Managing global compliance? Your life just got easier

Jill Niland Leader, Automated Managed Services, PwC US 14 November, 2019

I’ll go out on a limb here: If you work in financial, tax or statutory reporting, the work you do is grueling—manipulating data, applying global rules and coordinating reviews to meet deadlines. My team and I heard from more than 50 of our clients who wanted a different future for their companies, their teams and themselves. But the tools at their disposal simply don’t enable them to transform.

That’s no longer the case. Now, thanks to advances in automation—and a new way of deploying that automation—a lot of the pain points you told us about could go away. This new approach could also turbocharge your ability to be a valued contributor to the business.

For example, you told us how challenging it is to reconcile all your data, while spotting and resolving anomalies as data flows in—in incompatible formats, from diverse places. And those diverse sources aren’t just ERPs: they also include multiple subledgers and data systems for sales, procurement, inventory and more, all over the world.

You told us about all the effort you have to exert to achieve full visibility into consolidated data, so you can finally perform meaningful analyses, evaluate results, make recommendations and take action. You’re under a lot of pressure, because the cost of compliance is increasing but most finance and accounting teams are under pressure to reduce operating costs. And you’re dealing with a moving target, since your data and the rules around it are constantly changing.

But there’s a better way—and you helped us find it.

A new way to automate

That better way is to automate pain points from end to end (not just one component here or there) without a massive investment in new technology.

And that better way, built to meet your demands, is what Automated Managed Services (AMS) offers. AMS, a new approach to financial and compliance reporting with PwC, bundles technologies seamlessly to automate reporting from data extraction through report templating, with target automation across function of 75%. These services are overseen by PwC’s technology and finance specialists to ensure you get the quality you require.

With AMS, PwC offers exactly what you requested a data platform that connects directly to your ERP systems and other sources of data, and automatically digitizes, cleans, standardizes, labels and aggregates all that data. It then creates a single source of truth, presented as a dashboard, that’s updated in near-real time.

With the help of AI, the platform automatically spots anomalies in your data. Changes in regulations? No worries—the platform automatically captures those too. There’s also an analytical workbench for your team, complete with data analytics and visualization systems. And the system automatically generates reporting templates.

When all this data is aggregated, cleansed and analyzed, your organization’s costs, efforts and risks decrease, while strategic insights increase. Updating your supply chain? AMS will help you understand the global tax implications. Considering a deal? AMS can take all the information it has pulled together from multiple sources all over the world and segment it. Working to enhance your controls assessment? When sensitive data is entered or changed anywhere in the world, AMS can alert you and flag the necessary controls.

These are just some of the ways in which AMS can generate insights. To ensure that you get the most from it, we’ve designed AMS with modules that can be tailored to your needs.

Learning to scale

When your company needs to scale its financial reporting operations—from data extraction through report templating—it must acquire a variety of advanced and often expensive technologies, and then integrate them so they can work together reliably. You told us this can be costly, labor-intensive and time-consuming.

One of the great benefits of AMS is that you can scale it easily and affordably, ramping it up and down in line with changing needs. Why? Because PwC made a big investment in the latest technology, and you can contract to use as little or as much of it as desired. Want to automate just one function and grow from there? No problem. Want to start with one jurisdiction and expand to others later? That works, too.

With your feedback, we’re working constantly to evolve to meet our clients' newest challenges. If you have any other recommendations or would like us to show you our solutions, we're eager to listen. Just get in touch.