Record to report (R2R) professional
What is R2R and what does an R2R professional do?
Record-to-report, often abbreviated to R2R, refers to the collection of processes that occur between recording financial transactions and the publication of financial reports.
The objective of the R2R function is to reflect the financial position of a company based on timely, complete and accurate information suitable for presentation to stakeholders both (both internal and external). This means that the R2R team provide both strategic, financial and operational feedback as to how a business is performing as well as financial statements that are compliant with local accounting standards.
R2R processes typically include: posting journal entries, preparing balance sheet reconciliations, reviewing entries and reconciliations, preparing cash forecasting statements, supporting month end closing, preparing various reports as required and supporting audits.
Responsibilities will vary, but examples include:
- Understanding business needs and ensuring that processes are aligned and compliant.
- Managing the R2R process, ensuring service level agreements are met.
- Ensuring that the close process is completed in accurate and timely manner.
- Reviewing financial statements for obvious errors, omissions, or inconsistencies.
- Managing preparation of all statutory compliance documentation.
- Engaging with the finance controller on potential issues concerning compliance requirements.
- Providing statutory and tax audit support.
- Overseeing improvement projects, including automations, simplifications and enhanced controls.
Why are they important?
A stable and efficient R2R process is highly important as the reports produced are used by senior management for strategic decision-making. Accurate reports are also vital to meet regulatory and statutory reporting requirements. In addition, R2R managers are tasked with optimising the overall process to reduce costs.
Skills needed for this role
R2R professionals require excellent organisation and analytical skills as well as strong attention to detail and the ability to work to tight deadlines. Excellent communication skills are also needed, and at more senior levels, individuals should demonstrate strong leadership and management skills.
Strategic Professional Options examinations linked to this role
Career opportunities presented by this role
There is a very structured career path for roles in R2R - from more junior administrator level roles, through to head of R2R. Opportunities tend to exist in larger organisations, but are available in a wide variety of industries.
High level competencies required include:
Audit and assurance
A. Advises on and communicates effectively the role and scope of audit and assurance engagements to relevant stakeholders.
B. Applies regulatory, legal, professional and ethical standards relating to audit and assurance engagements.
C. Plans and prepares for audit and assurance engagements.
D. Performs effective audit, and assurance engagements.
E. Reviews and reports on the findings of audit and assurance engagements.
F. Guiding efficient and effective operations.
Corporate and business reporting
A. Prepares financial statements, corporate financial and integrated reports for external stakeholders using appropriate technology.
B. Leads effective decision making through analysing, evaluating and communicating performance and position of entities.
C. Prepares financial statements for groups of entities using appropriate technologies.
D. Monitors, critically evaluates, and advises on the relevant accounting standards, regulations, conceptual and financial reporting frameworks.
Data, digital and technology
A. Identifies strategic options to add value, using data and technology.
B. Analyses and evaluates data using appropriate technologies and tools.
C. Applies technologies to visualise data clearly and effectively.
D. Applies scepticism and ethical judgement to the use of data and data technology.
Governance, risk and control
A. Evaluates organisational structures and governance to protect the long-term interests of stakeholders.
B. Recommends appropriate strategies to ensure adherence to governance structures and application of best practice internal controls.
C. Identifies and manages risk appropriately.
D. Uses risk management for the best interests of an organisation and its stakeholders.
E. Monitors and applies relevant legislation, policies and procedures.
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