How to utilize Record to Report process

Defining Record-to-Report (R2R) process:

Record-to-Report is a finance and accounting management process that entails the gathering, processing, and presentation of correct financial data of a business. For the executives and other stakeholders, Record-to-Report delivers strategic, financial, and operational feedback on the organization's performance.

Key steps in Record-to-Report process:

• Automating recording of every financial transactions - Simple enough, but rigorous criteria must be followed to guarantee that each transaction is recorded the same way.
• Indexing Transactions and consolidation - After the transactions are recorded, they must be aggregated and indexed under appropriate accounts for the totals to be accurate and categorized.
• Cycle of Closure - The general ledger is locked and the books are closed for this period (quarter/year), according to generally accepted accounting standards.
• Reporting - Management may use this report to make improvements to present operating methods and plan for the future.

The stakeholders of Record-to-Report:

1. Vendors - are paid for the product or services they provide to the business
2. Customers - make payment to the business for the services or product they purchase
3. Employees - are paid wages or salary for the work they perform for the business
4. Government - is paid taxes for the income company generates

The procedures involved in creating and reporting the overall accounts, which are normally recorded in a general or nominal ledger and handled by a Comptroller, are also covered by the Record-to-Report process:

• Extraction of information
• Data Collection
• Validation of Data
• Transformation of data
• Posting of Vouchers
• Storing copies of the vouchers
• Creating a Trial Balance Analysis
• Creating Management and Financial Reports

Record to Report Process in Zoho Books:

• Zoho Books can be used to connect bank accounts and merchant accounts
• Create a chart of accounts
• Create a yearly budget and forecast, as well as record and classify financial activities
• Keep track of tax payments
• Produce yearly financial statements
• Integrate Books to a customer account, vendor, and employee payroll

Not only Zoho Books, a business can use Zoho Finance Plus to establish Record-to-Report process, these are all parts of Zoho apps. From a single platform, Zoho Finance Plus provides a full range of web tools, including:

• Zoho Books - accounting software that helps you manage your accounts, automate business procedures, and collaborate across departments.
• Zoho Inventory - is a tool for increasing sales and keeping track of each product in your inventory.
• Zoho Subscriptions - is a subscription management application that allows you to manage your subscription billing online.
• Zoho Expense  - avoids laborious data entry by automating expense recording from receipts.
• Zoho Checkout - is a tool for collecting one-time and recurring online payments using customizable payment pages.

Zoho Finance Plus has all the tools that customers and vendors need to streamline all of the back office operations whether it may be focusing on Taxes, Order & warehouses, Invoicing, Subscription management, Financial reports, Expense reporting, Payment, Sales order and Quote.

Benefits of the Integrated Finance Suite for Businesses:

1. One platform, several apps
2. The quote-to-cash procedure
3. Ready for the subscription economy
4. Faster employee reimbursements
5. Better business decisions
6. Ease of Administration

How we help?

Sliver Business Services helps startups and scaleups in developing business systems. We typically serve small and medium-sized businesses, groups, and non-profit organizations implement a comprehensive, integrated business suite in alignment with their long-term IT Strategy and enable processes that execute with minimum friction.

At Sliver, we use Zoho applications to achieve the fastest implementation time for a Record-to-Report system, which is 50% faster than the industry average. Our full-service consulting and professional services help map out a company's particular implementation requirements, whether it's a small business, an enterprise, or something in between.  We integrate sales, marketing, and product and service departments on one platform improving drastically the customer experience. 

For more information visit us at https://www.sliverusa.com/systems-for-startups.  You can also email us at info@sliverusa.com or call us at +1 331.888.2627.