According to Armanino’s CFO Evolution research, 73% of finance leaders believe that if their company fails to transform today, it will not exist in the future. CFOs are tasked with digitally transforming finance operations to better meet compliance requirements, improve efficiency, and enable business leaders to make agile financial decisions.
As CFOs implement transformation initiatives, automation offers a way to improve processes and accuracy, reduce human errors, and speed up time to actionable insights. A key area to automate is reporting.
Automation Enables Agility & Decision-Making
Many organizations have multiple unintegrated systems, including reporting tools that are unable to integrate with their core systems of record. As a result, their tools are ineffective and increase risk exposure, and the finance team wastes hours collecting and verifying data.
Record to report (R2R) is an automated process that gathers all your financial and operational data, then processes and analyzes that data to deliver better reporting and compliance—freeing up your people to focus on higher-value tasks and faster, more impactful strategic decisions.
Business leaders need good information to really understand how the business is performing. But according to this global survey, it’s estimated that 70% of organizations have made strategic decisions based on inaccurate data. As organizations grow, these data-related challenges scale, too.
How R2R Optimizes Reporting Processes
R2R automates the reporting and compliance processes through a steady cadence:
- Collection – R2R locates data in various systems, and compiles and consolidates it into one location.
- Processing – R2R then verifies the information, flags inconsistencies and errors, and ensures everything is validated.
- Delivery – Once you have validated data in one location, you can easily provide a wide range of reports for management and compliance.
This eliminates tedious and time-consuming manual tasks, ensures a single source of truth for decision-making, and improves compliance and forecasting. Depending on the size of the company, this can translate into days or even weeks saved on each monthly close.
Additionally, R2R helps the finance team become a more strategic partner at the table. It enables faster, more accurate decision-making in a marketplace where disruption is continual.
As CFOs focus on digital transformation, automating the R2R process can deliver benefits that are not attainable with traditional, manual processes.
Read our Digital Finance Transformation Playbook for the top industry trends, stats, benchmarks, and practical guidance you need to accelerate your finance organization’s transformation journey.