When setting about refining the Record to Report (R2R) process the task can seem overwhelming at first. But recent research shows that tackling only segments of the R2R process is a false economy (The Challenges of Corporate Financial Reporting – Accenture 2012). After all, the R2R process can only work at the pace of the slowest sub-process or activity.
The study found that 82 percent of companies having made substantial changes in the last three years to the way they approach and manage the financial close, financial reporting and regulatory filing. Yet only 21 percent of them tackled all three aspects. Most of them (40 percent) tackled just one of these.
Therefore is it any wonder that 68 percent of companies report inadequate visibility into the financial R2R process and 84 percent say it is difficult to control the quality of financial data and other supporting information?