Overview
The Record to Report (R2R) function is an integral part of the Finance and Accounting process. It is mainly involves collecting, processing and analyzing financial operations. At the same time, R2R is integral for compliance and reporting to regulatory agencies. While the focus has been around compliance and reporting, the true potential of R2R in decision making has remained under-utilized for some time.
Quale Infotech with the help of digital technologies and intelligent automation, helps reduce the burden of R2R functions costs by focusing on providing greater insights to the C-suite. Robotic Process Automation (RPA) helps shorten the timelines around repetitive reporting tasks around R2R. While with the help of Artificial Intelligence (AI) and analytics, we are able to provide predictive insights from the available reporting data.
Success Story: Multi Country Tax Filling
Multi country Tax filing is manually intensive and with tight deadlines. The client has various affiliates and subsidiaries registered in multiple counties of operations. One of the challenges faced by the Finance team was preparing compliance documents for year-end submissions. This included tax filings for operations in the specific country. There was pressure on the Finance team to finalize these documents at the end of every month, or year-end fillings, since the number of days for filing these are limited.
Robotic Process Automation (RPA) was used as a solution to map the data from Enterprise resource planning (ERP), and prepare the required filling information for the Finance team to validate. This helped the Finance Team effectively complete 100% on time filling without too much manual effort
Features and Benefits
Stay Ahead of Regulatory Compliance
Changing regulatory landscape around financial reporting of data requires continuous investments, automation helps keep costs low.
Analytics for Decision Making
Get deep insights from your financial data using analytics to help in planning for the future.
Accuracy of Reporting
RPA integrates with multiple applications to fetch and collate data with minimal human intervention, therefore reducing errors.
Drive Auto-Reconciliation in Multiple Units
Intelligent automation helps in auto-reconciliation between inter and intra units.
Non-Invasive Integration
Easily integrate with ERP and other data sources with the help of RPA as an ideal solution without any intrusive connectivity.
Improve Organization Efficiency
Intelligent automation helps provide improved accuracy for tasks and improved productivity for business units.