The primary function of financial accounting is to track, record, and recap all daily transactions into monthly, quarterly, and yearly financial statements. From the financial statements, the owners and financial managers can perform multiple forms of financial analysis, such as Common size financial statement analysis or Ratio analysis. The result from the analysis is reported to the stakeholders later. In short, financial accounting provides a general look at business performance over a period of time in the form of financial statements – the Balance Sheet, Income Statement, and Statement of Cash Flows, and “financial reporting” to your description would make it more comprehensive. Finance bookkeeping involves recording financial transactions and maintaining financial records, while financial reporting involves preparing financial statements and other reports for external stakeholders. Remember public companies in the U.S must follow the Generally Accepted Accounting Principles (GAAP) when compiling their financial reports for investors.