Record to Report
Smart Reporting Solution
The Record to Report (R2R) service encompasses an AI-driven process that ensures accurate financial data recording and reporting within an organization. It involves several stages, including journal entries, general ledger, reconciliations, and financial reporting. Utilizing integrated software technologies, it streamlines data collection, ensures compliance, and enhances the accuracy and transparency of financial records, ultimately supporting informed decision-making and regulatory adherence in businesses.
Stages involved in the process are:
Gathering Data
Recording Financial Transactions
Renciliation of Financial Data
Closing & Compliance
Financial Reportings
Enhanced R2R process through automation
Step 1 Data extraction & aggregation
Automation and AI algorithms can scan, interpret, and extract data from diverse formats and systems, including invoices, receipts, and spreadsheets, streamlining the collection process.
Step 2 Standardize & transform data
Automated tools clean, standardize, and organize data, ensuring consistency and accuracy while minimizing errors and discrepancies by creating uniformity and structure within the dataset.
Step 3 Automated journal entries
This process automatically updates the general ledger, reducing manual entry errors and expediting the record-keeping process.
Step 4 Intelligent reconciliations
AI-enabled reconciliation tools can compare large volumes of data, flag discrepancies, and perform automated reconciliations.
Step 5 AI analytics & reporting
AI-driven analytics tools extract insights, detect patterns, and mitigate risks in financial data for informed decision-making and risk management.
Step 6 Compliance & regulation
Automation combined with AI can track regulatory changes and automatically adapt the R2R process to meet new compliance requirements.