Dave has just started working on the Financial Accounting department of Bike Company. He wants to learn about the process steps of the record to report process and how SAP solutions can support them.
Stages of the record to report Process
Record to report (R2R) is a process to collect, process, and display financial and accounting data. The record portion documents financial transactions of an organization while the report component creates financial documents, including balance sheets, profit and loss statements and budget reports, etcetera. The record to report process provides strategic, financial, and operational feedback on the performance of the organization to inform management and other stakeholders.
The record to report process contains the following steps:
- Entity Close
- Corporate Close
- Regulatory Submissions