Thomson Reuters and Deloitte Join Forces to Automate Financial Reporting and Compliance for Australian Corporations

Deloitte to become an implementer for Thomson Reuters ONESOURCE Statutory Reporting software to help clients streamline statutory financial reporting process and increase automation

SYDNEY – Thomson Reuters unveiled a new collaboration today which will see Deloitte become an implementer for Thomson Reuters market-leading ONESOURCE Statutory Reporting software to assist finance departments streamline financial reporting processes, helping them to save time, improve accuracy and remain compliant.

The collaboration is an extension of Thomson Reuters expanding global relationship with Deloitte and a first of its kind in the Australian market. It comes at a time when Australian multi-national corporations are subject to a wide raft of new compliance requirements. In addition, a recent global survey [1] of finance professionals also revealed they are mired in worry around how systems and processes can keep pace with the rate of change in the business, yet many finance leaders are skeptical of statutory reporting in enterprise organisations becoming fully automated by 2020.

Through the collaboration Australian corporations will be provided with accounting and technical expertise, and the technology platform to solve the complexity of corporate reporting at a granular level.

Driving efficiency throughout the statutory reporting process, 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.

Ben Scull, Managing Director, Tax & Accounting, Australia and New Zealand at Thomson Reuters said, “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.

“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.”

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 rewards of information technology, and ensure its impact on systems and processes without compromising the control environment in which the business operates.”

Visit here for more information on ONESOURCE Statutory Reporting.

[1] The Future of Financial Reporting Survey 2017, Modern Finance Forum

 

Thomson Reuters

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including 80 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.

 

CONTACTS

Silke Marsh
Thomson Reuters
+61 392 861 464
silke.marsh@thomsonreuters.com

Louise Denver
Deloitte
+61 0 414 889 857
ldenver@deloitte.com.au