Definitions of Reports

• A fiscal report is a financial document that presents a company's finances and budget at the end of a given fiscal period. The report is a tool that financial planners and business executives can use to develop the company, cut excessive spending and eliminate large liabilities. A managerial report is a document written by the manager of a given department to inform the owner or the board of executives of any major changes or progress made in the department.
  
  

Purpose of Reports

• The purpose of both reports is to inform business executives about specific information regarding internal business operations. The fiscal report informs executives how well the budget is operating by providing specific figures and data regarding expenses and earnings and the current status of assets and liabilities. A managerial report, on the other hand, informs executives how well the department progresses on set tasks, the immediate need for new employees and a general prediction of what the department needs in the near future.
  
  

Uses of Reports

• Once these reports land on the table of business executives, the executives analyze the content to determine whether immediate action is needed. If the fiscal report indicates the business is spending money it is not earning back, the executives set up a budgeting meeting to address any issues or implement any changes necessary to balance the budget. If a managerial report reveals a department is not functioning to its potential, the executives speak with the manager to identify steps or actions that can improve the functions within the department.
  
  

General Content

• A fiscal report outlines the assets and liabilities currently in the company's name. The report also includes a detailed budget and specific figures pertaining to the spending and earnings of the business. It is a combination of numbers and text. A managerial report has a specific purpose, which means it includes a scope, a set of objectives, a discussion of the issues outlined in the scope and suggestions of how these issues can be solved.