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Company will not just show annual financial report but it will show all interim financial reports. For more better transparency, it will also show its all recently recorded transactions for employees, investors and public after every big deal.
Company may use public e-accounting utility. With this, everybody who is interested in company, can know each day's or live expenditures and earning of company. But at that time, company will control his very sensitive financial information. Because its competitors may take benefits of this and may use against company. So, company will not show its password of database.
In open books accounting, each employee can get accurate financial data when he wants to know his performance effect on company's profitability. At that time, company will open his all closed books for each employee basis for showing performance of that employee. If it will be good, employee will get the right to receive bonus or share of profit of company.
One of the important principle of open books accounting is to maintain transparency for online collaboration. For example, if an employee wants to help in financial plan, he can work as collaborator by reaching to project data base. He can also help for solving any financial problem by entering this data base.
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