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The maturity model goes beyond a mere statement of the principles by beginning to define characteristics of various levels of recordkeeping programs. For each principle, the maturity model associates various characteristics that are typical for each of the five levels in the model:
Record to report or R2R is a Finance and Accounting (F&A) management process which involves collecting, processing and delivering relevant, timely and accurate information used for providing strategic, financial and operational feedback to understand how a business is performing. [1]
The records management phase of the records life-cycle consists of: creation; classification; maintenance; disposition; Creation occurs during the receipt of information in the form of records. Records or their information is classified in some logical system. As records are used they require maintenance.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Systematic recording of transactions: basic objective of accounting is to systematically record the financial aspects of business transactions (i.e. book-keeping). These recorded transactions are later on classified and summarized logically for the preparation of financial statements and for their analysis and interpretation.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [1] It involves preparing source documents for all transactions, operations, and other events of a business.