Today’s business climate puts immense pressure on finance leaders to transform their operations. Armanino’s CFO Evolution survey indicates that 73% of finance leaders believe that if their business doesn’t transform, it will cease to exist in the future. CFOs must constantly look for ways to leverage technology to revamp their finance operations to drive efficiency, better meet compliance requirements and enable their leadership teams to make faster, more insightful decisions.

Automation provides CFOs solutions to make processes more efficient, reduce manual errors and get actionable insights more quickly, which are key as they begin implementing transformation initiatives. One area that automation offers significant advantages for is reporting.

Empower Flexibility and Better Decisions With Automation

Reporting tools are just one of the many systems organizations fail to integrate with their core systems of record. This makes their reporting ineffective and more susceptible to risk. Additionally, finance teams waste precious hours collecting and verifying data — time that could be better spent focusing on tasks that are essential to their core business.

An automated process that helps mitigate the issues stemming from inefficient reporting is record to report (R2R). R2R compiles all your operational and financial data, processes it and then analyzes that data to provide more accurate reporting and increased compliance. By automating this process, your finance team has more time and greater insights to pull from — allowing them to focus on higher value projects and enabling faster and more accurate decisions.

To understand your organization’s performance, you need accurate and insightful information. But, with an estimated 70% of organizations making strategic decisions based on inaccurate dataⁱ, just having access to good information about the health of your business can be a key factor in not only your organization’s sustainability, but also in getting a leg up on your competitors. As your organization grows, challenges and opportunities around data will only continue to grow as well.

Ways R2R Improves Reporting

With consistent and reliable processes, R2R can help you automate your reporting and compliance operations:

• Collection – R2R automatically locates your data across various systems, assembles it and stores it in one location to provide a single source of truth.
• Processing – The software then verifies the data , notes any errors and discrepancies, and validates all your information.
• Delivery – With access to validated data in a single location, you have the ability to develop a wide variety of management and compliance reports, quickly and effectively.

R2R allows you to stamp out laborious and repetitive manual tasks, access a single resource for decision-making, and improve your compliance and forecasting capabilities. Depending on how big your business is, this can save your team days or weeks in each monthly close cycle.

Another key aspect of R2R is the opportunity it provides your finance team to be a more strategic partner within your organization. It enables quick, accurate decisions in a business climate that continuously faces disruption.

As you work toward digital transformation, automating your R2R processes can provide efficiencies and benefits that are simply unattainable through more traditional and manual approaches.

You can learn more about how Armanino can help you automate your record-to-report process here or reach out to our experts.

February 11, 2021