ONESOURCE Statutory Reporting is a premier cloud-based software solution for disclosure management — helping companies to remain compliant in over 45+ countries. It empowers organisations to streamline the preparation of their statutory Certified Public Accountant financial statements by automating processes and providing best-practice, country-specific content in the UK and worldwide. Statutory reporting refers to the mandatory submission of –financial statements, disclosures and related information by companies to government authorities.
The scaling required to manage and support these legacy systems can impede growth and ratchet up both the complexity and cost of reporting efforts, adding even more inefficiency to an already cumbersome system.
We’ll work to understand the needs of statutory reporting stakeholders and develop a targeted plan for execution so we can bring the strategy and technology transformation to your statutory reporting functions that often results in tangible benefits.
Manually and locally managing translations and local filing requirements in dozens of countries, as many companies do, requires an inordinate amount of time, is error-prone, and introduces needless risk, Boyko said.
DATA AND TECHNOLOGYAll finance transformations are essentially challenges to convention.
This person shouldn’t just be the global controller, either—it should be someone who is responsible for overseeing the entire process in detail, from the trial balance to final financial statement, complete with all the supporting paperwork and everything else involved.
Automate previously manual tasks including page/note numbering and roll-forward in one standard global tool.
How to standardise, simplify and scale Statutory Financial Reporting
Singapore is also emerging as a key SSC destination, according to research conducted by leading recruitment group Robert Half.2 This is due to geographical location, government incentives, and the availability of technological skills and top talent locally. India has consistently been the top location of choice for offshoring transactional activities. The report also ranked two other APAC countries—Philippines and Malaysia—third and fourth in the world, respectively.
As a result, the remaining 23% — those with no plans to centralize the financial reporting function — may be at a competitive disadvantage in a few years.
A siloed approach has the potential to reinforce impractical ways of working, from what could potentially be standardised across the organisation.
Access local language, best practice, country-specific reporting templates and content updates.
As with everything in today’s fast-moving, ever more complicated data world, the way statutory reporting is done is changing quickly.
They can also be error-prone, particularly when teams are under time pressure and/or there are last-minute adjustments to financial statements and reports.
Machine translation service allows for software and reports to be translated quickly and simply into English.
Ways Practice Intelligence Can Benefit Your Accounting Firm
Across statutory financial reporting (from the preparation of financial statements to notes/ disclosures), a lot can be standardised and streamlined through centralised teams.
Also, many current reporting methods are based on Excel and Word documents, and usually involve multiple drafts.
While most companies understand that technology can be leveraged to save time and optimise costs, it offers a slew of other benefits.
Where do you start with standardising, centralising and automating the global statutory reporting process?
More than 90% of respondents cited keeping pace with new regulations and maintaining country and/or jurisdiction specific knowledge as a top challenge. https://leadsfizz.com/what-is-cap-rate-and-how-to-use-it-in-real-estate/ By the same token, close to 42% named increased scrutiny from regulatory authorities as a key struggle. Having a single, secure source of data, designed specifically to integrate with reporting software allows for the streamlining of audit requests and access to historical data without concerns about mismatches or overwriting, helping to eliminate errors and strengthen compliance. As with everything in today’s fast-moving, ever more complicated data world, the way statutory reporting is done is changing quickly. This is because technology is improving, and the regulatory requirements are always changing.
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The benefits of moving to a centralised model, organised around a global or regional shared service centre (SSC), far outweigh a siloed operation. Centralised models today address compliance processes such as statutory financial reporting with ease. Today’s global financial reporting landscape requires you to quickly and accurately prepare statutory reporting obligations, but requirements for submitting financial reports can vary widely from country to country. Thomson Reuters ONESOURCE Statutory Reporting is leading cloud-based disclosure management software, helping you remain compliant in over 45 jurisdictions. ONESOURCE Statutory Reporting seamlessly integrates with your current accounting system and other in-house software by leveraging APIs, reducing the need for manual data entry.
The specific requirements may vary depending on the jurisdiction, applicable accounting standards (e.g., IFRS or GAAP), and the type of entity. Choosing the right model can lead to streamlined processes, better audit quality, and fewer regulatory challenges. Save time with automatic updates and improve accuracy with automatic rounding, numbering, referencing, and roll-forward processes. Quickly and simply translate software and reports into English statutory reporting with our machine translation service. When TMF began investigating the centralization and standardization of statutory reporting compliance, its strategy informed the creation of operational objectives and selected key performance indicators, Boyko said. The next steps included researching available software solutions and drafting a request-for-proposals (RFP) document for vendors.