ONESOURCE Statutory Reporting Thomson Reuters Tax & Accounting UK EMEA

That’s why we’ve made significant investments in human-led, tech powered solutions that help you transform challenges into opportunities. Corporations that operate in multiple countries must walk a challenging tightrope, meeting various statutory requirements across various jurisdictions. These may include ESMA guidelines followed in many European nations, APAC requirements or those in emerging markets. In some instances, countries may demand local entity accounts that are kept separate from consolidated group statements.

Insurance Advice

We spent hundreds of hours learning about the challenges faced by financial reporting teams. And, we worked collaboratively with financial reporting teams on our design. The result is a solution that fixes the painful parts of the filing process that legacy software users have come to accept. Accounting software is typically used for managing financial transactions, creating statutory reports, and providing insights for business decision-making. Eleven is cloud accounting software for accounting and multi-subsidiary firms, which allows to streamline accounting for a volume of clients without compromising on performance and profit margins. It enables normal balance finance teams to align processes with internal control structures and approval hierarchies.

• In the US the National Association of Insurance Commissioners (NAIC) is the standard setting and regulatory support organization for the insurance industry.
• NAIC reporting includes various statements, known as schedules, such as Schedule D and Schedule BA, and appendices, known as exhibits.
• Through our relationship with Workiva, our services leverage the full capabilities of a Workiva Controls space.
• Provide an even better service to your clients and save time at every step with Digita Accounts Production for accountants in practice.
• Explore how DFIN software makes every aspect of the reporting process easier.
• COMPIRICUS software packages are already being used to deliver statutory data to the NAIC by more than 90 U.S.

Access data quickly

• It empowers organisations to streamline the preparation of their statutory financial statements by automating processes and providing best-practice, country-specific content in the UK and worldwide.
• It helps finance professionals manage public finances responsibly while improving transparency, accountability, and governance.
• New economies are emerging, and employment and income models are shifting.
• Alessa is a regulatory reporting software that automates up to 100% of reporting tasks, making compliance easier.
• Regulatory reporting changes on an annual basis as new rules are passed and others are repealed.
• Wings is designed to give you the features you want without the ones you do not.

Insurance Statutory Reporter is a turnkey solution that can be easily configured to meet your specific filing requirements and statement appearance. Organizations struggling to meet statutory reporting deadlines, manage financial data effectively, and respond promptly to regulatory inquiries face wasted time, resources, and additional expenses. These challenges divert valuable assets from core business operations, hindering productivity and profitability.

Financial Analyst

• In the U.S., insurance companies must report their assets and liabilities to the National Association of Insurance Commissioners (NAIC), the regulatory agency.
• Seamless data flow ensures financial information remains consistent and up-to-date across platforms, avoiding discrepancies that could lead to compliance issues or misstatements.
• Our one-click translation feature enables the translation of locally required language content into English to assist non-native speakers in preparing financial statements.
• As a result, many worldwide companies do not to meet the annual filing requirements for each country which results in substantial fines.
• The same holds true in other countries, as European authorities and Asia-Pacific (APAC) nations have their own requirements and regulations that must be followed.
• Thomson Reuters and SAP are partnering to streamline ESG compliance reporting, addressing the EU CSRD (effective January 2025) and other global standards.
• Complete a few details online to speak to one of our friendly solutions consultants today.

Our flexible solution provides customisable reports which comply with the latest financial reporting standards. Finally, the prepared reports must be submitted to the appropriate government agencies or regulatory bodies within specified deadlines. Timely submission is crucial to avoid penalties and legal consequences. Companies should establish robust systems and automated processes to ensure that statutory reporting deadlines are consistently met.

SAP FAM (Financial Asset Accounts Receivable Outsourcing Management) is an investment accounting platform that can manage various assets and also various accounting systems according to the demanding requirements of the complex insurance industry. Empower your teams with a consistent and controlled process for disclosure management from one global platform. Ensure that you stay ahead of changing regulations with ONESOURCE global tax and financial reporting content. ONESOURCE provides solutions to help you meet today’s global challenges and thrive into the future.

What are the key components of statutory reports?

It offers a unified platform for financial and operational planning, shortening the consolidation and closing process, and allowing users to analyze results, model, and compare different business scenarios. Alessa is a regulatory reporting software that automates up to 100% of reporting tasks, statutory reporting making compliance easier. The platform automates regulatory reports for cross-border EFTO and EFTI transactions and FX derivative trade reporting.

If your mission were to design the perfect Annual Statement Software, where would you start?

Streamline your routine accounting tasks for every client, without losing margins. Our scalable online accounting software will increase your team’s capacity and make sure you provide the best customer experience. Browse our resources to learn what the challenges of financial reporting mean for your organisation, and the benefits of moving to a harmonised solution. Reduce time spent manually updating duplicate information for NAIC and state filings with real-time, dynamic links within NAIC statements and state compliance forms.