Reducing Organizational Cost Through Global Statutory Reporting

In 2021, the SSON Global Market Report, found that 62% of respondents had already centralised services and capabilities, with another 19% planning to do so within the next five years. As organisations like these look to deliver even more efficiency and value, their next priority is expansion. Next year, close to 80% of respondents plan to increase their geographic reach and/or scope of services supplied. Providing auditors with an easy-to-follow trail from trial balance net sales to reporting, is essential for assisting an efficient audit process. 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. 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.

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The downside of a decentralized legal structure in today’s world is becoming increasingly clear. From a management perspective, it is not always easy to align business operations in a decentralized management structure. Decentralized structures have their own authority and bring with them tension between a local and global perspective. Additionally, Thomson Reuters has teamed up with SAP to create a robust ESG reporting solution. The integration plans include combining Thomson Reuters ONESOURCE Statutory Reporting and SAP Sustainability Control Tower, enabling customers to prepare, gather, and file ESG data seamlessly within a unified solution. Learn about the definition, statutory reporting’s importance, key components, and more.

• Deloitte’s 2019 Global Shared Services Survey1 revealed that India and USA are the favoured destinations for setting up international SSCs.
• “I think the purpose of the whole shared services centre that we have set up has moved away from just cost optimisation to bringing in efficiencies.
• Adopting the right solution can mean eliminating hundreds of hours of burdensome manual tasks that can lead to errors and inconsistencies, which is all the more vital in a changing, regulatory landscape that is more complex and stringent across many jurisdictions.
• Resistance to change and a lack of data literacy can hinder successful transformation.
• TMG Group has experts in 125 offices in 86 jurisdiction to untangle complexity at local level and increase efficiency of centralised service centres.

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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. Benefit from timely updates provided by Big Four accounting firms and in-house experts.

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• Finally, the prepared reports must be submitted to the appropriate government agencies or regulatory bodies within specified deadlines.
• Another key is having a dedicated project manager who keeps track of goals and milestones, conducts regular check-ins, keeps track of project details, and ensures consistent buy-in from other key stakeholders.
• These regulations may vary across regions and industries, so it’s vital to research and grasp the specific requirements applicable to your organization.
• Internally, companies can evaluate the profitability of a new product or service, understand their expenses and benchmark performance, whether cost-cutting or scaling.
• Ideally, the company would act in alignment with its stated values, but there are blind spots in every operation.
• Instead, choose flexible tools that can grow with your business without upfront complexity.

Download our report on how you and your business can benefit from a transformative approach to statutory reporting. Moreover, relying on manual processes to generate reports is prone to errors in the data. It’s a written statement that is sworn to be true and accurate and verifies compliance with certain rules and regulations. For instance, a company may be required to submit statutory declarations about compliance with environmental or labor laws. It’s crucial to report statutory requirements in a timely and accurate manner to maintain trust & credibility in the organization, avoid legal penalties, and ensure good governance practices are followed. Local tax reporting, statutory obligations and compliance risks can vary enormously in the regions that feed into an SSC.

Ever-changing statutory reporting requirements and heightening regulatory scrutiny are two of the headwinds facing today’s multi-entity, multi-jurisdictional organisations. Keeping up with distinct local-GAAP disclosure requirements, reporting formats and language rules can be backbreaking work. It can also create substantial risk if approaches are inconsistent and inefficient. 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.

Centralized Statutory Reporting Requires People and Technology to Work Together

Both companies and individuals are required to file Income Tax Returns (ITRs) with the Income Tax Department of India, which functions under the Central Board of Direct Taxes (CBDT).. A tax return is important since it provides information about statutory reporting an entity’s income, expenses, and tax liability. Briony is the proposition lead for ONESOURCE Statutory Reporting and our direct tax suite of products, working closely with internal teams and our customers to define and deliver the future strategy and roadmap. She ensures core functionality is developed in alignment with our clients’ changing needs. TMF Group experts examine how accounting and tax are affected by business complexity, with findings from our Global Business Complexity Index 2023. And thanks to the automated processes they have adopted, “location will no longer be a constraint,” concludes Uddhav.

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We tailor our statutory reporting approach to your company’s most urgent priorities. A connected approach can also bring added efficiency by increasing centralization, standardization, and collaboration. These efficiencies can help reduce risks, refocus resources to other initiatives, and enrich stakeholder confidence—all while unlocking value across the enterprise. While Excel and Word are great tools, they are not well suited to the pace of modern accounting. When spreadsheets and documents are used to prepare accounts, there is more risk of human error, particularly when teams are under tight reporting deadlines and do not have the time or resources to check everything.

• While Excel and Word are great tools, they are not well suited to the pace of modern accounting.
• Certain services may not be available to attest clients under the rules and regulations of public accounting.
• Some current disrupters sparking GSR action include stat reporting technology platforms, cloud-based ERP platforms, and hybrid work models.
• 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.
• Many countries have their own accounting standards, requiring a strict tracking regime for which using Excel became too risky for Capgemini.
• DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties.
• We team with you to deliver transparent, consistent, and auditable reports to NAIC regulators.

Why one global company chose ONESOURCE Statutory Reporting

Statutory reporting is a critical element to prove your business abides by all laws and regulations. In case of failure, it can result in legal penalties, fines, and reputational damage. TMG Group has experts in 125 offices in 86 jurisdiction to untangle complexity at local level and increase efficiency of centralised service centres. Finance leaders at SSCs are often required to report in multiple languages, formats and currencies. They must also follow local Generally Accepted Accounting Principles (GAAPs) in the jurisdictions where these apply. Despite this huge growth which has allowed Capgemini to leverage the benefits of Bookkeeping 101 scale and use common teams for multiple entities and benefit from certain automation initiatives, there is also some resistance to making this transition.

Reducing Organizational Cost Through Global Statutory Reporting

Deloitte’s 2019 Global Shared Services Survey1 revealed that India and USA are the favoured destinations for setting up international SSCs. This finding is consistent with prior surveys—highlighting that the Asia Pacific (APAC) region is a prime destination for companies establishing SSCs to support their global networks. A comprehensive set of solutions for operating, controlling and managing foreign trade. In January 2023, Thomson Reuters commissioned Forrester Consulting to conduct a comprehensive Total Economic Impact™ study on ONESOURCE Statutory Reporting, aiming to analyse its potential financial impact and return on investment. This means addressing attachments to old ways of working and any staff insecurities about documenting their processes. In January 2023, Thomson Reuters commissioned Forrester Consulting to conduct a comprehensive Total Economic Impact™ study on ONESOURCE Statutory Reporting, aiming to analyze its potential financial impact and return on investment.