The Record to Report (R2R) process includes the monthly activities for closing ledgers, consolidating financial data, and reporting internally and externally to the public and regulatory entities. According to surveys, leading companies typically close in less than five days, consolidate in about two days, and distribute management reports in another three to five days, for a total of 10-15 days.
The complex dependencies and large number of inputs often make the R2R process challenging for many organizations. Identifying and correcting root causes during and even after the close and consolidation process can be challenging.
The sooner a company closes the books and issues financial reports at month end, the sooner its management can act on the information to change current business directions and adjust short-term and longer-term plans.
OliveTree’s R2R process touches almost all internal departments, and closely examines the process of uncovering opportunities, for helping companies to be more effective and efficient, across the entire organization. Moreover, our R2R comprehensive review provides an opportunity to ensure that a “single version of truth” is used to analyze and evaluate your company’s performance by all departments.