Workiva global statutory reporting: PwC

Technology may be widespread in the financial industry, but teams still rely on manual processes that can insert errors into financial documents. It is all too easy for an incorrect version of a document to replace the so-called official spreadsheet, and errors to become cemented into the financial record. Companies can then submit their finished statutory report, along with supporting documentation like bank statements or audit notes for approval by outside parties, when all pertinent information has been obtained and validated.

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Cost, scalability, ease of use, and integration capabilities should all be considered when choosing a technological solution for statutory reporting. Software packages may offer a variety of characteristics that change depending on the requirements of a company. For instance, some solutions may offer automated data gathering from numerous sources or permit customers to design unique reports that cater to their needs. As a bonus, some applications provide capabilities like audit trails or integrated workflow management that make it simpler to monitor changes over time and guarantee correctness for all regulatory filings. Using automated solutions is one of the best methods to simplify statutory reporting.

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Moreover, neglecting statutory reporting compromises an organisation’s credibility and trustworthiness. 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 organisation’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 favourable credit terms. Companies use our ONESOURCE Statutory Reporting software in various industries, including retail, manufacturing, technology, energy, and more.

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Additionally, Thomson Reuters has teamed up with SAP to create a robust ESG reporting solution. The integration plans include https://friendshandsclub.ng/how-to-calculate-sales-tax-complete-guide/ combining Thomson Reuters ONESOURCE Statutory Reporting and SAP Sustainability Control Tower, enabling customers to prepare, gather, and file ESG data seamlessly within a unified solution. Clarity should be the priority when producing reports for submission so that regulators and other stakeholders can quickly comprehend the information provided.

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Statutory reporting helps companies track and understand their financial performance. This data helps companies evaluate their performance vis-a-vis peers, track progress toward short-range and long-range goals, and improve corporate governance. Internally, companies can evaluate the profitability of a new product or service, understand their expenses and benchmark performance, whether cost-cutting or scaling. This kind of mandated reporting also ensures transparency for investors and the general public, forming the backbone of a company’s global statutory reporting efforts to provide accountability. Your company’s statutory reporting obligations don’t end with the SEC — operating in the global marketplace means also being aware of any other compliance measures you need to take across borders.

• 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.
• The toughest problem organisations face when carrying out statutory reporting is gathering reliable, real-time data in order to comply with statutory requirements.
• For companies planning international expansion or operational restructuring, payroll transparency becomes even more critical.
• Businesses are increasingly seeking systems that align payroll with statutory reporting, tax compliance, and financial controls.
• Common examples include financial statements, tax returns, environmental data, employee information, and corporate governance reports.

Finally, search for software that includes built-in analytics tools so you can quickly spot trends in your filing history and better predict future requirements based on historical patterns. This enables financial teams to keep on top of evolving rules while lowering the chance of incurring costly audit due diligence mistakes or non-compliance penalties. It entails providing important stakeholders, including external auditors, regulatory authorities, and investors, with reports and records that are legally necessary.

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Auditor reports, which provide independent validation of the accuracy and reliability of the Purchases Journal reported financial information, are often included in statutory reports. These reports reinforce the credibility of statutory reports by assuring stakeholders that the presented information has undergone rigorous scrutiny and verification by qualified professionals. Streamline your workflow with automated formatting and review processes, and maintain consistency with centralised data management. Choose flexibility with various operational delivery models and utilise translation features to prepare financial statements in English.

But in order for that data to get where it needs to go, everyone involved needs to understand what their colleagues are trying to achieve, what data they need, and in what form they need to receive it. Silo thinking won’t work; communication between stakeholders and a shared understanding of the process are essential for a centralized system to function properly. That need for communication extends to external auditors, who need to be alerted to internal process changes and notified what to expect on their end. Hay is head of Proposition, Statutory Reporting and Shared Service Centers at Thomson Reuters.

• From finding the specialised accounting, tax, and audit professionals to connecting you with our trusted alliances for software automation, count on us for insights and experience in global statutory reporting transformation.
• Overlooking statutory reporting requirements can lead organisations down a perilous path, fraught with legal entanglements, reputational setbacks, operational hurdles, and financial distress.
• Launching in early 2025, their integrated solution combines SAP’s ESG management tools with Thomson Reuters’ reporting expertise.
• When submitting their documents for assessment, businesses must also follow any further guidelines issued by regulatory bodies.
• Public corporations must provide data to regulatory bodies as part of statutory financial reporting in order to comply with the laws and rules that apply to their industry.
• Statutory reporting is when companies and organisations must disclose financial and non-financial information to government agencies and regulatory bodies.
• ONESOURCE ensures global compliance by continuously monitoring changes in local reporting and regulatory requirements, saving time on research and reducing the need for extra drafts if reports are out of compliance.

Technology is Enabling Centralized Global Statutory Reporting

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.

The introduction gives a general overview of the significance and difficulty of statutory reporting, which is further discussed in the heading after that. For CFOs and other finance leaders, comprehending statutory reporting is a crucial step in ensuring compliance with international rules. After standardising certain finance functions and using Shared-service centres to centralise processes, learn how one multinational corporation improved their last mile of statutory reporting. Access local language, best practice, country-specific reporting templates and content updates. It also fosters trust among stakeholders and protects the interests of shareholders, employees, and the public.