It is very important for government and non-profit organizations to have accounting and financial reporting to ensure the proper use of resources as well as communicating results to stakeholders, the board of directors, donors, tax authorities and for audit purposes. Additionally, government and nonprofits use financial statements to prepare budgets and analyze the entity as a whole, as well as make projections. Accounting and financial reporting are key elements in the success of any business and aids in the strategic planning of the business.
Can you expand on this idea further and share how strategic planning and financial management are linked together?