With Thomson Reuters ONESOURCE, you have one provider for a standard process—a consistent, centralised platform for global control of your financial reporting. Providing auditors with an easy-to-follow trail from trial balance to reporting, is essential for assisting an efficient audit process. For multinational corporations, the best approach often blends both models, ensuring efficiency, compliance, statutory reporting and risk mitigation. The key is to align the audit structure with jurisdictional requirements while maintaining corporate oversight and local audit independence where necessary.
How can PwC and Workiva improve your statutory reporting process?
Every company can face a unique set of challenges when it comes to statutory reporting. PwC’s community of solvers come together in unexpected ways to contra asset account help drive the tech-powered transformation you need. We can meet you where you are on the statutory reporting journey, work to understand your specific pain points and build a technology implementation roadmap that helps to solve them at your pace. PwC can help you maximize the use of Workiva’s cloud-based, collaboration platform by bringing together statutory reporting, technology and data professionals.
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- In many cases, this includes exploring their options for managing statutory reporting through shared services centers while also addressing local, country-specific requirements.
- Other considerations that come into play when selecting a GSR model for your business include the size of the local legal entity and complexity of local regulatory requirements.
- When Capgemini, a consulting technology and outsourcing service provider with a 14-billion-euro turnover, started its finance offshoring journey to India in 2007, it was not in fact with the purpose of offshoring Statutory Financial Reporting.
- The complexity of these compliance requirements, across multiple jurisdictions, compounds the need for accuracy and timeliness, which can be a huge draw on resources, not to mention the risk of noncompliance.
- Aim to redesign processes based on what the organisation needs, then establish a standard for each process.
- To remain competitive and compliant businesses must embrace a data-driven approach to future-proof statutory reporting.
A connected statutory reporting platform, combined with harmonised statutory accounting processes and policies, can enable smoother integration with ERP systems and other technologies. This combines data into a single source, which can help automate the preparation of statutory financial statements by linking directly to source data. In many cases, this includes exploring their options for managing statutory reporting through shared services centers while also addressing local, country-specific requirements. Data analytics that informs business decisions and delivers strategic value are a top priority for finance departments, and tax reporting functions can make a big contribution to this effort because they produce and capture vast amounts of company data down to the transaction level. Multinational enterprises (MNEs) began using centralized shared services centers three decades ago to standardize and improve efficiency in back-office functions such as finance & accounting, human resources, and IT. Today, finance is the corporate function most commonly managed this way — but longstanding obstacles have prevented the model from being extended to statutory reporting and tax compliance.
ONESOURCE
- Through its translation capabilities, international companies can use it regardless of whether they produce financial statements centrally in a shared service centre or centre of excellence, locally within a country, or through a hybrid model combining both approaches.
- More recently, it has evolved from executing transactional, manual tasks to leveraging automation and data analytics to better streamline operations and generate actionable insights.
- Our one-click translation feature enables the translation of locally required language content into English to assist non-native speakers in preparing financial statements.
- Centralised models today address compliance processes such as statutory financial reporting with ease.
According to a recent APAC Survey by https://www.riodelamiel.com/30-5-2-travel-guidelines-internal-revenue-service/ Thomson Reuters and the SSON, nearly three-quarters of respondents indicated they have either already centralised statutory reporting or plan to centralise it within the next three years. The trend for a central delivery model continues to develop, organised around Shared Service Centres (SSCs) or Centres of Excellence (CoEs), to streamline processes, and reduce both costs and risk. Through connected and automated GSR, organisations can link to existing source systems and provide accurate, real-time data inputs within their reports. But to start transforming your statutory reporting process, you’ll need to consider the possible solutions. No matter which path your company chooses, transforming your global statutory reporting process will likely create opportunities for efficiencies. With each model’s core focus in governance and compliance, your organisation can develop a harmonised accounting process that centralises delivery and connects reporting platforms.
These assessments can materialise in the form of harmonising processes, from mapping, documenting to standardising processes. “Addressing Statutory Financial Reporting was just a logical evolution of everything else we did,” he explains. And as Hari Ganesh Kumar, Enterprise Proposition Lead at Thomson Reuters adds, “centralising processes like Statutory Financial Reporting is part of the natural progression of moving up the value chain and doing more value-add work”. When Capgemini, a consulting technology and outsourcing service provider with a 14-billion-euro turnover, started its finance offshoring journey to India in 2007, it was not in fact with the purpose of offshoring Statutory Financial Reporting. And thanks to the automated processes they have adopted, “location will no longer be a constraint,” concludes Uddhav. Thomson Reuters, a worldwide trusted provider of answers, helps professionals make confident decisions, run better businesses and gain competitive advantage in complex arenas – law, tax, compliance, government and media.
