{"id":999978363,"date":"2025-09-09T22:35:48","date_gmt":"2025-09-09T15:35:48","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999978363"},"modified":"2026-06-09T13:50:47","modified_gmt":"2026-06-09T06:50:47","slug":"what-is-financial-statement","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/","title":{"rendered":"What is a financial report? Its importance and role in business management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Financial statements (FS) are an indispensable document in business management, providing a clear, comprehensive view of the financial situation, business results and cash flow of the organization. With a central role in the decision-making process, FS support business owners and accountants in evaluating operational efficiency, analyzing payment capacity and forecasting future financial trends. This article will explore with you \u201cwhat is a financial report\u201d, as well as its importance and essential role in business management \u2013 especially useful for business owners and accountants.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#1_Bao_Cao_Tai_Chinh_La_Gi\" >1. What is a Financial Report?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Tinh_phap_ly_cua_Bao_cao_tai_chinh_la_gi\" >What is the legality of Financial Statements?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Yeu_cau_doi_voi_thong_tin_tren_Bao_cao_tai_chinh\" >Requirements for information on Financial Statements:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#2_05_Thanh_Phan_Chinh_Cua_Bao_Cao_Tai_Chinh\" >2. 05 Main Components of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#3_Muc_Dich_va_Vai_Tro_cua_Bao_Cao_Tai_Chinh\" >3. Purpose and Role of Financial Reporting<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#31_Muc_dich_cua_bao_cao_tai_chinh\" >3.1 Purpose of financial statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#32_Vai_tro_cua_bao_cao_tai_chinh_la_gi\" >3.2 What is the role of financial reporting?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#4_Doi_Tuong_Su_Dung_Bao_Cao_Tai_Chinh\" >4. Financial Report Users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#5_Phan_Loai_va_Nguyen_Tac_Lap_Bao_Cao_Tai_Chinh\" >5. Classification and Principles of Financial Reporting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#6_Quy_Trinh_va_Thoi_Han_Nop_Bao_Cao_Tai_Chinh\" >6. Financial Report Submission Process and Deadline<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Quy_Trinh_Lap_Bao_Cao_Tai_Chinh\" >Financial Reporting Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Thoi_Han_Nop_Bao_Cao_Tai_Chinh\" >Financial Report Submission Deadline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Muc_Phat_Khi_Nop_Tre_hoac_Lap_Sai_BCTC\" >Penalties for Late or Incorrect Financial Statement Filing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#7_Vai_Tro_Cua_Bizzi_Trong_Viec_Nang_Cao_Chat_Luong_Bao_Cao_Tai_Chinh\" >7. Bizzi&#039;s Role in Improving the Quality of Financial Reporting<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#71_Tu_dong_xu_ly_hoa_don_doi_chieu_3_chieu_%E2%80%93_Nen_tang_cho_so_lieu_chinh_xac_ngay_tu_dau_vao\" >7.1. Automatic invoice processing &amp; 3-way reconciliation \u2013 The foundation for accurate data right from the start<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#72_Quan_ly_chi_tieu_cong_tac_phi_%E2%80%93_Kiem_soat_ngan_sach_chat_che\" >7.2. Expense &amp; Travel Expense Management \u2013 Tight Budget Control<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#73_Quan_ly_hoa_don_dien_tu_%E2%80%93_Dam_bao_tinh_minh_bach_va_tuan_thu\" >7.3. Electronic Invoice Management \u2013 Ensuring Transparency and Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#74_Quan_ly_cong_no_ARM_%E2%80%93_Chu_dong_dong_tien_va_kiem_soat_rui_ro\" >7.4. Accounts Receivable Management (ARM) \u2013 Proactive cash flow and risk control<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#75_Tich_hop_dong_bo_du_lieu_%E2%80%93_Tang_toc_lap_bao_cao_tai_chinh\" >7.5. Data integration &amp; synchronization \u2013 Accelerate financial reporting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/bizzi.vn\/en\/what-is-financial-statement\/#Ket_Luan\" >Conclude<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Bao_Cao_Tai_Chinh_La_Gi\"><\/span><span style=\"font-weight: 400;\">1. What is a Financial Report?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial statements (FS) are a system of economic and financial information of an enterprise, prepared and presented in accordance with the provisions of the Accounting Law and accounting standards. FS reflects the financial situation, business performance and cash flow, thereby helping managers and stakeholders have a comprehensive view of the current state of the enterprise.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tinh_phap_ly_cua_Bao_cao_tai_chinh_la_gi\"><\/span><b>What is the legality of Financial Statements?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Financial statements are not only a management tool but also have an important legal significance in the enterprise accounting system. This is the basis for the authorities to inspect, monitor and evaluate the transparency of financial activities.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial statements are mandatory legal documents for all businesses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This is an important tool used to present financial information to tax authorities, banks, auditors, investors and government agencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enterprises that fail to submit or submit financial statements late may be subject to administrative penalties according to regulations.