Record-to-Report (R2R) is an accounting process that involves the collection, analysis, and reporting of financial data from various sources, such as accounting systems, general ledgers, and other financial systems, to generate financial statements and reports for informed business decisions and regulatory compliance.
Modern accounting is the practice of leveraging technology to improve the accuracy, efficiency, and scalability of accounting operations, such as through the use of cloud-based accounting software, providing businesses with real-time insights into their financial data and allowing them to make more informed decisions.
Financial statements provide a comprehensive overview of a company's financial position, including a balance sheet, income statement, statement of cash flows, and statement of changes in equity, which are used to assess the financial health of a company and make decisions about its future.
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