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Record to Report

Record to report or R2R is the management process for providing strategic, financial and operational feedback to understand how a business is performing.

This process involves collecting, transforming and delivering relevant, timely and accurate information to all stakeholders inside and outside the organization, to provide insight into how their expectations have been met.

It covers the steps involved in preparing and reporting the overall accounts which are typically stored in a general or nominal ledger and managed by a comptroller.

The detailed steps involved are:

General Accounting

Fixed Assets

  • Asset Master Setup
  • Asset Capitalisation
  • Asset Transfer In / Transfer Outs
  • Fixed Asset Retrials/ Disposals
  • Depreciation Run and Allocation
  • Expense Adjustments
Inter Company Postings

  • Inter Company Accounting
  • Inter Company Reconciliations
  • Transfer Pricing
  • Corporate Expense Recharge
  • Inter Company Cost Allocations
  • Inter Company Revenue/Expense GAAP Adjustments
  • Inter Company Payables/Receivables Balance Confirmation
  • Inter Company Consolidation
Closing & Reporting

  • Trial Balance Analysis
  • Periodic and Year End Book Closing
  • Statutory/GAAP Adjustments
  • Month End General Ledger Close
  • Accruals, Allocations and Reconciliations
  • Accounts Consolidation
  • Regulatory Compliance
  • Statutory Reporting
  • Management Reporting
  • Financial Planning and Analysis
  • Tax Reporting
  • Audit Support & Liason
Benefits of an efficient R2R process

  • Accelerated closure of month-end activities
  • Accurate and timely reporting
  • 100% completion of all reconciliation items in-time
  • Average aging of open items in Recon's brought down
  • Cost Reduction
  • Compliance
  • Tax Planning
  • Strategic Decision Making
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