Financial is a formal record of the financial activities and position of a business, person or other entity.
Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis.
Financial reports are the documents and records you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business. If someone else is supporting part of your business, financial report must be part of the essential contract between you and them. Your lenders and investors have the right to know if their money is being spent wisely and returning a profit.