In the first part of this three-part series, we summarized the impact shared service centers can have for statutory reporting. In the second, we specified four ingredients that work together to deliver value. Today, we unveil a revolutionary new feature of Thomson Reuters ONESOURCE Statutory Reporting that will fundamentally change the process of how statutory financial statements can be prepared.
Imagine how much easier the world would be if we all spoke the same language. While this may seem like a dream, that ideal is much closer to reality — for accountants anyway.
Accounting and finance teams at multinational companies oftentimes have no real choice when it comes to statutory financial reporting in countries where the local language differs from their own. Translating local country financial statements to the preferred language can’t really be automated, and it prevents statutory reporting from being fully centralized in a shared service center or center of excellence.
While accounting and finance teams have automated more and more processes to increase efficiency and reduce risk over the years, translation is one task that has consistently happened at the local level, by working with local experts or through costly external third parties.
This is something we’ve set out to change, and we are excited to announce a revolutionary new feature of ONESOURCE Statutory Reporting that automates the translation of the local country statutory financial statements, which we are releasing to market on April 1, 2018. Teams will soon be able to perform translations and modifications in both local and foreign language at the same time, further streamlining the statutory financial reporting process.
In June 2017, I met with with some of our key customers to get feedback on the obstacles that they were facing in centralizing statutory financial reporting into their shared service center’s, and language was a consistent theme.
We developed this feature because clients are increasingly moving to centralized preparation instead of doing it at the local-country or regional SSC level. Directors are personally liable for what they sign, but the end product must be lodged in local language. Without this new feature, bringing non-English countries into the shared service center meant additional skilled language staff for each language required.
Our forthcoming translation feature handles this by allowing users to see — and directors to understand — entire statutory financial reports that are prepared in a single business language. The platform makes the translations and allows for the output to be in English or local language. Users will have one report, with one data source. The feature eliminates the need to maintain multiple sets of reporting templates for entities in jurisdictions with differing language requirements.
The feature can translate more than just the output of the final statutory financial reports, including the software navigation tools, category structure, as well as data capture menus and screens.
In the words of a customer that has seen a pre-release demonstration, “this is a game changer” for statutory financial reporting professionals who work with varied language requirements because it will completely transform the process of preparing and reviewing local country statutory financial statements.
At Thomson Reuters we believe that this is another step forward in empowering accounting and finance teams with scalable, interlocking tools, so that they can spend more time on strategic matters that add more value to their companies.
If you would like to see this revolutionary technology for yourself, please let me know as our team would be delighted to take you through what your future process could look like.
This is the third and final post in our series on statutory financial reporting. We will adapt this series into a whitepaper soon. In the meantime, reach the author at email@example.com if you have any questions.