A report is a document that presents information in an organized format for a

specific audience and purpose. Although summaries of reports may be delivered

orally, complete reports are almost always in the form of written documents.
Usage
In modern business scenario, reports play a major role in the progress of business.
Reports are the backbone to the thinking process of the establishment and they are
responsible, to a great extent, in evolving an efficient or inefficient work
environment.

The significance of the reports includes:

Reports present adequate information on various aspects of the business.

All the skills and the knowledge of the professionals are communicated through
reports.
Reports help the top line in decision making.
A rule and balanced report also helps in problem solving.
Reports communicate the planning, policies and other matters regarding an
organization to the masses. News reports play the role of ombudsman and levy checks
and balances on the establishment.