For a business to be successful, it needs financial information and reports to track how well it is doing.

The goal of financial reporting is to track, analyze, and report how much money your business makes.
This gives investors more information to help them decide how to run the business. These reports look
at how the business is using its resources and how much cash is coming in and going out.

SPENDING BY CONSUMERS

Normal consumer spending, as well as consumer spending in general, was the first area of money that
the COVID-19 epidemic affected. Because of COVID-19, the total amount of money that people and
households spend on final goods and services for their own use and enjoyment has changed a lot and
gone down. This is a major force in the economy and a key idea in the theory of economics.

Almost every part of our lives has been changed by the COVID-19 virus, and consumers' shopping habits
are no exception.

Every day, every week, and every month.

The second activity is dealing with the daily, weekly, and monthly transactions and the financial report.
These are financial reports that give new information every day, every week, and every month. As long
as COVID-19 keeps spreading, the number of daily, weekly, and monthly transactions may go down.
Because of the Coronavirus epidemic, both CPAS, which is in charge of making financial statements and
reports for companies, and the auditor had to make a lot of changes.

Departmental expenditure on labor expenses

Third, there are the costs of labor that the department has to pay. The outbreak of a community-wide
disease quickly turned into a global economic, labor market, and cost crisis that has never happened
before. This has had a big effect on work in the Philippines and the rest of the world. The effects of
COVID-19 on the economy and labor market are likely to affect one-quarter of all jobs in the Philippines,
either by lowering wages and hours or by putting people out of work. COGS, which stands for "Cause of
goods sold," is the drop in economic activity caused by the Coronavirus. Some manufacturing companies
will have to make changes because the COVID-19 pandemic is hurting the financial performance of many
businesses.
DEPARTMENTAL INCOME

Fourth, there is the income from each department, which includes the gross income, commissions,
occupancy rate, and sales. The pandemic makes people less motivated, which makes them unstable and
less able to adapt as time goes on. This leads to a loss of commission income for employees, which
changes occupancy and sales.

OUTSTANDING ACCOUNTS

Fifth is the amount of money that is still owed and owed to the business. Border closures and lockdowns
caused by COVID-19 are slowing down the supply chain and changing how customers buy things. It
affects how quickly the business can get paid by customers and pay its bills.

BUDGET VARIANCE

The budget difference is last but not least. Because budgeting is such an important part of running a
business, almost none of the economic effects of the carbohydrate pandemic on business budgets are
positive. This means that businesses are hurt by the COVID-19 crisis. The results of the surveys help to
show that an outbreak like this has a negative effect on projects, business budgeting, or the business
itself, and that it keeps businesses from running and performing at their best.

The video blog for today is over. I'm glad you watched and I hope you learned something. See you on my
upcoming vlog!