One of the key factors that give a business an edge over its competitors is efficient data management. It helps you generate higher profits, improve performance and gain competitive advantage. Today businesses are leveraging their data generated from different business functions to gain insights and improve overall strategic planning.
As CFOs strive to achieve efficient and faster reporting, reduced costs and better data analysis, streamlining the company’s Record to Report (R2R) function has become even more crucial. Record to Report process helps to collect, organise and analyse your company’s financial information and thereby provides accurate reports and strategically valuable insights.
The real-time and accurate management and financial reports offer better transparency into the Record to Report cycle as well as other processes. This in turn helps to improve reporting and compliance, enhance risk management and provide better security.
Common Record to Report Challenges
R2R process can be very challenging for big as well as small companies owing to the intricate inter-company accounting workflows. Some of the common challenges faced by companies are:
Inaccurate and incomplete data can lead to issues in the master data which is critical for top management reporting, planning and decision making.
Unclear workflows can cause errors thereby leading to costly delays and increased risk exposure.
Inaccurate reporting and data management can restrict the growth and performance of the company.
General ledger reconciliation processes can be quite complex and time-consuming.
Streamline Your R2R Process
R2R process automation can provide you with the most accurate and complete data in order to achieve accurate financial reporting and facilitate strategic decision-making. Automating the R2R process can further help you optimise the costs and deliver long-term value. Some of the benefits of automating your Record to Report process are as follows:
It helps you provide accurate and timely financial information to meet your reporting deadlines.
THE automated R2R process can reduce the cycle time for month-end closures and reconciliations.
It mitigates operational risks by shifting the reconciliation processes from spreadsheets to a web-based centralized and scalable system.
It helps you standardise and automate routine tasks like journal entry workflows, preparation of summary sheets, month-end management and reporting.
It helps to improve transparency, boost productivity and avoid replication of activities by establishing control-based tracking and audit trail functionalities, auto-scheduling and task allocation features.
It enables you to build tailored management reports for key business activities.
It improves overall process accuracy because of minimum human intervention.
It enhances privacy and data security with the help of role-based access management.
With our Record to Report automation solution, you can improve your Record to Report process along with enhanced reporting and decision-making functionalities. It can improve standardization and bring consistency across processes. Further, it enables real-time visibility and transparency.
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