What is record to report (R2R)?

Record to Report (R2R) is a finance and accounting process that involves collecting, processing, and delivering relevant, timely, and accurate information to stakeholders. It covers all activities from recording financial transactions to closing the books and reporting financial results. The goal of R2R is to provide insights into the organization’s financial performance, ensure compliance with regulations, and support strategic decision-making. This process typically includes journal entry posting, reconciliations, consolidation, and preparation of financial statements.