A recent survey of 977 Finance professionals around the world found only 3% of respondents sleep soundly. The majority are mired in worry around how systems and processes can keep pace with the rate of change in the business[i].
But can Australian multi-national corporations now breathe a sigh of relief? Thomson Reuters has today unveiled a new collaboration, which will see Deloitte becoming an implementer for ONESOURCE Statutory Reporting software. The collaboration which is a first of its kind in the Australian market will help clients streamline statutory financial reporting processes and increase automation.
The Thomson Reuters and Deloitte partnership will provide Australian corporations with accounting and technical expertise, and the technology platform to solve the complexity of corporate reporting at a granular level.
The collaboration comes at a time when Australian multi-national corporations are subject to a wide raft of new compliance requirements. What’s more, it comes at time where Finance teams are reluctant to embrace the technology. This begs the question, how will multi-national corporations maintain compliancy through the use of manually updated spreadsheets when the rest of the business is on the path to digital transformation?
Ben Scull, Managing Director, Tax & Accounting, Australia and New Zealand at Thomson Reuters said “ONESOURCE Statutory Reporting essentially solves the compliance burden for financial controllers and managers. There are significant risks if finance does not align the business with digital transformation and equip teams with cloud and digital toolsets that will drive cost, efficiency, and competitive gains”.
ONESOURCE Statutory Reporting provides the finance team a centralised platform to standardise the process of creating statutory financial reports. With local language capability, compliant reporting templates and content updates from the Big 4 for over 30 countries, ONESOURCE Statutory Reporting ensures finance teams meet their local compliance needs more efficiently and effectively.
Theodora Downes, Financial Transformation Partner Deloitte Corporate Advisory said “The good news for financial controllers and managers is that you don’t have to do this alone. In this growing internationalised world of emerging platform and cognitive technologies; speed, accuracy and standardisation are critical.
“Being able to anticipate change and keep ahead of the curve in real time are competitive advantages from which we are convinced our clients can benefit. This collaboration with Thomson Reuters enables us to bring our global capabilities to help organisations with their financial reporting smarts, to reap the often elusive productivity of information technology, and to ensure its impact on systems and processes without compromising the control environment in which the business operates.”
Whilst many in the function are not running to adopt the latest technological innovations, there are significant risks in not taking any risks. Participating governments will be under pressure to drive compliance measures through to meet the review deadline by 2020. This means affected organisations face increased scrutiny over the next three years.
It is time for the leaders in finance to consider how technology is going to transform their teams.
To read more about the collaboration with Thomson Reuters and Deloitte and what it will mean for the finance industry, click here.
[i] The Future of Financial Reporting Survey 2017, Modern Finance Forum