Statutory reporting: Possible solutions for the modern world
Building a centralised delivery model
Statutory accounting: More efficient, lower risk, less cost
Instead of struggling with reporting processes that can be cumbersome and expensive, identify opportunities to streamline and optimise them. Incorporating GSR within existing transformation projects can work well because they often use similar data, processes, and technology.
For example, CFOs seeking to boost efficiency will likely expect their controllers to combine reporting processes to better prepare accounting teams for regulatory updates and new technologies. As many companies strive to get leaner, reporting transformation and optimisation can play a crucial role in meeting strategic objectives. Some current disrupters sparking GSR action include stat reporting technology platforms, cloud-based ERP platforms, and hybrid work models. The strategies companies need to transform may include seamlessly connecting systems, investing in global digitalisation, and clearly defining methods for capturing and reporting data.
By reducing manual data collection and report preparation across departments, organisations can gain greater visibility across the business and effectively meet stat reporting requirements faster and more efficiently. A connected statutory reporting platform, combined with harmonised statutory accounting processes and policies, can enable smoother integration with ERP systems and other technologies. This combines data into a single source, which can help automate the preparation of statutory financial statements by linking directly to source data.
This integrated strategy can help improve operational efficiency, risk reduction, and cost savings. One possible outcome of a streamlined reporting model? Better resource reallocation. End to end, adopting a centralised approach can unlock value enterprise wide, from increasing timely findings and achieving improved audit efficiency to shifting work out of critical periods—all of which can improve stakeholder confidence.
Centralised models to customise your stat reporting
Our clients are addressing local reporting challenges by connecting, standardising, and automating statutory reporting functions. Transforming global statutory reporting can offer a range of benefits, from reducing internal costs and audit fees to improving transparency and compliance. Large organisations tend to organise statutory reporting into one of three operating models: centralised in-house, managed delivery, and co-sourced.
Determining whether to outsource statutory reporting operations at a particular location or to keep it in-house depends on an organisation’s unique priorities and needs. Decision-making factors can include management’s desired level of control in the GSR process, accessibility to specialised talent, and the business strategy at a particular location. Other considerations that come into play when selecting a GSR model for your business include the size of the local legal entity and complexity of local regulatory requirements.
Global statutory reporting transformation
No matter which path your company chooses, transforming your global statutory reporting process will likely create opportunities for efficiencies. With each model’s core focus in governance and compliance, your organisation can develop a harmonised accounting process that centralises delivery and connects reporting platforms.
Through connected and automated GSR, organisations can link to existing source systems and provide accurate, real-time data inputs within their reports. But to start transforming your statutory reporting process, you’ll need to consider the possible solutions.
Simplified and standardised processes can create efficiencies at the end of the reporting process as well—bringing us to the audit. Because many statutory reports carry an audit requirement, implementing consistent accounting policies and disclosures may lead to more efficiencies throughout the audit process, especially by using the same audit firm across jurisdictions. Standardised processes supported by a digital platform let companies gain real-time reporting visibility and can enable centralised teams to manage regional or global processes.
Deloitte can advise you on the path forward and provide end-to-end insights that fit your organisation’s unique needs. 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.
