ONESOURCE Statutory Reporting
Imagine a world of statutory reporting where the preparation and review process is simple: taking hours instead of days, having consistent data throughout the report and automating repetitive tasks. Enter Thomson Reuters ONESOURCE™ Statutory Reporting.
ONESOURCE Statutory Reporting standardizes the process of creating statutory financial reports through a centralized platform with a global function. We provide a standard global tool with the local language and local regulations for each country, ensuring you will meet your local compliance needs more efficiently and effectively. Updates from the trustworthy experts at Big 4 allow you to redirect time you’d normally spend on research, formatting and burdensome manual work.
A Harmonized Solution
Why use a rotary phone in today’s world of advanced mobile technology? It’s similar with assembling your statutory reports. Now you can transcend tedious manual processes and multiple rounds of iterations, access the research and formatting you need, and ensure safety against audit in one solution. Redirect your time to winning more time for data analysis.
ONESOURCE Statutory Reporting helps you redirect time and resources to valuable work through the following:
- Speed: ONESOURCE Statutory Reporting facilitates the completion of financial statements earlier in your financial process. You spend less time on data collection and managing multiple report iterations with auditors and allow quicker access to the data you need.
- Standardization: We provide the content you need, when you need it. Country- specific content from the Big 4 provides assurance that it meets the local compliance rules. With automatic updates in a standardized process and standardized content, you spend less time tediously laboring for data consistency.
- Transition from GAAP to Local Statutory: Reconciling the walk from GAAP to local statutory GAAP and vice versa is simpler than ever. You can easily load General Ledger data in multiple formats with audit trails for all data sources.
- Finance Transformation: We provide tools to ultimately help with finance transformation. The local language and local regulations of that country are all ready for you (removing hundreds of hours of work), enabling you to prepare full notes of disclosure and complete your reporting sooner. You have one provider for one process—a centralized platform for global control.
- The simple things: Pre-linked disclosures, automated rounding, note/page number referencing, roll forward, linking data, pre-tagged XBRL reports, add/remove/customize disclosures quickly, and standard work papers. Capture and store your data once to improve the quality of your reports and stop re-keying errors.
Enable your teams with a solution that optimizes their ability to meet regulatory requirements, whether they are locally based, centralized in centers of excellence (shared services centers) or otherwise. With the right knowledge readily available, you can prepare reports with greater efficiency and effectiveness to focus on what matters: the public representation of your organization.
Three Questions to Ask Yourself
How do you reduce the time and money consuming process of collecting updating and rolling forward statutory reports?
- Utilize best-practice content backed by the Big 4
- Automate “the simple things”: additions, rounding, workpapers and more
- Link your reports to automatically and uniformly apply updates and simplify your roll-forward process
What's the best way to streamline your GAAP to STAT adjustments for every country you’re in?
- Import your balances and GAAP data and post journals documenting the process from GAAP to STAT and vice versa
- Provide journal summaries explaining the documentation and context
- Store all materials in one location so you can easily locate original data
How do you effectively see and report all your statutory report notes and disclosures?
- Ensure everything you need is located and linked together in one central repository
- Automate updates to enact changes throughout all reports—eliminating manual entry and risk of error
- Access all workpaper, journal and mapping summaries that substantiate your reports with a complete audit trail in just one location