A good reporting system has a proper flow of information. The information should flow from the proper place to the right levels of management. The information should be sent in the right form and at a proper time so that it helps in planning and co ordination. The frequency of report will depend upon the nature of report, the types data require for preparing the information and cost involved in preparing such report. The flow of reports should be such that it does not cause delay in taking decision. The report should flow at regular intervals so that informational needs of different managerial levels are met at proper time. Flow of information is a continuous activity and affects all levels of the organization. Information may flow upward, downward or sideways within an organization.

Since reports are used as a controlling device so they should be presented at the earliest or immediately after the happenings of an event. The time require for the preparation of the report should be reduced to the minimum for routine reports the period should be known and strictly adhered to. It will be a waste of time and effort to prepare information which is too late to be of any use. The absence of information when needed will either mean wrong decisions or deferment of decision on matters which may be urgent in nature. Basis of comparison is the information supplied through reports will be more useful when it is supplied in comparison with past figures, standards set or objective lied down.

Junior level management consists of foremen or sectional in charges. They are responsible for the actual execution of policies. They are in touch with the day today performance of their sections. They get daily reports from their juniors. Junior level management prepares and sends regular reports to middle level management. Reports for foremen may include these things labour utilization report and causes lost time, workers efficiency report, scrap report, actual shop expenses against budgeted expenses; maintenance cost reports etc., they have to follow the reporting system. The reporting system involves all levels of management. The report originates from junior levels of management and go up to top level management, consisting of board of directors.

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The reports may be classified into some categories such as external reports, internal reports, enterprise reports, control reports, investigative reports, routine reports, special reports, operating reports and financial reports. The external reports meant for persons outside the business are known as external reports. Outsiders interested in company reports may be shareholders, creditors or bankers. Though the company may not be answerable to outsiders but still some reports are meant for outside public. The company publishes income statement and balance sheet at the end of every financial year and these statements are filled with the registrar of companies and stock exchanges. Final statements of account are expected to conform to certain basic details.

Top level management consists of Board of Directors. Top level management is concerned with policy planning and coordinating activities. The goals are set for the organization and policies are devised to achieve these goals. The work of executing Policies is left to the top level management. Periodic report about profit and loss account and balance sheet, statements of funds flow and cash flow at regular intervals, reports on reduction trends and utilization of capacity, periodic reports on sales, credit collection period and selling and distribution expenses, reports about cost of production, A statement on development and research expenditure. The top level management will get maximum number of reports and lower levels will get lesser number of reports.

There are generally, three levels of management and their informational needs are different. Same type of information and in the same form and content may not needed at all the managerial levels. The three levels of management are Top Level Management, Middle Level Management, Lower Level Management or First Level Management. The information to be presented and the method of reporting should meet the specific requirements of various levels of management. The guiding principles for reporting to different levels of management are as follows such as The lower the level of management the more detailed will be the reports and higher the level of management the shorter or summarized will be the reports. The lower level management consisting of foremen, section in charges, supervisors, etc. need more detailed reports because they are concerned with actual execution of work. On the other hand, top management (i.e. Board of Directors) has limited time and needs summarized reports. Sometimes only exceptional matters are reported to this level.

These reports are prepared to provide useful information which will enable planning and policy formation for future. Information reports can take the form of trend reports and analytical reports. Trend reports provide information in comparative form over a period of time .Graphic representations can be effectively used in trend reports. As opposed to trend reports, analytical reports provide information in a classified manner about composition of certain results so that one can identify specific factors in the overall total. These reports provide information about the financial position of the concern on specific dates or movement of finances during a specific period. The balance sheet provides information about the financial position on a particular date. On the hand, cash flow statement provides data about the movement of cash during a particular period. These reports can be either static or dynamic. Balance sheet and other subsidiary reports are examples of static reports; cash flow, fund flow statements and other reports showing financial position as compared to the budgeted are example of dynamic reports.

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