Record to report or R2R is a Financial Accounting management process which involves collecting, processing and delivering with accurate information used for providing strategic, financial and operational reporting which are stored in a General Ledger to understand how a business is performing.
- 1. Data Extraction, Collection, Validation, Transformation(generation of voucher)
- 2. Voucher posting (to General Ledger)
- 3. Generating analysis account trial balance or consolidated analysis account trial balance
- 4. Generating user-defined financial and management reports
- 5. Reconciliation of actual results to budget, forecast and prior year results
- 6. invoice to payment (I2P), or P2P (Procure to Pay)
- 7. Collect to cash (C2C), or O2C (Order to Cash)
- 8. Manage fixed assets
- 9. Manage internal financial controls
