Statutory reporting processes might be painstaking to hold out manually. There’s a various vary of reporting necessities to contemplate and sustain with. When finance professionals deal with these processes with out the precise parts of expertise and automation, they take significantly longer to execute.

To assist present finance professionals with a framework with which to construct a enterprise case based mostly on how Thomson Reuters’ automated statutory reporting resolution may impression their group, Thomson Reuters commissioned Forrester Consulting to conduct an unbiased analysis examine on the potential value financial savings and enterprise advantages of the corporate’s ONESOURCE Statutory Reporting (OSR) software program.  

Forrester interviewed 4 clients with a number of years of expertise utilizing OSR. Except for commissioning the Complete Financial Impression™ examine, Thomson Reuters didn’t take part. Forrester maintained editorial management over the examine.

As an example its findings, Forrester aggregated the outcomes of interviews right into a “composite group” remodeling its statutory reporting processes with OSR throughout 100 entities in 20 international locations.

The outcomes at the moment are out there by way of The Complete Financial Impression™ of Thomson Reuters ONESOURCE Statutory Reporting. Now we have curated the findings to maintain you knowledgeable.

The measurable enterprise advantages of ONESOURCE 

To quantify the system’s advantages, Forrester calculated the current worth (PV) of return after three years of operation.

The unbiased analysis findings present a transparent enterprise case for implementing OSR. The Forrester Consulting examine demonstrated an 84% ROI over a 3-year interval for a composite group consultant of a number of clients. The consultant interviews and monetary evaluation discovered that the composite group skilled advantages of $1.44 million over three years versus prices of $783,000, including as much as a internet current worth (NPV) of $661,000.

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Quantifiable financial savings (three-year, risk-adjusted, current worth) got here from these 4 main areas: 

• Improved effectivity by 68%: $437,000 saved
• Statutory reporting workforce assets allotted: $173,000 saved
• Diminished statutory reporting prices (outsourcing, audit overruns, legacy processes and so forth.): $803,000 saved
• Improved on-time compliance charges by 5%, lowered penalties: $32,000 saved

Complete Financial savings: $1.44 Million 

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68% effectivity positive aspects for the statutory reporting course of, equal to US$437,000. The transfer from handbook processes to a purpose-built, international disclosure administration instrument, resulted in course of enchancment and enabled contributors to provide reviews extra effectively and precisely with higher visibility. Additional, it saved preparation time resulting in a 68% effectivity acquire.

Utilizing a single automated resolution facilitated the completion of monetary statements earlier within the monetary course of. It enabled time financial savings on issues like roll-forward, that occurs on the click on of a button inside OSR.

Nation-specific content material, in depth protection together with the power to make a change inside templates and push that change down in the direction of entities in a single go, all contributed to a sooner course of. Resultantly, this allowed workforce members to commit extra time to value-added actions.

Reallocation of statutory reporting workforce assets, equal to the worth of $173,000. On this examine, the contributors famous the chance to have a centralized method. Prospects leveraged OSR’s built-in instruments to centralize statutory reporting processes and reallocate the assets fulfilling these duties to a lower-cost nation. This enabled in-country workers to shift to extra value-adding work.

Statutory reporting value financial savings of US$803,000. With automated course of capabilities, international templates in native language, translation and XBRL instruments inside OSR, contributors achieved outsourced value financial savings by bringing entities in-house. It additionally helped retire legacy handbook processes and sundown disparate legacy software program.

The contributors additionally famous discount in audit overruns and decrease audit charges after funding in OSR. Sooner or later, the lesser time spent by auditors turns into a large quantity that will get mirrored within the audit payment discount.

5 per cent enchancment in on-time compliance price, saving US$32,000 in late submitting penalties. Previous to OSR, clients had problem accessing monetary knowledge, creating statutory reporting accounts effectively and acquiring signoffs, inflicting prolonged delays and penalties when it comes to late filings.  With the worldwide disclosure administration software program of their tech stack, late filings at the moment are the exception moderately than the rule.

The broader enterprise advantages 

Along with the quantifiable financial savings and efficiencies detailed within the Forrester examine, contributors famous a variety of value-added advantages from utilizing OSR.

The centralized report templates have considerably improved report consistency and course of continuity. There’s better international oversight of information beforehand held throughout completely different programs and jurisdictions. The improved knowledge visibility supported cross-regional collaboration between native tax compliance and statutory reporting groups.

Different advantages famous within the examine embody the convenience at which the automated processes might be rolled out to different areas, and the flexibleness they needed to customise reviews. Improved worker expertise and buyer assist obtained from Thomson Reuters had been additionally noticed by the contributors as advantages.

Total, contributors selected OSR for its content material, expertise and assist. The software program’s potential to create alternatives for course of centralization has been a key to its success. The online consequence: ONESOURCE delivers tangible enterprise worth.

There are wide-reaching advantages of implementing ONESOURCE Statutory Reporting, each quantifiable and unquantifiable. The Forrester Consulting examine commissioned by Thomson Reuters gives quantifiable positive aspects in effectivity and compliance enhancements from the primary 12 months of operation. These help with growing transparency, retaining expertise, and adapting to evolving enterprise objectives.

Briony Kempton, Senior Product Advertising Supervisor for Statutory Reporting at Thomson Reuters, says that elevated finance transformation unlocks alternatives.

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”Content material-driven expertise can preserve statutory reporting groups forward of the curve. It could be just about unimaginable to realize efficiencies, financial savings and scale with out expertise, and ONESOURCE connects the dots for purchasers creating statutory reviews whether or not by a shared service heart, in-country, or a hybrid method.”  

“This unbiased examine, carried out by Forrester Consulting, reveals that ONESOURCE Statutory Reporting delivered appreciable enterprise worth to our clients.”   

Briony went on to say “Enhancements within the statutory reporting course of by the adoption of content material pushed expertise can have substantial advantages for a enterprise – not simply with value financial savings, however within the administration of danger and giving time again to busy finance groups – no matter whether or not that workforce is in a shared service heart or working in-country. The shopper quotes on this unbiased examine from Forrester Consulting actually spotlight, from a consumer’s perspective, the tangible and intangible advantages of ONESOURCE Statutory Reporting.” 

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Forrester examine examines the potential financial impression that ONESOURCE Statutory Reporting might have on a company’s finance division. Entry your copy of The Complete Financial Impression™ of Thomson Reuters ONESOURCE Statutory Reporting at this time.