From transaction to trusted financial statement
The Record to Report process encompasses all activities from transaction recording through period-end close, reconciliation, consolidation, and external reporting. MyWave agents compress the financial close cycle, eliminate reconciliation errors, and ensure every number in the financial statements is traceable, auditable, and compliant.
Each step shows the AI agent responsible, what it does, which systems it touches, and what it produces.
Generates standard and recurring journal entries based on sub-ledger postings, accrual schedules, and predefined templates, eliminating manual JE preparation.
Matches intercompany transactions across all legal entities in real time, identifies mismatches, and initiates resolution workflows with the counterparty entity.
Manages the end-to-end close checklist — assigning tasks, tracking completion status, sending reminders, and providing the CFO with a real-time close dashboard.
Calculates period-end accruals for unbilled revenue, uninvoiced purchases, and provisions using AI-based estimation from historical patterns and open commitments.
Performs automated reconciliation of all balance sheet accounts against sub-ledgers and supporting schedules, certifying accounts that are in balance and flagging exceptions.
Automatically matches bank statement transactions to SAP postings using AI-based matching rules, posts differences, and clears outstanding items.
Collects trial balances from all entities, applies consolidation adjustments (eliminations, currency translation, minority interest), and produces the consolidated group P&L and balance sheet.
Generates the monthly management reporting pack — P&L by segment, variance analysis, KPI dashboard, and commentary — populated directly from SAP data.
Prepares statutory financial statements and regulatory submissions (XBRL, iXBRL, IFRS disclosures) and validates them against the applicable reporting framework.
Continuously monitors financial transactions for SOX control violations, segregation of duties breaches, and unusual posting patterns, generating an audit-ready evidence pack.
Typical results from full deployment
Process Phases