The main objectives of this study are: to show the importance of financial reporting for the survival and development of a company, and to present the role and the effect of the information tecnologies on modern financial reporting. In the theoretical part of the paper used a number of general scientific methods: analysis and synthesis, compilation and classification, description and explanation, and inductive, deductive and comparative methods. The data used for this study were obtained from secondary sources through the accounting literature (books, dissertations, masters thesis’ and journals). Modern business conditions require constant change and constant improvement company that is taking place through making business decisions. The importance of using accounting information for decision-making and the importance of knowledge of accounting terms and concepts are emphasized in accomplishing efficiency and effectiveness of operations and management on the one hand, and the ability to organize accounting for the needs of management in different ways. High-quality information base, raised by quality information system, without which the decision-making with positive outcome would not be possible, is necessary not only to make business decisions but also for control, in which management monitors and measures the effect and impact of the activities, in striving to ensure fulfillment of company goals. Experience of many companies in recent years can confirm.