In an ERP system, the Record to Report (R2R) process encompasses a thorough financial sequence aimed at upholding the precision, integrity, and adherence to regulations for an organization’s financial data. It initiates with transaction and journal entry recording and advances to data consolidation within the general ledger. Assurance of data uniformity is achieved through subledger reconciliation, followed by the closure of accounting periods to conclude transactions. This sequence culminates in generating pivotal financial statements that offer a comprehensive view of the organization’s performance and adherence to guidelines.
Beyond supporting regulatory compliance and audits, the R2R process empowers well-informed decision-making and strategic formulation through robust financial insights.
Service Offerings
Automatic import of Bank statements
In treasury and finance sectors, manual access to bank account data poses a time-consuming challenge. Bank reporting connectivity integration offers an automated solution. Rather than the labor-intensive task of manual data retrieval and preparation, crucial data is automatically extracted into the company's systems overnight. It's then restructured for key performance indicator (KPI) presentation. This ensures reports are accessible for treasury and finance professionals as they begin their workday. At hyperautomator, we possess extensive expertise in integrating bank statements in diverse formats such as BAI and SWIFT MT940. We assist clients in setting up integration with multiple banks, utilizing direct integration or mediated platforms like Integration Suite, Workato, or Boomi, as per their specific needs.
Tax compliance solution Integration with SAP ERP
Organizations are legally responsible for managing and submitting taxes related to their purchases and sales, referred to as Indirect Tax. This tax category is enforced by diverse global tax systems, labeled as Sales and Use Tax, VAT, GST, PST, HST, among others. The precision of calculating indirect taxes is crucial for ERP-generated transactions and billing, supported by inherent computation features in SAP Applications. The intricate nature of tax regulations, varied jurisdictions, and fluctuating rates presents challenges in upholding an organized and up-to-date tax system. Hyperautomator aids clients by seamlessly integrating SAP ERP with tax compliance solutions like Vertex, ensuring precise tax calculation, billing, collection, and submission to authorities, alongside meticulous documentation and transparent audit trails. This integration further facilitates compliance maintenance, enabling accurate tax calculations and comprehensive reporting in alignment with statutory requirements.
Currency exchange rate integration with SAP ERP
An exchange rate is a relationship between two currencies that is used to translate an amount into another currency and is used by ERP systems for financial posting and clearing or to determine exchange rate differences and associated gains or losses due to difference in rates. It also helps in valuation of open items in a foreign currency, and in foreign currency balance sheet accounts during closing operations. We at Hyperautomator help out clients integrating their ERP application with multiple Currency exchange rate service providers like Bloomberg and OANDA based on business requirement using multiple integration plotform tools.