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Yeu_cau_doi_voi_thong_tin_tren_Bao_cao_tai_chinh\"><\/span><b>Requirements for information on Financial Statements:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Information in financial statements must meet the following requirements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Honest and reasonable:<\/b><span style=\"font-weight: 400;\"> Accurately reflects the financial performance of the business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Full:<\/b><span style=\"font-weight: 400;\"> Includes assets, liabilities, equity, revenue, expenses, profits and cash flows.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objective and verifiable:<\/b><span style=\"font-weight: 400;\"> No bias, no errors, verifiable by accounting documents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Timely:<\/b><span style=\"font-weight: 400;\"> Prepared in the correct accounting period and submitted on time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Easy to understand:<\/b><span style=\"font-weight: 400;\"> Information is clear and transparent, making it easy for stakeholders to analyze and use.<\/span><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-999978365\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi.jpg\" alt=\"\" width=\"1920\" height=\"1080\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi.jpg 1920w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi-300x169.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi-1024x576.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi-768x432.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi-1536x864.jpg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/bao-cao-tai-chinh-la-gi-18x10.jpg 18w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_05_Thanh_Phan_Chinh_Cua_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">2. 05 Main Components of Financial Statements<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When learning about what a financial report is, businesses need to understand that a complete set of reports usually includes 5 basic components. This is the basis for comprehensively reflecting the financial situation and operating efficiency of the business:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Balance Sheet:<\/b><span style=\"font-weight: 400;\"> Provides an overview of assets, liabilities, and equity at a specific point in time. It is a measure of solvency and financial safety.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Income Statement:<\/b><span style=\"font-weight: 400;\"> Reflects revenue, expenses and profits during the period. Through this report, managers can evaluate business performance and make timely adjustment decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/bizzi.vn\/bao-cao-luu-chuyen-tien-te-la-gi\/\">Cash flow statement<\/a> (Cash Flow Statement):<\/b><span style=\"font-weight: 400;\"> Presents details of a company&#039;s cash inflows and outflows, classified by operating, investing and financing activities. This is an important tool for monitoring cash generation and ensuring liquidity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Notes to the Financial Statements:<\/b><span style=\"font-weight: 400;\"> Explain in detail the accounting indicators, policies and specific issues that are not clearly shown in the data. This section helps increase the transparency and reliability of the report.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Statement of Changes in Equity:<\/b><span style=\"font-weight: 400;\"> Record changes in equity during the period, including retained earnings, dividends, or changes due to issuance of additional shares.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding and fully analyzing these 5 components will help business owners and accountants have a comprehensive view, thereby creating sustainable management and development strategies.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-999978367\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi.jpg\" alt=\"\" width=\"1920\" height=\"1080\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi.jpg 1920w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi-300x169.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi-1024x576.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi-768x432.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi-1536x864.jpg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/thanh-phan-chinh-cua-bao-cao-tai-chinh-la-gi-18x10.jpg 18w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Muc_Dich_va_Vai_Tro_cua_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">3. Purpose and Role of Financial Reporting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Through clearly and transparently presented figures, financial reports help businesses shape strategies, control risks, and build trust with regulators, investors, and partners. It can be said that this is the \u201cfinancial language\u201d that any business needs to operate sustainably and develop in the long term.