The objective of financial reporting is to track, analyze and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance and the financial health of the business
Qualitative characteristicts of accounting information are:

Relevance: The characteristic of relevance implies that the information should have predictive and confirmatory value for users in making and evaluating economic decisions.
Comparability: The characteristic of comparability implies that users of financial statements must be able to compare aspects of an entity at one time and over time, and between entities at one time and over time.
Verifiability: The characteristic of verifiability provides assurance that the information faithfully represents what it purports to be representing.
Understandability: The characteristic of understandability implies that preparers of information have classified, characterised and presented the information clearly and concisely.