How statutory reporting solutions can better protect your business
With over 150 years of trusted content knowledge and our expert understanding of global trade, compliance, and regulatory requirements, Thomson Reuters understands that maintaining an impeccable corporate governance record in today’s complex environment can be extremely challenging. And that getting it wrong can be very costly.
The rapid increase in accessible data across disparate and unconnected systems makes keeping track of information and regulatory details even harder for under-resourced tax teams. And, with many organisations still reliant on manual processes, gaps and compliance failures are often inevitable. Tax errors, audits, fines, and penalties can all result in a loss of revenue, but more importantly, a loss of reputation and customer confidence for your business.
In the highly competitive realm of global trade, better corporate governance isn’t just a business need – it’s a necessity.
Statutory reporting tasks unmet due to understaffing
As doing business across multiple geographies, with multiple regulations, becomes ever more complex, and the amount of data management required continues to increase, many organisations can’t keep up.
Recently, we asked businesses to share their biggest compliance challenges with us. Over three-quarters of those surveyed said they did not have enough staff to handle the statutory reporting tasks. 78% of them said they did not have enough staff to do the tasks well. Nearly 10% admitted to being severely understaffed.
The lack of trained, qualified staff not only affects how well the company works but also harms current team members. This is because they are under more pressure and stress because of unrealistic time limits. Stressed, unsupported staff are more likely to make simple human errors. This causes more stress and the chance of more mistakes. This creates a vicious and costly cycle of bad reporting, tasks that are not done, fines, and even penalties. Added to this, is the fact that many organisations still rely on time-consuming and resource-heavy manual reporting systems and processes. This further increases the risk of avoidable errors, and non-compliance, which can damage a business’s reputation, deter investors, and result in severe legal and financial penalties.
Inaccurate or incomplete financial information can also hinder executives’ ability to calculate strategic risks, leading to poor planning and impaired decision-making throughout the business.
Stretched resources can eventually weaken internal controls, exposing unprotected business units and departments to an increased risk of fraud and mismanagement.
A technology solution for statutory reporting
But what can be done to help under-resourced, time-poor compliance teams manage the complexity more effectively?
The right technology solutions can help build a more unified approach to corporate governance by better-managing risks and ensuring compliance across multiple jurisdictions. Connected solutions with a single, trusted vendor can help compliance teams navigate complicated global requirements more effectively. Simply automating routine tasks and manual reporting can help streamline the entire process, reducing errors, and freeing up time and resources for wider strategic collaboration.
Advanced technology like GenAI can help further, by speeding up day-to-day tasks like collecting, filing, and reporting, and providing an accurate and up-to-date perspective of regulations, across multiple languages and regions.
Accurate data management from trustworthy sources is a critical component of any tax compliance process and using technology solutions to help your business maintain a single source of data truth can help.
Know today, navigate tomorrow with Thomson Reuters ONESOURCE™
While no one can remove complexity from your organisation, Thomson Reuters ONESOURCE™ Statutory Reporting can help accelerate your business’s ability to navigate it by centralising statutory reporting and organising data and processes within a single, efficient platform.
A comprehensive platform designed to address complex compliance challenges, Thomson Reuters ONESOURCE™ Statutory Reporting can help your business build more reliable, automated processes that drive efficiency and help mitigate the risks of poor corporate governance by:
- Automating routine tasks and reducing the manual workload
- Ensuring data accuracy and consistency
- Streamlining complex compliance data
- Highlighting performance metrics and data helps teams gain valuable insights
- Centralising statutory reporting across multiple jurisdictions
With the power to automatically stay ahead of changing regulations, Thomson Reuters ONESOURCE™ Statutory Reporting (OSR) can help standardise even the most complex reporting systems, protecting your business against reputational and financial risks and saving your organisation money.
When Forrester Consulting conducted a Total Economic Impact (TEI) study to examine the potential return on investment (ROI) that would be realised by deploying OSR, they found that on average, OSR customers experienced:
Constant changes in regulations, lack of manpower and outdated systems mean that accurate and up-to-date statutory reporting can be immensely challenging for even the most experienced businesses.
But finding the right partner and technology that works for your organisation can help compliance teams feel more empowered, and improve your business’s reputation and its bottom line.
Find out more about how Thomson Reuters ONESOURCE™ Statutory Reporting solutions can optimise the way you do compliance, enhancing corporate governance and helping you build a better business.
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Or contact Thomson Reuters directly to discuss the best approach to managing your statutory reporting challenges.