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"31_Muc_dich_cua_bao_cao_tai_chinh\"><\/span><span style=\"font-weight: 400;\">3.1 Purpose of financial statements<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Financial statements aim to provide comprehensive information on the financial situation, business performance and cash flows of an enterprise. This is an important tool to meet the economic decision-making needs of many subjects such as business owners, accountants, management agencies or investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Important information includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assets, liabilities and equity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue, expenses and profits (profit \u2013 loss)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash inflows\/outflows during the accounting period<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"32_Vai_tro_cua_bao_cao_tai_chinh_la_gi\"><\/span><span style=\"font-weight: 400;\">3.2 What is the role of financial reporting?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">What is the role of financial reporting? This is the foundation that helps businesses better manage resources, control risks and increase transparency in business operations.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Support accurate financial decision making: <\/b><span style=\"font-weight: 400;\">Allows managers to detect trends, monitor business performance and make timely adjustments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Effective debt management: <\/b><span style=\"font-weight: 400;\">Provides clear visibility into assets and liabilities, thereby optimizing debt management and cash flow balance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simplify tax procedures: <\/b><span style=\"font-weight: 400;\">Accurate reporting helps minimize errors in declarations, limit risks and reduce tax burden for businesses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ensuring legal compliance &amp; financial transparency: <\/b><span style=\"font-weight: 400;\">Contribute to ensuring that businesses comply with accounting and tax regulations, while enhancing reputation and building trust with investors, banks and related parties.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-999978366\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh.jpg\" alt=\"\" width=\"1920\" height=\"1080\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh.jpg 1920w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh-300x169.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh-1024x576.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh-768x432.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh-1536x864.jpg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/09\/muc-dich-va-vai-tro-cua-bao-cao-tai-chinh-18x10.jpg 18w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Doi_Tuong_Su_Dung_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">4. Financial Report Users<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Users of Financial Statements are divided into two groups:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Internal business subjects<\/b><span style=\"font-weight: 400;\"> Business owners, management and accounting departments are the direct users of financial reports. Business owners need to understand what financial reports are to evaluate profits and losses, capital efficiency and plan development strategies. Management relies on data to control operations and optimize costs, while accounting departments and financial managers are responsible for preparing and analyzing reports, ensuring transparency and compliance with regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>External entities<\/b><span style=\"font-weight: 400;\"> Financial statements are also of particular interest to investors and shareholders. Investors and shareholders use them to assess returns and risks; banks and suppliers use them to assess solvency; tax and statistical authorities use them to monitor obligations and compile macroeconomic data; auditors look for accuracy; and employees look for financial health to ensure their income and welfare rights.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"5_Phan_Loai_va_Nguyen_Tac_Lap_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">5. Classification and Principles of Financial Reporting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When learning about what financial statements are, businesses need to clearly understand the classification methods as well as the principles of preparation to ensure transparency and compliance with legal regulations.<\/span><\/p>\n<p><b>Classification of financial statements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>According to the content:<\/b><span style=\"font-weight: 400;\"> Including consolidated financial statements (applicable to parent companies and subsidiaries) and separate financial statements (for each independent enterprise).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>By time: <\/b><span style=\"font-weight: 400;\">Including annual financial reports (mandatory by law) and interim financial reports (quarterly or semi-annually, to provide more updated information to investors and regulators).<\/span><\/li>\n<\/ul>\n<p><b>Principle <a href=\"https:\/\/bizzi.vn\/huong-dan-cach-lap-bao-cao-tai-chinh-excel-cho-nguoi-moi-bat-dau\/\">financial reporting<\/a>:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accrual basis: <\/b><span style=\"font-weight: 400;\">Revenues and expenses must be recorded as they arise, regardless of when the money is actually received or paid.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Continuous operation:<\/b><span style=\"font-weight: 400;\"> The report is prepared on the assumption that the business will continue to operate normally for the foreseeable future.