Financial Reporting

n.

Pronunciation

/fəˈnænʃəl rɪˈpɔrtɪŋ/

Definition

A process that may leverage a taxonomy in order to track the monetary aspects of a business and is an important aspect of Enterprise Resource Planning and Enterprise Information Management.

Hierarchies may be used for financial analysis and reporting including income sheets and balance reporting. For this reason caution is required, as misclassing and multiclassing may lead to double counting. This illustrates why taxonomy design should consider all users within an enterprise, as all processes and entities inform one another.

Category

Methodology, Process

Related Terms

Business Intelligence, Business User, Enterprise Information Management, Enterprise Resource Planning

Product Information Encyclopedia

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