In today's complex global business environment, managing finances across multiple regions, departments, ERPs, and markets can be challenging. The industry of global business services is constantly evolving with new buzzwords, emerging technologies, and concepts, adding to the complexity. However, amidst this landscape, GBS Record-to-Report Americas can assist you in driving automation and optimizing your processes for improved outcomes. Allow us to introduce ourselves and showcase how we can help streamline and enhance your financial operations.

What is Record-to-Report (R2R)?

At its core, R2R is essentially a finance and accounting process involving collecting, processing and presenting financial data to help businesses understand their own performance. In Siemens Global Business Services (GBS), it is all about delivering maximum value to the business by driving accurate financial data and ensuring compliance with correct financial information.

You can break down R2R into the following pillars:

• Accounting & Closing: Accounting and Closing is essentially the process of finalizing a company’s financial accounts and preparing for the next reporting period. Our wide expertise on, General Ledger, Account Reconciliation, Balance Sheet Reviews, Fixed Assets and Closing & Reporting provides you with an end-to-end experience that eases the burden of financial closing. Aging topics and complicated balance sheets are stressful and often lead to a lot of manual time and effort needed to correct them. With the assistance of the Accounting & Closing team, you can feel at ease and take comfort knowing our team is here to support you with transparency and workflow automation.

Read about how they supported a customer like yourself and transformed the CF R Monthly Closing Process

• Commercial Business Services: Delivering best in class business administration, controlling / reporting services and process automation, Commercial Business Services handles all of your tedious and repetitive tasks leaving you to focus more on growth and customer focused initiatives. The trick to handling these tasks for you, is they understand your business culture offering end-to-end services in consulting, implementation of digital solutions and daily running of commercial and controlling processes.

With Commercial Business Services, you can reach a variety of topics such as digital products and financial planning, learn more about Commercial Services, what it is and why you should care.

• Master Data Services: Master Data Management plays a vital role when it comes to shared service companies as they handle a variety of vendor, customer and financial processes. Part of this process is the creation, modification, extension, blocking/unblocking of these records through our Global Master Data Management (GMDM) and Mendix Suite. Our team provides support in over 20 countries, addressing data inconsistencies and offering consulting services, all while ensuring users feel secure. The goal of fraud prevention within Master Data and business partnerships involves activities and measures designed to prevent, detect, and resolve fraudulent incidents.

Learn more about the importance of Master Data and how to achieve Master Data excellence.

• Tax Services: Saving you the headache of having to deal with complex indirect tax regulations (such as Sales, Use, and Property tax), GBS Tax Services assists you with making sure proper tax is collected and remitted to both local and state jurisdictions as well as monitoring over and underpayments to save you money. In addition to this, our team also assists with streamlining license management, ensuring compliance, and maintain transparency across your business units, safeguarding your projects and unlocking new opportunities for growth.

See how our Tax team assists you with our Property Tax & Inventory Reporting Best Practices for a smooth compliance.

• Process Optimization & Digitalization: We deliver innovative solutions that meet our customers' needs and streamline processes for better quality and efficiency. By investing in technology, optimizing processes, and solving challenges, we focus on what matters most to you. Collaborating with strategic partners, when necessary, we stay committed to listening to your feedback and ensuring GBS remains your trusted partner of choice.

Read more about one of the Process Optimization & Digitalization’s use cases, Tax-Sights™ and how they were able to streamline finances and maximize savings.

One of the main benefits of partnering with GBS R2R is the accuracy and transparency for your financial reporting. In simple terms, your numbers add up while others are still sorting their processes and figuring out what’s wrong.

Other areas that we can assist you in are:

• Faster and Accurate Reporting: With a centralized and streamlined process, companies can close their books faster and with fewer errors. With R2R, you get quicker access to transparency and better decision-making on your end.

• Ensured Compliance and Reduced Risk: Regulations are constantly changing, R2R ensures that companies meet all legal requirements, whether they are local or global.

• Cost Savings Passed to You: With optimized process, companies can reduce their operational cost. These savings can allow you to focus your resources on delivering better products and services to meet your needs.

• Global Support: Leveraging our global footprint, we offer multi-cultural support and offer enhanced costing options (offshore, nearshore, local) while catering to around the clock services for your needs.

Record-to-Report is more than just internal financial processes, but really plays a vital role in how you can manage your finances and provide even more value to your customers. Ultimately, our team helps your businesses operate more efficiently allowing you focus on the topics that really matter to you.

When companies get their finances right, they can focus on what matters most – delivering value to their customers.