Improving reporting activities to enhance business

Nowadays reporting activity is an inherent part of a company’s management. Reporting can be divided into general categories: financial and non-financial. While the first type is commonly known in business practice, the second one is becoming more and more important.

There are several crucial reasons for increasing interest of non-financial reports, especially environmental and social ones. Normative requirements (mainly obligatory directive on disclosure of non-financial and diversity information – 2014/95/EU), pressure from different groups of stakeholders, desire to gain permanent competitive advantage and finally the need for improving the way to effectively communicate with stakeholders are only some of them.

Reports can be developed in accordance with different standards in order to support the measurement and evaluation processes and to increase the comparability between all organisations. The most popular are GRI Standards, whose guidelines are often the basis for sustainability reports for many international companies.

Each year, the number of non-financial reports is growing; not only economic, but also environmental and social, which all impact and are important factors in creating value in a business’s supply chains.