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consistent and material: <\/b><span style=\"font-weight: 400;\">The presentation style should be consistent across periods, while emphasizing and clarifying key information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Comparable: <\/b><span style=\"font-weight: 400;\">Data should be organized and presented in a consistent manner between periods to help managers and investors easily track fluctuations.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding the classification and principles of financial reporting not only helps businesses comply with regulations, but also increases transparency and creates trust with shareholders, partners and regulators.<\/span><\/p>\n<p><b><i>&gt;&gt; See more: <\/i><\/b><a href=\"https:\/\/bizzi.vn\/cach-lam-bao-cao-tai-chinh-nhanh-va-chuan\/\"><b><i>Detailed Instructions on How to Make a Quick and Standard Financial Report in 2025 \u2013 Bizzi<\/i><\/b><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"6_Quy_Trinh_va_Thoi_Han_Nop_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">6. Financial Report Submission Process and Deadline<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial reporting is not only a legal obligation but also a tool to reflect the health of the business. Understanding the process and deadlines helps businesses comply with regulations, avoid risks and improve financial transparency.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Quy_Trinh_Lap_Bao_Cao_Tai_Chinh\"><\/span><b>Financial Reporting Process<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The process of preparing financial statements includes the following basic steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Arrange documents<\/b><span style=\"font-weight: 400;\">: Collect, check and classify invoices, vouchers, contracts, accounting journals to ensure validity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accounting for arising transactions<\/b><span style=\"font-weight: 400;\">: Fully record all economic transactions arising in accounting books according to standards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data classification and synthesis<\/b><span style=\"font-weight: 400;\">: Clearly classify items such as assets, liabilities, revenue and expenses; then summarize to prepare a report.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>End of period<\/b><span style=\"font-weight: 400;\">: Transfer necessary indicators on business results and undistributed profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prepare financial statements<\/b><span style=\"font-weight: 400;\">: Complete required forms including balance sheet, income statement, cash flow statement and notes to financial statements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Submit financial statements<\/b><span style=\"font-weight: 400;\">: Submit reports to tax authorities, statistical agencies, business registration agencies and other management agencies as prescribed.<\/span><\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Thoi_Han_Nop_Bao_Cao_Tai_Chinh\"><\/span><b>Financial Report Submission Deadline<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The deadline for submitting financial statements depends on the type of business:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Private enterprise, partnership<\/b><span style=\"font-weight: 400;\">: Submit within 30 days after the end of the fiscal year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Other enterprises (non-state)<\/b><span style=\"font-weight: 400;\">: Submit within 90 days after the end of the fiscal year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>State-owned enterprise<\/b><span style=\"font-weight: 400;\">: Submit within 30 days from the end of the fiscal year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Parent company, state-owned corporation<\/b><span style=\"font-weight: 400;\">: Submit within 90 days.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consolidated financial statements<\/b><span style=\"font-weight: 400;\">: Submit within 90 days and make public no later than 120 days after the end of the fiscal year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enterprise separation, merger, conversion, dissolution<\/b><span style=\"font-weight: 400;\">: Submit within 45 days from the date of decision.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Muc_Phat_Khi_Nop_Tre_hoac_Lap_Sai_BCTC\"><\/span><b>Penalties for Late or Incorrect Financial Statement Filing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If a business makes incorrect or late submission of financial reports, it may be subject to administrative penalties from <\/span><b>5 million to 50 million VND<\/b><span style=\"font-weight: 400;\"> depending on the severity of the violation. In addition, serious violations can affect the reputation and ability to borrow capital, audit or call for investment capital of the enterprise.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"7_Vai_Tro_Cua_Bizzi_Trong_Viec_Nang_Cao_Chat_Luong_Bao_Cao_Tai_Chinh\"><\/span><span style=\"font-weight: 400;\">7. Bizzi&#039;s Role in Improving the Quality of Financial Reporting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Accurate, transparent and timely financial reporting is the foundation for businesses to manage cash flow, evaluate operational efficiency and make strategic decisions. However, reality shows that many businesses, especially SMEs, encounter common difficulties such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Errors in manual data entry lead to inaccurate figures.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The process of controlling invoices and documents is cumbersome and time-consuming.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lack of timely information to make timely financial decisions.