Software Increases Productivity in the Record-to-Report Cycle
The six costliest words in managing a finance department are, “We’ve always done it this way.” The record-to-report (R2R) cycle describes the process of finalizing and summarizing the financial activities of a business for a specific accounting period—typically a month, quarter or fiscal year. It is important to note that R2R exclusively covers the activities between recording (keeping the books) and reporting (publishing financial statements and management accounts). It involves completing various tasks to ensure that all revenue, expense and other financial transactions are properly recorded, accounts are balanced and accurate financial statements can be prepared.