, are useful for two general purposes which may be called information and control, respectively”. Information reports are useful to tell management what is going on. Control reports, on the other hand, are useful in assessing personal performance and economic performance. Reporting is not equivalent to communication. Communication is both downward and upward decisions are communicated to lower levels and reactions of lower levels are communicated to top level management.

The reports are prepared and written to serve the following purpose such as means of communication, serve as record, legal requirements, to develop public relations, basis to measure performance and control purpose. In this means of communication stands that reports are means of upward communication. It is a communication from someone who has the information to someone who needs that information for carrying out functions of management. Reports provide information to executives, government agencies, shareholders, creditors, customers or general public. Then serve record means that reports provide valuable records for future reference. Reports record facts and results of investigations. The facts can be of great importance in future. Development of public relations means that the Reports of general progress of business and utilization of national resources to public help in increasing the good will and developing public relations.

Financial accounts are prepared to find out profitability and financial position of the concern. These reports are useful for outsiders like bankers, investors, shareholders, government agencies etc., these reports are prepared not only for the benefits of the concern but also for outsiders. Management accounting reports are meant for internal use only. These are prepared for the benefit of different levels of management. Financial reports such as profit and loss account and balance sheet are prepared for a specific period and on a particular date. On the other hand there is no such binding for preparing management accounting reports. The main idea for preparing these reports is to enable the management to have a view about the position of the concern and no consideration is given to the period.

Finance is the life blood and nerve centre of a business, just as circulation of blood is essential in the human body for maintaining life, finance is a very essential to smooth running of the business. it has been rightly termed as universal lubricant which keeps the enterprise dynamic. No business, whether big, medium or small can be started without an adequate amount of finance. Right from the very beginning that is conceiving an idea to business, finance is needed to promote or establish the business, acquire fixed assets, make investigations such as market surveys, etc., develop product, keep men and machine at work, encourage management to make progress and create values.