Standardized financial statements are unified reports used by companies to ensure the transparency, accuracy and consistency of their financial information. They oversee the financial processes of a business including budgeting, data tracking, auditing and reporting. Through these means, standardized financial statements help companies understand their financial performance, identify potential areas of improvement, and make more informed decisions about their future investments. They provide valuable insight into a company’s overall financial health and stability. With standardized financial statements, businesses gain a clearer picture of their current finances and can plan for their future with confidence.