Big 4 firm shakes up reporting, compliance services

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One big four firm has moved to automate its financial reporting and compliance for Australian corporations, with a view to increase the speed of services for clients and cut costs.

By Lara Bullock•13 September 2017•2 minute read

Deloitte and Thomson Reuters have confirmed a new partnership which will see Deloitte become an implementer for Thomson Reuters' ONESOURCE Statutory Reporting software.

ONESOURCE Statutory Reporting has been implemented to streamline financial reporting processes, as Deloitte looks to save time and improve accuracy in the face of mounting compliance changes.

“Thomson Reuters has a long-standing relationship with Deloitte in Australia – this new collaboration is a great example of two global organisations working together to address the current issues finance departments are facing around statutory reporting compliance within the local Australian marketplace,” said Ben Scull, managing director, tax and accounting, Australia and New Zealand at Thomson Reuters.

“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 with a centralised platform to standardise the process of creating statutory financial reports.

The software contains local language capability, compliant reporting templates and content updates from the big four firms for about 30 countries.

“In this growing internationalised world of emerging platform and cognitive technologies; speed, accuracy and standardisation are critical,” said Theodora Downes, Deloitte financial transformation partner.

“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.”