Thomson Reuters and Deloitte collaborate to automate financial reporting and compliance for Australian corporations
Deloitte an implementer of Thomson Reuters ONESOURCE reporting software
12 September 2017: Thomson Reuters unveiled a new collaboration today with Deloitte announced as an implementer for Thomson Reuters’ market-leading ONESOURCE Statutory Reporting software1. The collaboration, an extension of Thomson Reuters’ expanding global relationship with Deloitte and a first of its kind in the Australian market, is aimed at assisting finance departments streamline financial reporting processes, helping them save time, improve accuracy and remain compliant.
It comes at a time when Australian multi-national corporations are subject to a wide raft of new compliance requirements. A recent global survey2 of finance professionals revealed they are mired in worry around how systems and processes can keep pace with the rate of change in the business, yet many finance leaders are skeptical of statutory reporting in enterprise organisations becoming fully automated by 2020.
Theodora Downes, Financial Transformation Partner Deloitte Corporate Advisory said: “Through this collaboration Thomson Reuters and Deloitte will continue to provide Australian corporations with accounting and technical expertise, but with the technology platform to solve the complexity of corporate reporting at a granular level.”
Ben Scull, Managing Director, Tax & Accounting, Australia and New Zealand at Thomson Reuters said, “Thomson Reuters has a long standing relationship with Deloitte in Australia – this new collaboration is a great example of two global organisations working together to address the current issues finance departments are facing around statutory reporting compliance within the local Australian marketplace.
“ONESOURCE Statutory Reporting essentially solves the compliance burden for financial controllers and managers. There are significant risks if finance does not align the business with digital transformation and equip teams with cloud and digital toolsets that will drive cost, efficiency and competitive gains.”
Downes said: “The good news for financial controllers and managers is that you don’t have to do this alone. In this growing internationalised world of emerging platform and cognitive technologies; speed, accuracy and standardisation are critical.
“Being able to anticipate change and keep ahead of the curve in real time are competitive advantages from which we are convinced our clients can benefit. This collaboration with Thomson Reuters enables us to bring our global capabilities to help organisations with their financial reporting smarts, to reap the often elusive productivity rewards of information technology, and ensure its impact on systems and processes without compromising the control environment in which the business operates.”
1. ONESOURCE Statutory Reporting provides the finance team a centralised platform to both drive efficiency and standardise the process of creating statutory financial reports. With local language capability, compliant reporting templates and content updates from the Big 4 for over 30 countries, ONESOURCE Statutory Reporting ensures finance teams meet their local compliance needs more efficiently and effectively.
2. The Future of Financial Reporting Survey 2017, Modern Finance Forum