Does financial reports could be free from any errors? If its possible would tell me some tips to generate reports which is free from error?

In accounting, with the use of software, error automatically get hidden. When accounts were done manually, errors were detected first using a trial balance if double entries were not done properly.  B now with accounting software, trial balances will be of little use.

Other ways to minimize errors is by the use of 

1. Exception reports - double checking any unusually large entries or where expense account has a credit entry. Accounting Software can generate these exception reports if the rules are defined beforehand.

3. Audit trail and drill down to source documents - this is a technique by which you drill down the balance is a account or a category of accounts to the ultimate source documents to ensure it is correct. This facility is also available in current accounting software.

3. Bank reconciliations - this ensures you cash book tally's with bank records

4. Physical cash counts and reconciling with petty cash  - This ensures that petty cash is accurate

5. Debtors control tallying with individual debtor balances and also getting confirmation when you sent out debtors statements.

6. Creditors control tallying with individual creditor balances and also getting balance confirmations or reconciling with supplier statements.

7. Asset verification to ensure assets recorded actually exist

Hope this helps

Zohair