A vision is important, of course, but so is a plan—and that may be lacking for many companies. A recent BDO study found that only 20% of MNEs surveyed had a dedicated tax technology strategy to support key business objectives. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission.

• And, many organisations currently under-resourced are still reliant on manual processes.
• As part of the global trend towards finance transformation, as organizations look for new ways to drive savings and efficiencies, the old ways of doing things just don’t cut it anymore.
• Retention is important, says Hay, because a “revolving door” of personnel at a centralized shared service center invites miscommunication and potential errors.
• Quickly and simply translate your user interface and reports from the local reporting language to English with an intelligent translation tool to assist both the preparation and review process.
• 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.
• Structuring them effectively is critical for compliance, efficiency, and risk mitigation.

Global Compliance and Local Content with Centralised Control

Deloitte’s statutory reporting services helps companies manage local reporting with deep industry experience and technology solutions. Manual data handling along with outdated and decentralized data models across systems, departments, and geographies may lead to reporting errors, increased discrepancies, and inefficiencies. These time-consuming processes for integrating data can create delays in reporting and impact decision-making.

• ONESOURCE Statutory Reporting leverages APIs to facilitate seamless integration with existing in-house software, enabling smooth data flow between them.
• Without having to overcome the language barrier, it is much easier to transfer data and documents from different jurisdictions to a centralized service center, where it can be processed much more efficiently and easily integrated into the organization’s overall workflows.
• Uddhav Pandit, Vice President, Finance Global Shared Services at Capgemini, Chaired the Roundtable to share his experience on how to leverage technology specifically to solve for Statutory Financial Reporting, and the challenges along the way.
• The current pandemic has also dramatically increased the interest in centralisation and standardisation, explains Vishal.
• The strategies companies need to transform may include seamlessly connecting systems, investing in global digitalisation, and clearly defining methods for capturing and reporting data.
• While perceived complexity has always limited assimilation of statutory financial reporting into a centralised model, such concerns can be overcome with purpose-built technology platforms.
• Deloitte’s 2019 Global Shared Services Survey1 revealed that India and USA are the favoured destinations for setting up international SSCs.

Evolving regulatory landscape

This is governed by accounting laws/ regulations specific to each country or international reporting standards. – Effective statutory reporting is crucial for maintaining regulatory compliance, building trust with stakeholders, and supporting informed decision-making by investors and other users of financial information. To cope with this increasingly complex environment, many accounting firms are transforming their inefficient, manual processes by digitizing and automating as much of their statutory reporting process as possible. This is allowing them to reduce the effort around gathering data and spend more time analyzing it to improve compliance and better identify regulatory risks.

Easy access

More formats and inconsistencies can mean more time spent by auditors and higher auditors’ fees. Automation standardises the process of creating statutory financial reports through a centralised platform with a global function. This way, organisations spend far less time reviewing information and ensuring data consistency. A global financial services company with operations in 50 jurisdictions follows a decentralized audit model, where each subsidiary selects its own local auditor to comply with local GAAP and statutory reporting obligations. The company’s local finance and compliance teams are responsible for managing the audit, ensuring documentation is available, and addressing local regulatory requirements. Companies use our ONESOURCE Statutory Reporting software in various industries, including retail, manufacturing, technology, energy, and more.

Global compliance and local content with centralised control

Statutory financial reporting is certainly on the change agenda, with organisations looking to drive efficiencies through standardisation, centralisation and automation. The challenges of the pandemic have elevated the strategic role of SSCs in impacting business decisions and expanding scope. Here are four tips to help break down silos in your statutory financial reporting process. For every statutory reporting entity, local statutory financial statements must be submitted in the local language and must meet the local reporting requirements as well as filing deadlines. Access local language, best practice, country-specific reporting templates and content updates. Access local language, best practice, country-specific reporting templates and content updates by leading experts.

ONESOURCE ensures global compliance by continuously monitoring changes in local reporting and regulatory requirements, saving time on research and reducing the need for extra drafts if reports are out of compliance. Also, retained earnings balance sheet the platform’s language functions automatically translate content in any language into English, which eliminates the need for editing at the local level and makes deliverables accessible to all stakeholders. Known as “global statutory reporting,” this process not only costs time and money, it can threaten the integrity of the company if accurate reports aren’t filed on time. Late or improper submissions can result in penalties, legal action, or worse—dissolution of the company. In some countries, such as Norway and the Netherlands, individual directors can even be fined or imprisoned for failing to fulfill their fiduciary duties.

• This is because technology is improving, and the regulatory requirements are always changing.
• Global harmonisation of end-to-end processes fosters collaboration and offers a greater sense of purpose for individuals and teams alike.
• It is imperative to engage with internal stakeholders to conduct gap assessments of current and future processes.
• Today, many organisations are looking beyond the traditional landscape to streamline complex finance processes.
• ONESOURCE also improves data quality, links statutory report and audit support materials, and dramatically reduces the time necessary to complete such tasks as forward rolls and data loops.

As noted above, many companies have overcome these concerns and centralized financial reporting in their shared service centers (44% of survey respondents) and a sizeable group (33%) intend to do so within five years. To confidently take this step, companies say they needed assurance that they were applying best practices in managing the knowledge required to https://rickyjo.com/what-is-an-iolta-account-definition-compliance/ comply with jurisdiction-specific reporting requirements. Other considerations include transparent automated workflow, language translation, and the ability to easily execute modifications and push changes across all entities in a jurisdiction through a template engine. However, when the business is preparing statutory accounts for multiple entities, there may be different teams involved in preparing different sets of accounts for one jurisdiction with no consistency in wording of policies or corporate standards.

Lower total process costs

ONESOURCE also improves data quality, links statutory report and audit support materials, and dramatically reduces the time necessary to complete such tasks as forward rolls and data loops. The Workiva Platform is an industry-leading technology that can operate as a holistic platform for ESG reporting, SEC reporting, statutory reporting, XBRL tagging, financial reporting compliance and more. Workiva’s Global Statutory Reporting (GSR) module can offer a suite of capabilities focused on the end to end statutory reporting process and can align to an insourced, co-sourced, and/or outsourced statutory reporting model. Generating statutory financial reports across multiple jurisdictions is a complex task in itself, given the distinct local formatting and language requirements that need to be met.