i. Data Collection
The starting point of the financial reporting process is the identification and collection of data from multiple sources within and outside the entity. Data identification and collation can be automated through the integration of the entity’s accounting software with various data sources. It is equally possible to convert unstructured and unclean data into a format ready for entry into the accounting system with the help of advanced technology tools.

ii. Data Recording
Once data is collated from various sources, the next step is to enter or record it into the accounting system. Technology tools, such as optical character recognition (OCR), enable organizations to capture and record data seamlessly with minimal human intervention. Source documents, including customer orders, invoices, and delivery notes, are captured through scanners or mobile device cameras and posted into appropriate ledgers within the accounting system​