Success Stories

ONESOURCE Statutory Reporting Implementation for Leading Global IP Management & Technology Company

About the client

World’s leading Intellectual Property (IP) management & technology company having a presence across 4 continents and 12 countries

Problems:

  • The client was relying on a spreadsheet-based methodology that lacked consistency and accuracy
  • They were manually pulling relevant information out of their tax systems and organizing it in compliance with country-specific regulations

Solution:

Innover designed a digital solution that helped the client migrate from a spreadsheet-based methodology. The system enabled the client to digitally adhere to compliance rules across multiple nations.

  • Global Implementation for 43 entities across the UK, EU i.e UK (IFRS & FRS 101), Jersey, Sweden, Germany, France, Luxembourg, including China and HongKong
  • Increased Visibility - OSR enables greater regional and global transparency into reporting process giving confidence that every report in every country is accurate and on time
  • Standardization of best practices – Country-specific content from the Big 4 provides assurance that meets the local compliance rules

Impact Delivered:

2.5%

Increase in efficiency

32%

Reduction in man-hours

A consistent, centralized platform for the global control of financial reporting

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