Stories of our impact

Bridging the GAAP

Our cloud-based solution helps clients keep up to date with key accounting regulations

There has been a trend over the past decade for international companies to set up regional shared service centres (SSCs) to improve the efficiency of day-to-day operations such as HR, payroll and IT. And while there are a host of advantages of using SSCs when companies strip back country-based book keeping functions, compliance becomes a critical issue.

If you don’t have a finance and accounting function in every country you’re based in, how can you be sure you’re up to date with the latest regulations and filing requirements? It’s a significant challenge, with the threat of re-submissions or even penalties for non-compliance hanging over companies that get it wrong.

Deloitte’s Global Tax Center (Europe) has the solution, bringing together global accounting and tax knowledge to help SSCs meet local compliance requirements wherever in the world they operate.

Bridge Your GAAP

Those looking after global statutory accounts and compliance have, until now, had to cope with vast inconsistency across the various jurisdictions they operate in. Data is normally prepared in different formats in each country, using not only unique formulas and financials but also the local language. The burden then lies with the central financial controller to try to understand it all and reconcile it compared to their source GAAP[1] records.

Our new tool fixes all this. Called ‘Bridge Your GAAP’, it’s a flexible, cloud-based solution that brings consistency and efficiency to global external reporting. Embedded controls and reports ensure local compliance requirements are always reflected, with changes in local legislation fed into the system and automatically mapped to the local accounts. This means data and reports are presented consistently and are globally compliant – and as an added bonus everything is available in dual-language format.

Bridge Your GAAP is already making a real difference to over 200 clients across Europe, and it’s quickly expanding to more than 75 jurisdictions around the world.

What’s exciting about it?

The real game changers are the automated primary control checks and templates that are built into the tool. These eliminate the time and effort associated with manual checks, and deliver a level of accuracy far greater than even a skilled human could achieve. The benefits are noticeably increased time savings, consistently high-quality reporting, and higher levels of compliance.

The future

In the long term, this new way of working could transform the way companies view and engage with professional services firms. Bridge Your GAAP allows clients to take control of their compliance and reporting, without the need to engage a professional service providers. We are enabling an even more collaborative relationship between clients and our firm, where the clients decide what they engage us for and what they prefer to do themselves. By providing this flexibility, we can create a unique experience for our clients, adapting to their business needs they evolve.

[1]‘GAAP’ or ‘Generally Accepted Accounting Principles’ refers to the common set of accounting principles, standards and procedures that companies must follow.

Contact

Fern Hammond

Public Relations Manager

+44 (0)20 7303 2329

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