The Importance of Financial Transparency for Business

[Suba]

Financial transparency is presenting financial statements accurately, clearly, on time and easily accessible to both internal parties and external users. Financial transparency must also involve disclosures such as footnotes, changes in the method of recording depreciation and inventory, retained earnings, etc. So the role and importance of transparent financial information for business can increase trust in both internal and external parties,

 

[Starmix]

Indeed, being transparent in business builds trust. Customers will never have doubts that they're manipulated or cheated.

 

[eLdavis]

The best and quickest way to build trust when it comes to business is when we are being transparent in the things we do. Especially when it has to do with money.

 

[Starmix]

Don't cheat that's the best explanation for being transparent in your business. The price tags are displayed correctly and consistently.

 

[Augusta]

When you are transparent in business you are showing that you can be honest and be trusted and customers would know your integrity is high.

 

[Stardom22]

Financial transparency is indeed a very good thing for the progress of any business. Therefore it's very crucial factor for businesses to consider that.

 

[Augusta]

You would get trusted customers that would be loyal for long term when you are honest and transparent with your business