The Annual Financial Management Cycle
The Annual Financial Management Cycle
The annual management cycle affects the type and status of information that the manager is expected to use. Some operating information is raw that is unadjusted. When the same information has passed further through the system and has been verified, adjusted and balanced, it will usually vary from the initial raw data.
Daily and Weekly Operating Reports: the purpose of such daily and weekly reports is to provide immediate operating information to use for day-by-day management purposes.
Quarterly Reports: the purpose of such quarterly reports is to be used as milestones. A common milestone is a quarterly budget review.
Annual Year-End Reports: covers the full 12 months reporting period or fiscal year. The primary purpose of such reports is for reporting the operations of the organization for the period to outsiders, or third parties.
