Record to Report Services is an accounting and finance process that includes collection of financial data, then to process that data and present it in an organized form. This service provides strategic feedback to the management of the company and stakeholders about their performance. With this financial data, the company analyzes whether the company is performing good or is in downfall.
The Record to Report Process includes various steps such as Extracting the Data, Collection the Data, Validating the Data, Transforming the Data, Generating Financial Reports etc. This service can have a direct impact on the company’s future growth.
In order to understand Record to Report Service in a detailed manner, let’s go through its process:
Collect the Data and Optimize it-
In this first stage, the team gathers the master data which includes the whole financial data that will be required to generate financial statements and all the reports. The main aim here is to collect the complete and accurate data.
The process which is performed at the end of the accounting period is known as the closing process. The main aim here is to see that general ledger is accurate.
After the second step closing is completed, the team will verify if the data that is collected is complete and accurate or not.
Analyzing the Data and Reporting it-
After the data is verified, the team creates the financial reports that includes the company’s profitability and performance. These reports are sent to the internal members such as Chief Financial Officer and external members such as stakeholders and company’s investors.
Let’s go through the top benefits of Outsourcing Record to Report Services:
Support by Skilled Team–
Outsourced team will bring the desired industry experience because they have a team of skilled professionals and they are trained timely. They can help you to save your capital so that you can scale your business operations and expand it.
Provides Data Security–
The companies to which we outsource have certification that they are reliable to provide record to report services. They take rigorous security measures that obey international standards and so your data is completely secured with them.
If the company decides to hire an in-house professional, their operational cost increases. But incase of outsourcing this service, their operational costs decrease by a significant percentage and they get standardization, expert team and automation solutions.
Outsourced companies use the latest technology to make sure that their record to report services maintains the standards. This way the processes are conducted more efficiently and have more precision as well as accuracy.
Many times for record to report process, old and legacy process is followed. But if you outsource this service, they use intelligent automation that generates accurate financial reports.
If we consider the nature of Record to Report Service, it is complex. Outsourced teams can provide intelligent technology, have optimized process and staff with good experience to help in record to report functions.
Dedicated Project Manager–
Each client will get a dedicated project manager who will look after a particular client only and work for their tasks. This way there will be no confusion because there is only one point of contact between the client and the team. Project Managers timely update their clients with the performance of the company by providing necessary reports.
Invensis Technologies provide Record to Report Services for businesses in all the industries. Moreover cater to solutions according to the client needs and work closely with them. It also provides various finance and accounting services such as Tax Preparation, Accounts Payable etc. For more information kindly visit the website.