ONESOURCE Statutory reporting software

Stakeholders, including investors, customers, and the general public, rely on accurate and transparent financial information to make informed decisions. Lenders and investors view adherence to statutory reporting obligations as a key indicator of an organization’s governance and transparency practices. Companies that disregard these requirements are often perceived as higher risk and less trustworthy, making it challenging to obtain loans, investments, and favorable credit terms. With connected reporting, our team will help create a connected experience; one that helps automate the flow of data from source systems through to the final reports and presentations. Whether you are undergoing a cloud ERP or EPM transformation or simply looking to improve your last mile reporting processes, PwC can meet you where you are, combining our deep industry perspective with our proven technology experience.

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While it can be really difficult to keep track of changing laws and regulations, failure to do so can result in penalties. A delicate balancing act How to Start a Bookkeeping Business is required to marry centralised operations with local peculiarities. A finance SSC is typically a huge department carrying out a single process such as transactional accounting more quickly than localised operations.

• Automation can streamline operations and ensure data hygiene is protected even when dealing with large amounts of it.
• Many audit processes undergo multiple iterations due to inconsistent data and process management approaches.
• 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 company’s local finance team must work directly with the auditor to provide financial data, respond to audit requests, and manage compliance.
• For multinational corporations, the best approach often blends both models, ensuring efficiency, compliance, and risk mitigation.
• Although cost efficiency has always been the key driver for this move to centralising operations, more recently this decision has also been taken from a risk mitigation standpoint, to ensure those processes are compliant with the rapidly changing local regulations.

Integrated risk

A connected statutory reporting platform, combined with harmonised statutory accounting processes and policies, can enable smoother integration with ERP systems and other technologies. This combines data into a single source, which can help automate the preparation of statutory financial statements by linking directly to source data. 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. 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. Companies use our ONESOURCE Statutory Reporting software in various industries, including retail, manufacturing, technology, energy, and more.

• Ensuring that the move to centralization is communicated well in advance and clearly – including the business rationale – will ensure they are more supportive and cooperative.
• Enterprise-scale solutions often bring hidden costs—lengthy implementations, complex customization, and extensive training.
• Rapid advances in Enterprise Resource Planning (ERP) and Robotic Process Automation (RPA) bring huge efficiencies to centralised operations but digitisation cannot solve the local reporting and compliance question.
• Then there are the matters of mistakes, whether that is a misapplication of a formula, misinterpretation of a rule or simply a missed deadline.
• Unlike large enterprises with budgets for bespoke ERP modules or enterprise-grade consulting firm-developed reporting solutions, mid-market firms must prioritize scalable, cost-effective tools without compromising compliance functionality.

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More recently, it has evolved from executing transactional, manual tasks to leveraging automation and data analytics to better streamline operations and generate statutory reporting actionable insights. Many audit processes undergo multiple iterations due to inconsistent data and process management approaches. “Another significant challenge global organizations face is staying up to date with the many local reporting standards and languages that they need to report under,” says Sam Johnstone, Thomson Reuters global statutory reporting solutions consultant. 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.

Centralized Statutory Reporting Requires People and Technology to Work Together

A European multinational with 50 subsidiaries across 30 countries uses a centralized audit approach. The lead auditor handles planning, risk assessment, and control testing, while local auditors validate and sign off on statutory financials. When it comes to running a world-class shared service center, however, technology is only one component of success. Making sure the right people are in place is critical, as is a concrete plan for training and motivating staff, including long-range personnel-development programs that plot career trajectories and encourage loyalty. Retention is important, says Hay, because a “revolving door” of personnel at a centralized shared service center invites miscommunication and potential errors. Unlike gross vs net large enterprises with budgets for bespoke ERP modules or enterprise-grade consulting firm-developed reporting solutions, mid-market firms must prioritize scalable, cost-effective tools without compromising compliance functionality.

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.

She is a Chartered Accountant from the Institute of Chartered Accountants of India. 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.

Driving financial governance across your enterprise ecosystem

He cited a Gartner survey in which 93% of senior finance executives shared a vision for highly centralized digital finance structures that provide their companies with data on-demand, business acumen, and complex problem-solving. Companies may want to consider a disciplinary approach to help deal with the aforementioned complexities in the global environment. If a company is aligned and flexible, able to change its model or make decisions that are necessary to adapt to specific changes in the environment, the logical step is to centralize, coordinate and align the management structures.