The first thing is to understand what we are trying to achieve. The end goal is to prepare and report the overall accounts of the business to provide strategic and operational feedback on how the company is performing.
However, there are a number of sub-processes that go into achieving this, and to be able to give this feedback on company performance effectively, these individual processes need to be measured both separately and as a whole.
As Gartner states, “When considering the automation and unification of critical financial processes, such as account reconciliations, compliance and Financial Close, the whole is greater than the sum of its parts. These activities are highly dependent on each other and, when unified, create new insights and return on investment (ROI) savings.”
Most often, companies focus the majority of their attention on a single control, that being their reconciliations. While there’s no doubt this is a key control, it’s not the only one. If you are simply focusing on any single process without thinking about the context of the overall financial close, you risk missing the point on why you are doing those activities in the first place. Remember the end goal: To prepare and report the overall accounts of the business to provide strategic and operational feedback on how the company is performing.
So, what KPIs are important when it comes to the Record to Report process?
To find out more about these metrics, register to our next webinar, “The Top Record to Report KPIs You Should be Measuring.”