Global Statutory Reporting Services

Statutory reporting challenges

As your global organization grows more complex, your regulatory requirements will likely follow suit. In an environment full of new technologies, regulatory changes, globalization, and social transformation, reporting accurate information is becoming more challenging, but is critical to reducing the risk of reputational harm.

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.

A decentralized process, coupled with the use of disparate reporting systems, can lead to:

• Additional preparation and review time due to lack of coordination between tax, accounting, and other teams;
• Lack of alignment and documentation around policies, processes, roles, and responsibilities; and
• Inconsistencies in the application of accounting standards between countries or regions.

A decentralized environment can also prevent organizations from gaining visibility into their data to quickly and efficiently respond to pressing regulatory demand. Further complicating matters is many organizations’ reliance on qualified local talent—a resource that’s becoming more difficult to attract and retain.

More companies are taking steps to help remediate these local reporting challenges by integrating processes and technologies that can work alongside their existing workforce to connect, standardize, and automate local accounting and financial reporting functions. With connected, standardized, and automated global statutory reporting, organizations can:

• Reduce both internal costs and audit fees;
• Refocus resources on analyzing results rather than gathering data and preparing reports;
• Enable efficient integration of statutory reporting with management and tax reporting;
• Enhance investments in technology and/or shared services centers; and
• Improve transparency and compliance by enhancing the governance model.