Migrating statutory reporting and tax compliance into a shared service center
Professionals who manage Finance Shared service centers are tasked with being profit centres, not just cost-centres. For companies that do business in many different jurisdictions or have uniquely complex regulatory reporting responsibilities, have a huge opportunity to leverage current investment and deliver an improved bottom line to the business. Centralizing financial reporting and tax compliance in shared service centers not only helps in reducing costs, but eliminates redundancies and drives leaner, standardized efficient processes
What benefits can you achieve?
Facilitates the completion of financial statements earlier in the financial process. Spend less time on data collection and managing multiple report iterations with auditors, which allows for quicker access to the data you need.
With ONESOURCE, you have one provider for a standard process — a consistent, centralized platform for global control of your financial reporting.
Transition from GAAP to local statutory
Reconciling the walk from GAAP to local statutory is simpler than ever. Easily load General Ledger data in multiple formats with audit trails for all data sources.
Capture and store your data once to improve the quality of your reports and prevent re-keying errors. These include pre-linked disclosures, automated rounding, note/page number referencing, roll forward, linking data, pre-tagged XBRL reports, adding/removing/customizing disclosures quickly, and standard workpapers.
Reduce time and manual effort spent in data collection and iterations of reports
ONESOURCE Statutory reporting supports 45+ countries with local language*, country-specific reporting templates and regulations for each country.
Asia & Emerging Markets
Why compliance belongs in shared service centres?
“Moving to a shared services environment...isn’t a choice anymore, you really have to scale your accounting control and compliance functions, you just cannot do them efficiently locally.”
Global financial reporting and tax compliance in APAC finance shared service
Insights from Asia finance practitioners’ on new areas and processes to drive savings, increase efficiencies and strengthen partnership with business to move up the value chain.