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Compliance risks when working with tax and audit authorities.<\/span><\/li>\n<\/ul>\n<p><b>Bizzi<\/b><span style=\"font-weight: 400;\"> born as one <\/span><b>smart AI assistant<\/b><span style=\"font-weight: 400;\"> dedicated to the accounting and finance department, helping <\/span><b>automate accounting processes<\/b><span style=\"font-weight: 400;\">, minimize risks and optimize resources. With an ecosystem including <\/span><b>expense &amp; travel management, invoice processing &amp; 3-way reconciliation, debt management, capital connection platform and multi-system integration platform<\/b><span style=\"font-weight: 400;\">, Bizzi plays an important role in improving the quality of financial reporting through 5 main aspects:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"71_Tu_dong_xu_ly_hoa_don_doi_chieu_3_chieu_%E2%80%93_Nen_tang_cho_so_lieu_chinh_xac_ngay_tu_dau_vao\"><\/span><span style=\"font-weight: 400;\">7.1. Automatic invoice processing &amp; 3-way reconciliation \u2013 The foundation for accurate data right from the start<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Processing invoices and data from invoices is the first and most important step to ensure <\/span><b>Financial statements accurately reflect the actual financial situation<\/b><span style=\"font-weight: 400;\">Bizzi supports businesses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automatically download and process invoices<\/b><span style=\"font-weight: 400;\"> from multiple sources: email, ERP systems, suppliers or online trading portals, reducing 90% of manual operations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Smart reconciliation with PO (Purchase Order) and GR (Goods Receipt):<\/b><span style=\"font-weight: 400;\"> Check the validity of invoices before posting, helping to detect discrepancies or fraud immediately.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Detect and eliminate error risks:<\/b><span style=\"font-weight: 400;\"> The system warns of duplicate invoices, unusual values, or tax rate errors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ensure data accuracy right from the start:<\/b><span style=\"font-weight: 400;\"> Minimize errors in final reporting steps, saving time on checking and editing.<\/span><\/li>\n<\/ul>\n<p><b>\u2192 Results:<\/b><span style=\"font-weight: 400;\"> Final financial statements are prepared on the basis of accurate, transparent and verifiable data.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"72_Quan_ly_chi_tieu_cong_tac_phi_%E2%80%93_Kiem_soat_ngan_sach_chat_che\"><\/span><b>7.2. Expense &amp; Travel Expense Management \u2013 Tight Budget Control<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One of the reasons why financial reports lack transparency is <\/span><b>Internal spending is not controlled in time<\/b><span style=\"font-weight: 400;\">. Bizzi provides solutions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Set up a budget at multiple levels:<\/b><span style=\"font-weight: 400;\"> Businesses can allocate budgets according to <\/span><b>department, project or individual<\/b><span style=\"font-weight: 400;\">, ensure spending according to plan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Track spending in real time:<\/b><span style=\"font-weight: 400;\"> All expenses such as business travel, entertainment, or internal purchases are updated as they occur.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automatic data synthesis and analysis:<\/b><span style=\"font-weight: 400;\"> Compare actual costs with approved budget, provide visual reports to management.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transparent and timely data:<\/b><span style=\"font-weight: 400;\"> Helps accountants have an accurate basis when accounting and preparing financial statements.<\/span><\/li>\n<\/ul>\n<p><b>\u2192 Benefits:<\/b><span style=\"font-weight: 400;\"> Businesses control costs more effectively, avoiding loss or overspending.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-999977053\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1.jpg\" alt=\"\" width=\"1920\" height=\"1080\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1.jpg 1920w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1-300x169.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1-1024x576.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1-768x432.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1-1536x864.jpg 1536w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/07\/bizzi-3-way-matching-1-18x10.jpg 18w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"73_Quan_ly_hoa_don_dien_tu_%E2%80%93_Dam_bao_tinh_minh_bach_va_tuan_thu\"><\/span><b>7.3. Electronic Invoice Management \u2013 Ensuring Transparency and Compliance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/bizzi.vn\/hoa-don-la-gi-quy-dinh-xuat-hoa-don-tai-viet-nam\/\">Bill<\/a> is an important legal basis for financial reporting and tax declaration. Bizzi supports businesses in comprehensively managing electronic invoices:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automatically issue standard invoices as required:<\/b><span style=\"font-weight: 400;\"> B-invoice helps to create and send invoices quickly, meeting format and legal requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Convenient storage and retrieval:<\/b><span style=\"font-weight: 400;\"> Invoices are stored scientifically, easy to search by contract, customer or time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ensure revenue is recorded accurately:<\/b><span style=\"font-weight: 400;\"> All transactions are transparent, minimizing tax and audit risks.