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A variance report is a financial report that compares the actual financial performance of a company with its budgeted or forecasted performance. It highlights variances, or differences, between the two, which can be used to identify areas of concern or opportunity.
In a variance report, positive variances (where actual results are better than expected) and negative variances (where actual results are worse than expected) are typically highlighted. Variance reporting can help management understand why the company is over or under-performing against its plan and take corrective action if necessary. It's an important tool for budgeting, financial management, and strategic planning.
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