Creating accurate monthly and annual financial reports for any company is a must. Reconciling accounts, pulling data, correlating it, and generating the reports can take huge amounts of time when performed by a traditional human accounting team. R2R processes are prime candidates for automation as they require a high level of accuracy, are time intensive, and performed regularly.
Key areas to automate in the Record-to-Report process
The age of business automation is upon us. It is time to move beyond Excel sheets that will automatically pull data into a linked sheet, or the small python script someone in your office wrote. Where companies see real value is in end-to-end automations. Rather than saving 10 minutes here and 20 there the WonderBotz goal is to save whole FTE’s in your accounting department.
Each area of the R2R cycle can take 5-40 hours per month to complete by hand but can be done in seconds by robots.
- Reconciling the general ledger
- Collecting financial data from multiple sources
- Correlating that data into one understandable format
- Generating the reports and insights
Most teams face similar R2R challenges
Accuracy and time are of course the biggest challenges in every accounting task. As organizations scale, finances become more complex and accounting departments can bloat, creating costs disproportionate to your revenue gains.
With scale come predictable challenges for R2R processes:
- Accuracy requirements of regulators and shareholders
- Period-to-period consistency
- Data collection, confirmation and transformation
- Time-sensitive with operational spikes driven by month-end closes
- Generating actionable insights for finance leaders
How Automation Can Help
The goals of Record-to-Report automation are easy: save time, save money, increase accuracy. Music to every leader’s ears… But how to get to cheaper, faster, better is the question?
WonderBotz Prebuilt solutions are the answer. Over our years of helping accounting departments in many different industries, we have developed a pair of R2R software solutions. These out-of-the box automations are easy to deploy, customizable to your specific data sources, and perform tasks in seconds that take human staff hours.
Getting Started with WonderBotz
Welcome to WonderBotz, your Hyperautomation partner. We are committed to increasing business efficiency, company morale, and innovation through the use of automation. Automating repetitive computer-based tasks frees your human staff to be more creative, take better care of your customers, and get more done.
We work with the best in brand software solutions to bring you the latest technologies on the market. Our team of RPA developers, Software architects, and business consultants are standing by to provide any help you need to make your Automation goals a reality. Whether you choose to purchase RPA tools one at a time or build out your full Automation CoE, we can find the right solutions to fit your specific business needs.
Our newest offering simplifies the RPA process by creating an all-in-one Managed Service. Based on your business needs we can build you the perfect RPA Tool Kit. With consumption-based pricing (pay for only what you use) we can finally make top-of-the-line RPA tools available to organizations of all sizes.
Frequently asked questions
Record-to-report (R2R) refers to the accounting process of collecting and presenting a company’s financial data. The reports may include profit and loss statements, balance sheets, and budget reports. The transactions used to produce these reports may be kept in the company’s general ledger.
Record-to-Report is an accounting process where businesses record transactions and create financial reports. This includes reconciling your general ledger, drafting the monthly or annual financial statements, and presenting insights to business leaders. This information is used to make business decisions, disclose to shareholders, and maintain corporate compliance.