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Reduce the risk of legal penalties:<\/b><span style=\"font-weight: 400;\"> Invoices are stored and managed in accordance with tax authority regulations.<\/span><\/li>\n<\/ul>\n<p><b>\u2192 Meaning:<\/b><span style=\"font-weight: 400;\"> Help financial statements reflect <\/span><b>Eligible revenue and expenses<\/b><span style=\"font-weight: 400;\">, increasing confidence from investors and regulators.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"74_Quan_ly_cong_no_ARM_%E2%80%93_Chu_dong_dong_tien_va_kiem_soat_rui_ro\"><\/span><b>7.4. Accounts Receivable Management (ARM) \u2013 Proactive cash flow and risk control<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An accurate financial report cannot lack clear debt figures. Bizzi provides the feature <\/span><b>ARM (Account Receivable Management)<\/b><span style=\"font-weight: 400;\"> to support businesses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Track detailed accounts receivable and payable:<\/b><span style=\"font-weight: 400;\"> Continuously updated and categorized by customer, supplier or contract.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Warning of due and overdue debts:<\/b><span style=\"font-weight: 400;\"> The system sends automatic notifications, helping businesses collect debts promptly and avoid interest penalties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash flow balance support:<\/b><span style=\"font-weight: 400;\"> Provides visual information about expected cash flow, helping businesses proactively plan their finances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Instantly update figures to the Balance Sheet:<\/b><span style=\"font-weight: 400;\"> Ensure debt indicators are always accurate and timely.<\/span><\/li>\n<\/ul>\n<p><b>\u2192 Value brought:<\/b><span style=\"font-weight: 400;\"> Minimize bad debt risk, improve transparency and liquidity of businesses.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"75_Tich_hop_dong_bo_du_lieu_%E2%80%93_Tang_toc_lap_bao_cao_tai_chinh\"><\/span><b>7.5. Data integration &amp; synchronization \u2013 Accelerate financial reporting<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In many businesses, data is scattered across multiple systems such as ERP, accounting software, CRM or banking, making it difficult to consolidate. Bizzi solves this problem by:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cross-platform integration:<\/b><span style=\"font-weight: 400;\"> Direct connection to ERP, accounting software, sales systems, banking and other management tools.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Automatic data synchronization:<\/b><span style=\"font-weight: 400;\"> Minimize manual data entry and repetitive errors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Shorten reporting time:<\/b><span style=\"font-weight: 400;\"> Helps accountants summarize data quickly, especially useful at the end of the month\/quarter\/year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ensuring timeliness and accuracy:<\/b><span style=\"font-weight: 400;\"> Data is always updated <\/span><b>real-time<\/b><span style=\"font-weight: 400;\">, support leaders to make quick and correct decisions.<\/span><\/li>\n<\/ul>\n<p><b>\u2192 Direct impact:<\/b><span style=\"font-weight: 400;\"> Businesses save time, reduce pressure on the accounting department and improve the quality of financial statements.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ket_Luan\"><\/span><b>Conclude<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Financial statements are not only a mandatory administrative document, but also a strategic tool that helps businesses be transparent about assets, capital, cash flow and business results. Understand clearly <\/span><b>What is financial reporting?<\/b><span style=\"font-weight: 400;\"> help business owners have a comprehensive view to make effective management decisions, and support accountants in preparing accurate and transparent reports. Financial statements are also the foundation for risk assessment, debt management, legal compliance and building trust with stakeholders such as investors, banks and authorities. Mastering financial statements will help businesses operate effectively, strengthen governance and move towards sustainable development.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn more at:<\/span><a href=\"https:\/\/finance.bizzi.vn\"> <span style=\"font-weight: 400;\">finance.bizzi.vn<\/span><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Financial statements (FS) are an indispensable document in business management activities, helping to provide an overview\u2026<\/p>","protected":false},"author":57,"featured_media":999978364,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[263],"tags":[],"class_list":["post-999978363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kien-thuc"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999978363"}],"version-history":[{"count":4,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978363\/revisions"}],"predecessor-version":[{"id":999978371,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978363\/revisions\/999978371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999978364"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999978363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999978363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999978363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}