Silo-breaking tips for global statutory financial reporting India

Providing auditors with an easy-to-follow trail from trial balance to reporting, is essential for assisting an efficient audit process. Instead of struggling with reporting processes that can be cumbersome and expensive, identify opportunities to streamline and optimise them. Incorporating GSR within existing transformation projects can work well because they often use similar data, processes, and technology. Sakshi has over a decade of professional experience in the tax and tax technology industry.

Strategies For Centralized Global Statutory Reporting

Having personnel available who are intimately acquainted with the entire process, from start to finish, making it much easier to realize the benefits of centralization and take advantage of the synergies it provides. It is vital that your organisation is prepared for the future, whatever it brings, and can leverage the latest technological tools to maximise efficiencies and drive down costs wherever possible. Investing in an enterprise enablement software can support that objective by delivering substantial efficiencies and cost savings. After all, new technology investments require careful assessment of the potential costs and benefits to the organisation. With resource allocations under greater scrutiny in the changing global economy, all possible objections from the buying council must be handled and resolved. Maintain corporate standards and drive efficiency through both the internal and audit review process with standard workpapers, providing a complete audit trail of adjustments.

Accessdata quickly

Indeed, one of the big challenges many organizations have, says Hay is holding onto manual processes and familiar Excel models in what amounts to an endless series of workarounds, rather than embracing the advantages and efficiencies that new statutory reporting technology can provide. If the organizational data is handled properly, for instance, it can be integrated and harmonized in a way that serves the entire enterprise, across platforms—e.g., ERPs or other third-party systems—and is available for further analysis. Extensive interviews were conducted with four OSR customers, the findings of which were aggregated to create a composite multinational corporation (MNC) that was transforming its statutory reporting processes across 100 entities in 20 countries. Statutory reporting helps companies track and understand their financial performance. This data helps companies evaluate their performance vis-a-vis peers, track progress toward short-range and long-range goals, and improve corporate governance.

Report highlights disparities in state UI taxes, expert provides insights on managing UI liabilities

These centers provide accounting, reporting and tax services, including capturing and testing source data, producing drafts of statutory reports, and performing tax return compliance services. From data to deliverables, our end-to-end process can enhance controls, consistency, transparency, and efficiency, while also reducing overall administrative costs. As companies across various sectors increase the scale and breadth of their central delivery models, they are shifting their focus beyond the transactional landscape to centralise more complex processes, including statutory financial reporting. A global, streamlined delivery model enabled by technology not only allows these businesses to drive cost optimisation and increase efficiency levels, but also mitigate risks.

• A connected approach can also bring added efficiency by increasing centralization, standardization, and collaboration.
• “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.
• For example, CFOs seeking to boost efficiency will likely expect their controllers to combine reporting processes to better prepare accounting teams for regulatory updates and new technologies.
• 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.
• Our global delivery model, centered around delivery centers of excellence across the world and leveraging local countries for region-specific knowledge, allows for an efficient delivery of outsourcing services.
• The provided standard content is pre-tagged, and the software can export your report in the correct XBRL format, ensuring it meets the specific tagging requirements for electronic filing with regulatory bodies.

The new Thomson Reuters/SSON report, meanwhile, says the main hurdle for companies that have not centralized their reporting function is the https://www.bookstime.com/ risk of losing knowledge of, and the ability to consistently comply with, local regulatory requirements. “The most common reason organizations give for not moving to a centralized model is concern about a Shared Services Center being out of touch with country- or jurisdiction-specific knowledge required,” the report points out. “In addition, they cite maintaining close relationships with local authorities, as well as local language requirements as key concerns. Division managers who set the tone from the top and take a business-first approach will yield better results. Their influence and leadership are key to gaining buy-in for process harmonisation plans.

• Global disclosure management software to standardize and automate global financial statement preparation.
• Certain services may not be available to attest clients under the rules and regulations of public accounting.
• These regulations may vary across regions and industries, so it’s vital to research and grasp the specific requirements applicable to your organization.
• It includes built-in validation checks, such as ensuring supporting notes align with primary statements, to uphold the accuracy of financial data used in your statutory reports.
• Additionally, Thomson Reuters has teamed up with SAP to create a robust ESG reporting solution.

Technology may be widespread in the financial industry, but teams still rely on manual processes that can insert errors into financial documents. It is all too easy for an incorrect version of a document to replace the so-called official spreadsheet, and errors to become cemented into the financial record. Here are a few examples that explain why this type of financial reporting is important contribution margin beyond the compliance angle. Despite this huge growth which has allowed Capgemini to leverage the benefits of scale and use common teams for multiple entities and benefit from certain automation initiatives, there is also some resistance to making this transition. Thomson Reuters ONESOURCE™ Statutory Reporting can also impact scalability, accessibility, and cost-effectiveness across multiple departments, geographies, and teams. Aligning and integrating systems wholistically can help accelerate transformation and drive further growth.

ONESOURCE Statutory Reporting is a leading global disclosure management tool that automates the production process, saving you time on tedious manual work and driving data quality improvements. Serving more than 43 countries that includes local language, best practice, country-specific reporting templates, and content updates from the largest accounting firms, ensure you’re meeting all the latest local regulations. Legislative updates to accounting standards and in-country regulatory disclosures and requirements change the way accounts must be prepared and the disclosures that must be provided. By implementing technology and automation, teams can streamline processes to create more efficiency, save time and cost and improve data accuracy and reporting – giving team members the time they need to focus on higher-value tasks. Seamless connectivity to the rest of the ONESOURCE platform and third-party tools opens opportunities to attract and retain talent who enable the transformation of your statutory reporting function.

Subscribe to Business Insight

Statutory reporting can actually help internal oversight by encouraging regular data reporting, transparency and compliance. This also helps align finance, operations, HR and compliance teams under consistent data sets as well as supply forecasting tools with valuable information. Our global solution optimises your team’s ability to meet regulatory requirements, whether they are locally based, centralised in centers of excellence (shared services centers), or otherwise. With its advanced cloud-based platform, ONESOURCE Statutory Reporting ensures compliance across over 45 jurisdictions, supports multiple local languages, and offers country-specific reporting templates. This not only mitigates legal risks but also enhances stakeholder trust and confidence in the organization’s operations and ethical practices.