The final stage of the accounting process is reporting.
After all the financial transactions have been recorded and summarized, the next step is to prepare financial statements that provide useful information about the financial performance and position of the business to various stakeholders, such as investors, creditors, and government agencies.
Reporting involves preparing and presenting financial statements, such as the balance sheet, income statement, and cash flow statement, in accordance with accounting principles and standards. These financial statements provide information about the financial health of the business, including its assets, liabilities, revenues, expenses, and cash flows.
In summary, reporting is the final stage of the accounting process, which involves preparing and presenting financial statements that provide information about the financial performance and position of the business.