As your global organization grows more complex, your regulatory requirements will likely follow suit. In an environment full of new technologies, regulatory changes, globalization, and social transformation, reporting accurate information is becoming more challenging, but is critical to reducing the risk of reputational harm.

Statutory reporting is a core requirement that often garners significant attention from investors, auditors, regulators, banks, and other key stakeholders. For many organizations, the preparation of local financial statements has historically been a largely decentralized and manual process. It’s a situation that often results in a lack of visibility into locally reported data, low levels of consistency in financial reports, and an elevated risk profile.

A decentralized process, coupled with the use of disparate reporting systems, can lead to:

A decentralized environment can also prevent organizations from gaining visibility into their data to quickly and efficiently respond to pressing regulatory demand. Further complicating matters is many organizations’ reliance on qualified local talent—a resource that’s becoming more difficult to attract and retain.

More companies are taking steps to help remediate these local reporting challenges by integrating processes and technologies that can work alongside their existing workforce to connect, standardize, and automate local accounting and financial reporting functions. With connected, standardized, and automated global statutory reporting, organizations can: