I remember that when I worked for one of the companies in the 1990s and I was the finance manager at that time, the president of the company was an engineer. He looked at accounting and accountants as nothing more than account clerks. In fact, he had some right to do so. The financial reports were limited to providing only a financial positions, Balance sheet and monthly income statement. Those reports were then a major development to be issued at a monthly base.
When I was promoted to the financial manager of the company, I took on changing that inferior view of the accountants that I have revolutionized the periodic financial reports daily, weekly and monthly, in addition to emergency reports such as studying the position and profitability of a particular customer compared to the payment method and compared to the variable cost of the product manufactured for him. Prepare reports on the measurement and control of the performance of the banks that the company deals with and prepare comparisons of them to allow negotiate with each bank based on what it was able to obtain from the advantages with the other banks,which had the most impact on the refund of amounts that were deducted by mistake by banks and reduce the cost of finance in addition to changing the view of the financial management of the company.
The top management of the company has continued to rely on the periodic reports submitted by the financial departement before taking any decision such grant credit to a customer or to deal in bank facilities with a particular bank , Increase or decrease prices for a customer, dispose or extend specific products rather than the other, or expand the production line at another expense or ......
The financial reports then developed to include the preparation of cash flow statements and logs, the report of obligations and payment notes and future financial budgets for strategic planning rather than waiting for the end of the financial year to evaluate performance and much more.