please explain R2R what's r2r process and how to work
Answer (1)
31st Mar, 2020
Hello,
Record to Report (R2R) is a Finance and Accounting (F&A) management process which involves collecting, processing and delivering relevant, timely and accurate information. It provides strategic, financial and operational feedback on how a business is performing. Stakeholders read the feedback and gain insights into whether an organization is performing successfully or not, and if their expectations have been met.
The steps involved in R2R are:
- Data Extraction
- Data Collection
- Data Validation
- Data Transformation
- Voucher Posting
- Storing Voucher in de normalized and compressed format
- Generating Analysis account trial balance
- Generating user defined Financial and Management reports
The importance of R2R process is :
- Tax Planning
- Strategic Decision making
- Compliance
Best Wishes.
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