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Global Statutory Reporting Services
Improving local accounting and financial reporting with automation and centralization
Statutory reporting has traditionally been a manual and decentralized process. As companies wrangle with more data than ever and regulators demand more transparency, Deloitte’s Global Statutory Reporting Services team takes a risk-conscious approach to help streamline processes while increasing standardization, centralization, and visibility.
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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.
Statutory reporting: A connected approach
Without the burden of manually gathering data and preparing reports across departments, organizations can gain greater visibility into their business and respond to regulatory requirements in a more timely and efficient manner. A connected statutory reporting function that integrates next-generation IT solutions can more efficiently be integrated with enterprise resource planning (ERP) systems and other technologies to create a single source of truth.
A connected approach can also bring added efficiency by increasing centralization, standardization, and collaboration. These efficiencies can help reduce risks, refocus resources to other initiatives, and enrich stakeholder confidence—all while unlocking value across the enterprise.
How Deloitte can help
Deloitte can help bring your statutory reporting function into the future with more consistency, a better control framework, and more efficient processes.
With Deloitte’s statutory reporting services, your organization can transform its reporting function and create processes that take hours, rather than days. This can enhance the visibility and quality of your locally reported data and improve your cross-functional tax reporting processes, which often rely on key statutory financial data.
Deloitte brings a tailored approach to statutory reporting. We prioritize flexibility and scalability through the use of our extensive accounting and financial reporting experience, leading practices, and proprietary tools. Our deep knowledge in local accounting, reporting, and risk management can help you transform your statutory reporting functions. Whether you’re looking to redesign your operating model, automate the production of financial statements, or outsource your reporting, we can help you find new efficiencies, reduce risk, and integrate more standardization.
What we offer
We tailor our statutory reporting approach to your company’s most urgent priorities. Our suite of offerings can help you address a broad range of needs and scenarios.
Statutory reporting tools: Statutory reporting tools can provide a solution that can help enhance reporting efficiency and improve cross-departmental collaboration and controls around the reporting process. We assist companies with integrating new technology with strategic vendors in the marketplace, including one of our alliance entities, Workiva. Workiva-based technologies can help organizations modernize reporting and compliance to enable automated, auditable, and repeatable processes. We can also share our perspectives on complementary leading digital and analytical tools.
ERP implementation and reporting strategy: As your organization is undergoing an ERP implementation, we can help with defining your global reporting strategy. We can help you develop new data models, enhance reporting strategy, and integrate statutory reporting tools with other technologies, as well as assist with the overall localization effort and with the rationalization of local charts of accounts.
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. 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.
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Jen Knickerbocker
Tax Compliance & Reporting Leader | Deloitte US
The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
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