Today, many organisations and SSCs based in India and the APAC region are looking to become fully-fledged internal profit centres and sources of substantial business value. The Finance function has always been expected to operate with efficiency targets, deliver more with less, drive transparency and reduce costs. Integrate effortlessly with ERP systems and the ONESOURCE suite for comprehensive functionality. 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.
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A company with 163 entities—as in the previous example—could reduce the time necessary to complete its entire statutory reporting process from 1,048 days of work to a mere 349 days, saving more than two years of additional work. 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. Deloitte can advise you on the path forward and provide end-to-end insights that fit your organisation’s unique needs. From finding the specialised accounting, tax, and audit statutory reporting professionals to connecting you with our trusted alliances for software automation, count on us for insights and experience in global statutory reporting transformation.
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This legally required practice plays a pivotal role in fostering accountability, safeguarding stakeholders’ interests, and preserving the integrity of organisations. Global disclosure management software to standardize and automate global financial statement preparation. Auditor reports, which provide independent validation of the accuracy and reliability of the reported financial information, are often included in statutory reports. These reports reinforce the credibility of statutory reports by assuring stakeholders that the presented information has undergone rigorous scrutiny and verification by qualified professionals.
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Another benefit to deploying technology is that centralised platforms support and enable finance transformation. Thomson Reuters has also created a detailed step-by-step guide containing practical toolkits for multinationals and their shared services centres on How to Build a Fail-Safe Business Case for Statutory Reporting Software. Organisations work differently, and our centralised delivery models can transform complex and cumbersome processes to automated and efficient approaches.
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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. Determining whether to outsource statutory reporting operations at a particular location or to keep it in-house depends on https://www.bookstime.com/ an organisation’s unique priorities and needs.
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- 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.
- Choose flexibility with various operational delivery models and utilise translation features to prepare financial statements in English.
- Organisations with centralised statutory financial reporting models, enabled by greater automation and intelligent data management, are better prepared for ongoing challenges and new opportunities.
- To confidently take this step, companies say they needed assurance that they were applying best practices in managing the knowledge required to comply with jurisdiction-specific reporting requirements.
- The good news is technology can now support consistent, accurate, automated global reporting and alleviate local issues related to language translation and country-specific tax rules, document formats and filing requirements, and generally accepted accounting principles.
These assessments can materialise in the form of harmonising processes, from mapping, documenting to standardising processes. Alleviate the challenge of managing multiple languages from regional or global centre with a simple translation tool. A decentralized environment can also prevent organizations from gaining visibility into their data to quickly and efficiently respond to pressing regulatory demand. Further complicating matters is many organizations’ reliance on qualified local talent—a resource that’s becoming more difficult to attract and retain. When Capgemini, a unearned revenue 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. 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.
- By the same token, close to 42% named increased scrutiny from regulatory authorities as a key struggle.
- Maintain corporate standards and drive efficiency through both the internal and audit review process with standard workpapers, providing a complete audit trail of adjustments.
- Eliminate time spent on spent on data collection, data manipulation and multiple report iterations by moving to centralised platform that automates & standardize financial reports.
- They can simply enter data once and see it flow automatically to all relevant reports; as well as increase accuracy with automatic rounding, numbering, referencing and roll-forward processes.
- End to end, adopting a centralised approach can unlock value enterprise wide, from increasing timely findings and achieving improved audit efficiency to shifting work out of critical periods—all of which can improve stakeholder confidence.
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. CHALLENGING THE STATUS QUOAccording to Hay, the first thing companies should understand such centralization initiatives is that they are a challenge to the status quo, so some resistance is natural. Traditionally, companies that have entities in multiple countries have had personnel located in those regions do the legwork on local statutory reporting, compliance, and tax preparation. Statutory reporting is a core requirement that often garners significant attention from investors, auditors, regulators, banks, and other key stakeholders. For many organizations, the preparation of local financial statements has historically been a largely decentralized and manual process. It’s a situation that often results in a lack of visibility into locally reported data, low levels of consistency in financial reports, and an elevated risk profile.