What is record-to-report?
Record-to-report (R2R) is a finance and accounting management process that involves collecting, processing and presenting accurate financial data. R2R provides strategic, financial and operational feedback on the performance of the organization to inform management and other stakeholders.
Why are finance organizations struggling to provide financial data to their stakeholders?
Over the past three years, the share of finance analytics budget has increased by 50%. Despite that increased investment, 54% of finance organizations still struggle to provide financial data and reports that stakeholders can rely on to inform their decisions.
However, there are a few challenges with record-to-report:
- 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